Tag Archives: HSA

A Beginner’s Guide to Open Enrollment

Until I began working at Ovation, I had no prior experience with open enrollment. In fact, as a naive college graduate, I hadn’t even heard the term before. At 23 years old, I thought I could easily breeze by on my dad’s health insurance plan for another three years – until he recently retired. Now I’m on my own. This season will be the first time I’m enrolling in my own benefits package. I knew the day would eventually come, but I hoped it wouldn’t happen so soon. Last year, I witnessed busy days for our client services team during open enrollment, but this year, I find myself in the midst of seemingly endless questions and confusion. Should I sign up for an HSA or a POS? What does POS stand for? What happens if I reach my deductible? What’s an FSA? Continue reading A Beginner’s Guide to Open Enrollment

The Five Things You May Not Know About HSAs

Every other year, my birthday gets a little more stressful, but not because I’m trying to cope with getting older. As a licensed producer in the state of Connecticut, I’m required to obtain 24 continuing education (CE) credits every 2 years. This year, I decided to capitalize on some of the available free CE classes that came my way with a focus on broadening my employee benefits knowledge. Bill Stuart of Harvard Pilgrim Health Care offered a class titled “Understanding HSAs and HRAs Thoroughly” which offered 16 CE credits. The HSA and HRA rules continue to evolve, and although I do my best to stay on top of it, this class served as a good reminder that some nuances are sometimes forgotten. Along with teaching the class, Bill Stuart also authored a book titled Health Savings Accounts: A Practical Guide for Accountholders where he addresses more than 150 questions commonly asked about HSAs. Out of the 150 questions, the five mentioned below are the ones that resonated with me. Hopefully these tips will come in handy during this open enrollment season. Despite my best intentions, this year’s birthday may still be a bit stressful as I still need 6 credits before November 6th. Continue reading The Five Things You May Not Know About HSAs