When people think of disability insurance, they often think of accidents. In truth, illness and ailments are the leading causes of short and long-term disability claims. Fewer than 10 percent of disability cases are the result of an accident. Diseases, especially cancer, frequently cause employee to miss work and file for disability cover for their daily expenses. As many as one in four workers will become disabled at some point in their career.
Health savings accounts are growing in popularity. Most health savings accounts (HSA) are not subject to ERISA, the Employee Retirement Income Security Act of 1974. This federal law established protections for participants in certain health and retirement plans, such as a 401(k). However, without careful planning, your employer may subject your HSA to ERISA.
A recent ruling from the U.S. Supreme Court is a major victory for all church-affiliated hospitals. The justices ruled 8-0 that such organizations are exempt from the Employee Retirement Income Security Act (ERISA), a law which is aimed at protecting pension plan participants.