Target Audiences: School Districts
This course will cover an overview of the differences between tax-savings health accounts such as Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs) and the requirements of Section 125 and other regulations that go with these accounts. Attendees will learn what responsibility they need or want to accept regarding employees’ eligibility and compliance and what onus to expect the employees themselves to carry. There will be a specific emphasis on the newer types of HRAs that are trending such as the Individual Coverage HRA (ICHRA) and Retiree HRAs and how school districts are creatively using these accounts for recruitment, retainment and as retirement incentives.
Participants will be able to:
1) Distinguish the differences between HSAs and FSAs and HRAs.
2) Know and stay compliant with many IRS regulations of Section 125 and HSAs, FSAs and HRAs.
3) Discover trending ways HRAs are being used such as the recently approved Individual Coverage HRA (ICHRA) being utilized for recruiting staff for their hard-to-fill positions while saving money doing so.
Statement of Accreditation Rationale: Various health reimbursement accounts are a vital portion of a benefit package saving both employers and employees money. It is crucial, however, to understand the differences between them and to comply with the IRS’ requirements on each to avoid being taxed and/or penalized.