What's Happening at Peak1

JUNE 25TH, 2015

Enrollment in HDHPs (high-deductible plans) continues to rise

A recent study by the National Center for Health Statistics showed that HDHPs including HSAs continue to grow in popularity. The following are some of the key statistics that the study found.  "In 2014, 36.9% of those under age 65 with private health insurance coverage were enrolled in a high-deductible plan, defined as plans with deductibles of at least $1,250 for single coverage and $2,500 for family coverage, according to the report. Private health insurance coverage includes both employmen.... Read More

MAY 4TH, 2015

2016 Inflation-Adjusted Amounts for Health Savings Accounts (HSAs)

The IRS released the 2016 inflation-adjusted amounts for health savings accounts (HSAs): for calendar year 2016, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,350 and for an individual with family coverage is $6,750, with a “high deductible health plan” annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the annual out-of-pocket expenses do not exceed $6,550 for self.... Read More

APRIL 15TH, 2015

Checklists for Completing Reporting under Code Section 6056 Available

We have created two checklists to assist in completing Forms 1094-C and 1095-C. One checklist is for fully insured medical plans and the other is for self-insured medical plans. These checklists provide guidance on both what information has to be collected and how such information is applied in completing the forms. There are detailed instructions regarding how the various codes are to used and where they have to be entered on the forms. A link to the checklists is provided below: Checklist f.... Read More

APRIL 6TH, 2015

HSA Investment Portal Update

Peak1 and HealthcareBank are excited to announce the release of user interface (UI) enhancements to the HSA Investment Portal which will provide even better alignment with the Consumer Portal. These UI enhancements to the HSA Investment Portal were rolled out on Friday, April 3, 2015. User-interface enhancements to the HSA Investment Portal will include: Adjustments to the overall color scheme Navigation moving from the left-hand side to a top horizontal two-tier menu bar The functional.... Read More

MARCH 17TH, 2015

Premera Cyberattack Announcement

The following is an announcement from Premera Blue Cross on a cyberattack to their system: Today, we are announcing that Premera Blue Cross has been the target of a sophisticated cyberattack. The security of our members’ personal information, as well as the information of those with whom we do business, is a top priority for Premera and we regret any concern this incident may cause. What information may have been accessed?The attackers gained access to our Information Technology (IT) systems.... Read More

MARCH 9TH, 2015

HSAs jump nearly 30 percent

Health Savings Accounts (HSAs) continue to grow in popularity and a recent article on benefitspro.com said that figure increased 29 percent at the end of 2014. To learn more about HSAs offered by Peak1, click here. The article also reported that: In 2014, health plans were the leading source of new account growth, accounting for 35 percent of growth. HSA investment assets reached an estimated $3.2 billion in December, up 40 percent year-over-year. The average investment account holder had a.... Read More

JANUARY 22ND, 2015

VSP® Vision Care Now Includes Costco® Optical and Shopko® Eyecare Center

VSP has always had the largest network of independent eye care doctors, but with the addition of these two popular retail chains, there are even more options available. VSP puts employees first by investing in the things they value most – high quality vision care at the best value. Share this news with your employees and contact us with any questions or for new VSP quotes. 3 Reasons Why VSP Offers Convenience and More Choice Freedom to Choose - With the the VSP® provider network, part.... Read More

DECEMBER 16TH, 2014

Peak1 Administration Wins 2014 HTI HealthDifference™ Award

Peak1 Administration was recently recognized by the Healthcare Trends Institute (HTI) inaugural HealthDifference™ Awards for contribution to the betterment of the healthcare benefits industry.    Peak1 was the recipient of the 2014 Gold Award for the category of Best Health Reimbursement Arrangement (HRAs). The HTI HealthDifference awards recognize excellence in 12 healthcare benefits categories including best employee for a defined contribution plan, health savings account, flexible spe.... Read More