ACA Reporting
ACA Compliance Lessons Learned From Recent Reporting Seasons
Common themes emerge when reflecting on recent ACA reporting seasons that can help employers reduce administrative burdens and improve accuracy.
FSA / HRA / HSA
Question of the Week – FSA Election Changes
: Can employees change their FSA election mid-year? : Not without a qualified life event.
Q.: Can employees change their FSA election mid-year?
A.: Not without a qualified life event. Once an employee makes a Flexible Spending Account (FSA) election, it cannot be changed until the next plan year unless the employee experiences a qualifying life event such as marriage, divorce, birth of a child, or a change in employment status that affects eligibility. Employers should remind employees to plan their FSA contributions carefully during open enrollment, since unused funds may be forfeited at year-end depending on the plan’s grace period or carryover rules.
Benefit Allocation Systems (BAS) provides online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
MyEnroll360 integrates with major insurance carriers for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and others), and with leading payroll platforms for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and others).
This article is for informational purposes only and is not intended as legal, tax, or benefits advice. Readers should not rely on this information for taking (or not taking) any action relating to employment, compliance, or benefits. Always consult with a qualified professional before making decisions based on this content.
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