InterWest Insurance Services

JANUARY 20, 2022

One of the health insurance trends that went largely unnoticed in 2021 was that employers halted cost-shifting to their employees by reducing or holding steady workers’ deductibles and other cost-sharing. in 2021, employers did not increase employee’s share of premiums significantly. The other shoe.

Employment 94

Employment Deductions Deductible Health Insurance 94

PeopleKeep

OCTOBER 26, 2020

The percentage of workers covered under HDHP plans has increased from four percent of all employer-sponsored health insurance plans in 2006 to 31 percent in 2020. A high deductible health plan (HDHP) paired with a Health Savings Account (HSA) is growing in popularity because it allows employees to pay for medical expenses tax-free.

Deductions 76

Deductions Deductible Health Savings Account Health Insurance 76

InterWest Insurance Services

MARCH 22, 2022

The deadline is fast approaching for employers with 5 or more workers in California, and who do not already offer their employees a retirement plan, to register their staff for the CalSavers Retirement Savings Program. Employers with 50 or more workers – The deadline for registration was June 30, 2021. Employers can register here.

401(k) 97

401(k) Retirement Plan Employment Deductions 97

Money Talk

MARCH 4, 2022

Required Minimum Distributions (RMDs) - Taxpayers with traditional IRAs, SEPs (self-employed), and employer retirement savings plans (401(k), 403(b), 457, and TSP) must begin annual RMDs upon reaching age 72. Increased Standard Deduction - Taxpayers age 65+ (and those who are blind) get an increased standard deduction on federal income taxes.

Taxes 244

Taxes 401(k) Deductions Deductible 244

Benefit Resource Inc.

MAY 28, 2019

2020 HSA Contribution Limit. The HSA limits for contributions are set to increase in 2020 according to Revenue Procedure 2019-25 , released today by the IRS. The minimum deductible requirements and maximum out-of-pocket requirements are set to increase in 2020. Individual : $3,550 (up from $3,500 in 2019).

Deductions 65

Deductions Deductible Employment 65

Joe Markland

OCTOBER 11, 2020

Over the past 6 years I have published several articles on the need to personalize health insurance (and get the employer out of the way) by making an individual insurance policy tax deductible. The running narrative around employer-based insurance is that it is not broken. The employer in the middle is the problem.

Health Insurance 130

Health Insurance Insurance Health Savings Account Employment 130

Business Management Daily

DECEMBER 1, 2019

1 payday back into 2020, you’d still have 27 biweekly pay periods, this time in 2021. Hourly-paid nonexempts are impacted only to the extent of withholding and deductions. Lastly, check employment contracts and engagement letters to determine whether employees were promised a set annual salary. 1, 2021, is a holiday. Do nothing.

Payroll 83

Payroll 401(k) Deductions Deductible 83

Global People Strategist

JULY 9, 2020

The Australian Taxation Office (ATO) has created short-cuts for employers and workers in order to deduct certain home office expenses. For example, employees may deduct a rate of 52 cents per hour for operating costs in addition to $50 per year for work related phone and Internet costs.

Deductions 52

Deductions Deductible Work From Home Utilities 52

Money Talk

SEPTEMBER 30, 2022

There is a two-year look-back period so 2022 IRMAA surcharges are based on 2020 modified adjusted gross income (MAGI). A letter from the Social Security Administration (SSA) notifies beneficiaries of their expected benefit, including IRMAA deductions, if any. 2020) to the year that they are paying IRMAA (e.g., to $573.30

401(k) 244

401(k) Taxes Pension Deductions 244

BerniePortal

JANUARY 9, 2020

On December 5, 2019, the IRS released the final version of the 2020 Form W-4, which was retitled as the Employee’s Withholding Certificate. The 2020 version of Form W-4 is presented on a single, full-page– followed by instructions, worksheets, and tables. Deductions other than the standard deduction. What's next?

Deductions 64

Deductions Deductible Taxes Employment 64

WEX Inc.

MAY 8, 2023

More employees are enrolling in a high-deductible health plan (HDHP) each year, including more than half of U.S. HDHP vs. PPO deductible Nearly two-thirds of large employers provide their employees with the choice of an HDHP and a traditional health plan , such as a preferred provider organization (PPO).

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

Stratus.HR

FEBRUARY 23, 2021

As we’re learning, 2021 is basically an extension of 2020 — and 2021’s W-4 is no exception. But while there aren’t any changes to the new W-4 format, now is a good time to revisit the significant changes made in 2020 that have left many scratching their heads. Related articles: You Thought 2020’s New W-4 was a big change?

Taxes 54

Taxes Deductions Deductible Payroll Service 54

Business Management Daily

JANUARY 6, 2020

Employees may account for tax dependents in Step 3 of the 2020 W-4. Regulations on deducting employees’ meal expenses. This follows up on Notice 2018-76, which sets five criteria for corporate deductions for employees’ meals. But it is useful as a road map for what the IRS wants to accomplish by June 30, 2020.

401(k) 52

401(k) Family and Medical Leave Act Deductions Deductible 52

Global People Strategist

SEPTEMBER 21, 2020

In May 2020, Bill No.12 12 of 2020 was introduced before the Parliament of Fiji. This led to passing of the Employment Relations (Amendment) Act 2020 (ERA), which led to changes in Fiji’s employment law due to the difficulties faced by businesses during COVID-19. Authorized Deductions.

Family and Medical Leave Act 52

Family and Medical Leave Act Employment Deductions Deductible 52

Insperity

DECEMBER 31, 2020

The new calendar year always rings in some employment law changes, and 2021 is no different. All these employment law changes are effective Jan. Federal employment law changes in 2021. There are three employment law changes at the federal level that may affect your organization. 1, 2021 unless otherwise noted. California.

Family and Medical Leave Act 115

Family and Medical Leave Act Paid Sick Leave Employment Paid Leave 115

Benefit Resource Inc.

DECEMBER 10, 2020

We wanted to share the main lessons BRI employees learned about financial wellness in 2020. . Health Savings Accounts (HSAs) are most appealing to an individual or family that has relatively modest medical care expenses, can afford a high-deductible medical plan and could take advantage of the substantial tax benefits of an HSA.

Health Savings Account 45

Health Savings Account Medical Taxes Deductions 45

InterWest Insurance Services

MARCH 3, 2023

A new study has found that individuals enrolled in high-deductible health plans (HDHPs) are more engaged than their traditional plan counterparts during open enrollment, spending more time on choosing plans and using employer-provided tools to help them make their choices. workers were enrolled in them. In 2022, 32% were.

Deductions 97

Deductions Deductible Insurance Carriers Education 97

Business Management Daily

DECEMBER 17, 2020

There are new COVID legal considerations for employers as the pandemic rages on. With cases rising and hospitals filling, employers should expect both legislation and agency orders aimed at slowing the spread. The FFCRA is currently scheduled to sunset on December 31, 2020. That means more paid leave.

Family and Medical Leave Act 96

Family and Medical Leave Act Employment Paid Leave Manufacturing 96

Workers' Compensation Perspectives

FEBRUARY 16, 2024

This means: - Employers are shielded from legal suits for work-related injuries in exchange for funding the costs of statutory compensation and benefits specified by the relevant workers’ compensation statute. Which employment is covered varies by jurisdiction although coverage percentages vary. of total employment and 87.3%

Workers’ Compensation 52

Workers’ Compensation Insurance Deductions Deductible 52

Higginbotham

MARCH 28, 2023

and employers bear much of the burden. In addition to meeting ACA requirements, offering attractive benefits enables employers to compete for top workers. A better option than reducing benefits is to learn how to manage employer health care costs. Employers paid $16,357, and workers contributed $6,106. Only $28.88

Health Insurance 52

Health Insurance Employment Management Out of Pocket Cost 52

Best Money Moves

OCTOBER 16, 2019

How to help employees prepare for open enrollment 2020. It’s unfortunate employees are rushing benefits decisions, especially when employers are taking a more active role in driving down healthcare costs. Terms Employees Need to Know for Open Enrollment 2020. How to Help Employees Prepare for Open Enrollment 2020.

Out of Pocket Cost 45

Out of Pocket Cost Health Insurance Healthcare Insurance 45

Best Money Moves

NOVEMBER 4, 2020

What the average health insurance premium costs and changes employers are making to health benefits offerings in the new year. The ever increasing cost of healthcare combined with uncertainty about coverage, deductibles and copays keep some employees from getting the medical care they need. Managing employee healthcare costs in 2021.

Healthcare 112

Healthcare Out of Pocket Cost Voluntary Benefits Management 112

Business Management Daily

OCTOBER 7, 2019

Critical flaw: The TCJA omitted granting authority to the IRS to require all employees to refile their W-4s with their employers. This anomaly has left employers and the IRS in a bind, since two radically different W-4s will be valid, come next Jan.1—all The IRS has recently released the second drafts of the 2020 W-4 and Pub.

Payroll System 49

Payroll System Payroll Taxes Deductions 49

Business Management Daily

OCTOBER 5, 2020

As if 2020 hasn’t been enough of a whirlwind, on January 1, 2020, the IRS issued a new form W-4, leading to more than nine months of questions and confusion from both employees and employers. Why did the 2020 W-4 change? If you ask most employers or employees this question, the answer is likely no. Deductions.

Employment 52

Employment Payroll Deductions Deductible 52

WEX Inc.

MARCH 16, 2023

If you’re covered by an HSA-eligible health plan (or high-deductible health plan ), the IRS allows you to put as much as $3,650 per year (in 2022) into your health savings account (HSA). According to data on the WEX benefits platform, here are the year-by-year average employer contributions to an HSA.

Health Savings Account 98

Health Savings Account Deductions Deductible Healthcare 98

Employee Benefits

MARCH 13, 2024

Also referred to as flexible pay or instant or on-demand pay, the official UK government term is employer salary advance scheme. Providers can allow employers to limit how many times the scheme can be used per payroll cycle. Meanwhile, for employers, using EWA causes no issues with reporting to HM Revenue and Customs (HMRC).

Deductions 59

Deductions Deductible Payroll Salary 59

InterWest Insurance Services

DECEMBER 9, 2021

HDHP telehealth services — The CARES Act, signed into law in 2020 after the pandemic started, temporarily allowed high-deductible health plans to pay for telehealth services before an enrollee had met their deductible. 1, 2022, HDHPs must charge enrollees for telehealth services if they have not yet met their deductible. .

Health Insurance 90

Health Insurance Insurance Insurance Carriers Deductions 90

Workers' Compensation

DECEMBER 13, 2023

It also seeks damages for the companies’ alleged improper deductions from drivers’ pay. Misclassification also hurts the vast majority of employers who play by the rules, putting them at a competitive disadvantage against those who flout the law. billion in 2020. See NJDOL’s website for more information about misclassification.

Workers’ Compensation 52

Workers’ Compensation Gross Pay Deductions Deductible 52

BerniePortal

MARCH 5, 2020

*This blog is adapted from the HR Party of One episode, Tips for Employer Taxes, which you can view below. Let’s jump right into it, at a basic level - an employer’s tax responsibilities include: Withholding an employees’ contribution for Social Security and Medicare taxes, known as FICA taxes, as well as federal and state income taxes.

Taxes 52

Taxes Employment Deductions Deductible 52

InterWest Insurance Services

JULY 6, 2023

The latest insurer to announce an expansion of its telemedicine offerings is UnitedHealthcare, which recently said it would eliminate out-of-pocket costs for its 24/7 Virtual Visits program for eligible members enrolled in fully insured employer-sponsored plans, starting July 1. Last year, the wavier was extended by legislation through Dec.

Insurance 80

Insurance Out of Pocket Cost Hospitality Health Savings Account 80

Wellable

AUGUST 28, 2019

For the second year in a row, fewer large employers are offering high-deductible health plans (HDHP) as the only option for employees. National Business Group on Health's Health Care Strategy and Plan Design Survey found that for 2020, 25% of large employers will offer only a high-deductible health plan with a health savings account.

Health Savings Account 41

Health Savings Account Employment Deductions Deductible 41

Higginbotham

JUNE 9, 2023

As a result, these fees will continue to apply for the 2020-2029 fiscal years. Employer Takeaway Using Part II, Number 133 of Form 720, issuers and plan sponsors are required to report the average number of lives covered under the plan separately for specified health insurance policies and applicable self-insured health plans.

Deductions 52

Deductions Deductible Health Insurance Taxes 52

InterWest Insurance Services

DECEMBER 20, 2022

As the year was drawing to a close, Cal/OSHA was working on a COVID-19 standard to replace the emergency standard that has been in place since 2020. Employers would no longer be required to evaluate whether their method of ventilation is adequate to reduce risk. Employees can choose other deduction rates as well.

401(k) 89

401(k) Paid Sick Leave Retirement Plan Workers’ Compensation 89

Griffin Benefits

DECEMBER 30, 2022

On nearly the eve of its expiration, Congress has extended the ability of high deductible health plans (“HDHPs”) to offer first-dollar telehealth coverage through plan years beginning before January 1, 2025. The reporting presented significant challenges for employers and their service providers. BACKGROUND.

Deductions 81

Deductions Deductible Health Savings Account Taxes 81

InterWest Insurance Services

MARCH 4, 2022

As rising health insurance premiums and out-of-pocket costs for health care are burdening workers, more employers are looking for ways to help their staff put aside money for those expenses. While health savings accounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans.

Medical 94

Medical Health Insurance Out of Pocket Cost Deductions 94

Business Management Daily

AUGUST 17, 2021

Employers use the information provided on this Internal Revenue Service document to determine the amount of tax to withhold from an individual’s wages each paycheck. On behalf of the employee, the employer gives these income tax withholdings to the government on a regularly-scheduled basis to cover tax liability. IRS Form W-4: Step 1.

Employment 52

Employment Deductions Deductible Taxes 52

InterWest Insurance Services

JUNE 2, 2023

Employers offer flexible savings accounts and health savings accounts to their employees so they can build up funds with pre-tax dollars to pay for health care and related expenses. Employers can offer one of two options to give their employees more time to spend their funds: Grace period — You can provide an extra 2.5

Out of Pocket Cost 97

Out of Pocket Cost Health Savings Account Medical Health Insurance 97