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Life insurance specialists, can you share one insight about managing life insurance benefits?
Deadline: Sep 26th, 2024 06:59 AM
This deadline has passed, and new answer submissions are no longer being accepted.
Publisher:
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Best of HR
This deadline has passed
New answer submissions are no longer being accepted for this question.
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MoneyWorking on two sponsored articles for Money.com and need quotes from subject matter experts on tips for beginners on estate planning and important questions every retiree should ask their financial advisor. The goal is to make these subjects approachable and explain how financial planning applies to everyday families, not just affluent households. SMEs must not be affiliated with New York Life Insurance or its competitors.
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The FSA GuideCan you share one unexpected FSA rule or deadline you learned about the hard way? What happened and what would you recommend others do differently?
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Deel WorksReporting a feature for Deel Works, Deel's publication for HR and people leaders. The argument: most benefits architecture was designed when 65 was a real exit date, and that assumption still sits inside plan documents — eligibility thresholds, HSA design, coordination of benefits. When someone doesn't leave, the plan produces consequences nobody planned for, usually surfacing one employee at a time, months after the cost is incurred.
Survey data says what employers offer. It can't tell me what happens when the plan meets an actual person. That's what I need.
I need people who administer group health plans directly. Not looking for: financial planners, retirement advisors, wealth managers, Medicare insurance agents, or anyone answering from the individual employee's side. Not looking for brokers whose answer builds toward a service. This is not a story about ageism or the value of experience.
HSA and Medicare
Has an employee kept contributing to an HSA after becoming Medicare-eligible, or been caught by the six-month retroactive Part A rule? What happened, who noticed, and what did it cost them to unwind?
Was it caught at enrollment, at payroll, or at tax filing? How far downstream the discovery happened matters to me.
What do you send employees approaching 65, and at what age? If nothing beyond the summary plan description, please say so — that's a finding, not an embarrassment.
Hours threshold
What is your benefits eligibility threshold in hours per week?
When an employee reduced hours ahead of retirement, what happened to their health coverage and retirement contributions? Did you carve out an exception, reclassify them, or let eligibility lapse?
Who made that call — HR, finance, legal, the manager? Documented policy or one-off?
Have you ever declined an hours reduction because of what it would do to eligibility? What did you tell the employee?
Coordination of benefits
Your group plan pays primary for employees 65+ at employers with 20 or more employees. Has that cost been raised internally? By whom, in what context?
Elder care
Have you proposed an elder care benefit — referral, subsidy, backup care? What was the response and the reasoning? If turned down, what was the specific objection?
Renewal
Has workforce age composition come up in a renewal conversation? Who raised it?
Include your title, company size, industry, plan funding type, and eligibility hours threshold. I quote by name and title and link your LinkedIn and company site.