America's Benefit Specialist November 2022

NOTEWORTHY

Continued from page 16 dollars for the past two years may have more money than ever remaining in their FSAs to spend before the deadline this year. Myth 3: I can only use my FSA for a limited number of expenses, like vision and dental care. Fact: While an employer can offer a limited-purpose FSA for vision and dental, the more common general medical FSA typically covers a wide variety of eligible expenses, including everyday health and wellness products and clinical services. Myth 4: It doesn’t pay to enroll in an FSA if I’m just going to lose my money. Thirty-five carriers participated in this year’s survey, reporting $1.7 billion in CI in-force premium and $584 million in new sales for 2021. Twenty-nine carriers provided results for their accident insurance product, reporting $454 million in new sales and $1.6 billion in-force premium for 2021. Key results from this year’s survey: • In-force premium for all CI products combined increased 14% over 2020, Continued from page 9 premium (85%) was attributed to issue age and attained age group/worksite products.

Fact: Contributing to an FSA allows consumers to reduce their taxable income, which is always a smart money move. In fact, by contributing tax-free FSA funds toward healthcare needs, individuals can save an estimated 30% (based on individual federal and state tax brackets). This is more important than ever as persistent inflation is driving up costs for nearly all goods and services. Plus, with easy-to-use tools that help account holders project tax savings and map out healthcare spending needs, receive reminders about their personal deadline, and quickly and easily shop for the latest FSA-eligible products, companies can help • Forty-three percent of respondents met or exceeded their CI sales goals for 2021. • Close to two-thirds (66%) of companies expect to increase their focus on CI over the next few years. • About one-third of respondents have added, were considering adding, or based on companies providing data for both years. • Group/worksite attained age business accounted for 72% of the total policies/ certificates sold in 2021.

planned to add a COVID-specific trigger and/or rider to their CI plan. • For those carriers that provided acci dent-product data for both 2020 and 2021, in-force premium and policies grew eight percent and 12% respectively. The Market Survey is an annual bench mark survey produced by Gen Re. A sum mary report is available at www.genre.com/ lhsurveys.

DEBUNKING FSA MYTHS

account holders become savvy healthcare consumers and avoid losing FSA funds. Health-E Commerce data suggests that over $1 billion in FSA dollars could have been forfeited in prior years and is dedicat ed to helping to ensure that never happens again. To mitigate potential forfeitures, Health-E Commerce is urging FSA users to check with their account administrator to understand if their employer offered any of these extensions and, if so, how much money they have remaining in their FSA from the 2021 and 2022 plan years to get the full picture of what they must spend by December 31. To learn more, visit www. FSAstore.com.

INDUSTRY EVENTS

NOVEMBER 13-16 HLTH 2022

JUNE 11-14 SHRM23 ANNUAL CONFERENCE & EXPO

Las Vegas, NV www.hlth.com

Las Vegas, NV www.shrm.org

FEBRUARY 5-8 YOU POWERED SYMPOSIUM Miami, FL www.epoweredbenefits.com/2023-you-symposium/

JUNE 16-18 WOMEN OF INSURANCE ANNIVERSARY CONFERENCE Nashville, TN www.womenofinsurance.org

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