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Showing posts from July, 2022

988: America’s first three-digit mental health crisis line

On July 16, the 988 Suicide and Crisis Lifeline launched nationwide. This three-digit dialing code, similar to 911 for medical emergencies, is available for people in emotional distress or suicidal crisis to be connected immediately to trained counselors who will listen, provide support and connect them to resources if necessary. This new, easy-to-remember dialing code replaces the previous, 10-digit number known as the National Suicide Prevention Lifeline. Suicide is the second leading cause of death among preteens and adults aged 25 to 34, according to the Centers for Disease Control and Prevention. The Lifeline is a direct connection to compassionate, accessible care for anyone experiencing mental health-related distress and could provide immediate support during someone’s darkest hour. Find out more about the new suicide and crisis lifeline, safety tips to beat the heat and immunization awareness in this month’s Live Well, Work Well Newsletter . For more information about  employee

Everything You Need to Know About Using Health Savings Accounts

A health savings account can help pay for eligible medical expenses not covered by an insurance plan, including the deductible, coinsurance and even health insurance premiums in some cases. HSAs can be funded with your tax-exempt dollars, by your employer, by a family member or by anyone else on your behalf. When it comes to using an HSA, many questions arise, such as: What expenses are eligible for tax-free reimbursement from my HSA? Are dental and vision care qualified medical expenses under an HSA? What medical expenses are not eligible for tax-free reimbursement from my HSA? Get the answers to these questions and more in two Know Your Benefits articles: Frequently Asked Questions About Using HSAs and Understanding a Health Savings Account .   For more information about  employee benefits, our services and products , contact HANYS Benefit Services by email  or call 800.388.1963. These Know Your Benefits articles are provided by HANYS Benefit Services and are to be used for inform

Benefits Breakdown Newsletter - July 2022

Containing Costs of Chronic Health Conditions Chronic conditions are health conditions that require ongoing management over an extended period of time. They are the leading drivers of the nation’s $4.1 trillion in annual health care costs. Thus, they are significant sources of financial stress for employers and employees alike. According to the Partnership to Fight Chronic Disease, employer health care coverage for an employee with a chronic condition is, on average, five times higher than coverage for those without a chronic disease. The most common chronic conditions affecting the workforce today include cancer, diabetes, obesity and heart disease. Fortunately, employers can help combat chronic conditions; this could, in turn, reduce your health care costs and yield a healthier workforce. Consider the following strategies: Focus on prevention by making preventive care affordable through medical benefits and encouraging the use of such critical care. Be accommodating and offer arrange

HBS Special Edition Market Recap: The state of equity and bond markets

In mid-June as the end of the second quarter approached, the S&P 500 entered a bear market -- a decline of 20% or more from a recent peak. The latest catalyst for the equity market's decline was a higher-than-expected inflation figure, released June 10, showing an 8.6% increase in the consumer price index from May 2021 to May 2022.  Simultaneously, the bond market declined by approximately 11.5% year-to-date through June 17. The rare, simultaneous declines in equity and bond markets have created a challenging environment for investors. Read the  Retirement Market Recap  to learn more about the mid-year market states. If you have any questions about  retirement plan services , or would like to begin talking to a retirement plan advisor, please get in touch by  email  or by calling (800) 388-1963. HANYS Benefit Services is a marketing name of Healthcare Community Securities Corporation, member FINRA/SIPC, and an SEC Registered Investment Advisor. This material has been prepared f

HANYS Benefit Services names Noah Buck president

Buck brings 20 years of retirement and benefits industry experience to leadership role of boutique advisory agency  Rensselaer, NY July 14, 2022— HANYS Benefit Services announced today Noah Buck has been appointed president. Buck steps into the advisory agency’s leadership role at a time when organizations are seeking expert retirement and employee benefits guidance for fiduciary governance and employee engagement. With HBS since 2019, Buck had most recently served as interim president and was previously vice president of client relationship management. Before joining HBS, Buck was a principal in Milliman’s employee benefits practice. He earned a Bachelor of Science in management science and information systems from Penn State University and a Master of Business Administration from SUNY Albany. "I’m honored to be leading a team that is passionate about making sure our clients are meeting their organization’s and employees’ needs,” said Buck. “A focused approach to retirement and

Form 5500 Is Due by August 1 for Calendar Year Plans

Employers that are subject to ERISA and operate on a calendar year basis must file their annual reports ( Forms 5500 ) for 2021 with the Department of Labor (DOL) by  August 1, 2022 . An employer may extend this deadline by two and one-half months (until October 17, 2022) by filing IRS Form 5558 by August 1, 2022.  An employer must file a Form 5500 for each separate employee benefit plan that it maintains, unless a filing exemption applies. Employers can combine different welfare benefits under a single plan to simplify their Form 5500 reporting obligation.  Small welfare benefit plans (fewer than 100 covered participants) that are unfunded or fully insured (or a combination of unfunded and insured) are exempt from the Form 5500 filing requirement.  Small plans (fewer than 100 participants) that do not qualify for a filing exemption may be able to use a simplified form (Form 5500-SF “Short Form Annual Return/Report of Small Employee Benefit Plan”) for the annual reporting requirement

What is a Health Savings Account (HSA)?

Many factors go into employees choosing the right health plan for themselves and their families. Health savings accounts (HSAs) are tax-advantaged savings accounts that accompany high deductible health plans (HDHPs). Dollars from the account can help pay for eligible medical expenses not covered by an insurance plan, including the deductible, coinsurance and more. They are a great way to save money and efficiently pay for medical expenses. How do employees know if an HSA is right for them? This HSA employee guide provides details on what an HSA is, how it works, and the benefits of having one. It also includes a few HSA case studies to clarify how an HSA could benefit people in various life stages and circumstances. It is a great resource to provide your employees on health savings accounts. Are you introducing health savings accounts to your workforce? We’ve got you covered with a HSA introduction presentation . Download a copy of the HSA guide and HSA introduction presentation tod