InterWest Insurance Services

MAY 16, 2024

After enrollment in high-deductible health plans soared during the last decade, 2022 marked the first year that enrollment in these plans fell among American workers since 2013, according to a new report by ValuePenguin. workers signed up for HDHPs in 2022, compared to 56% in 2021. The insurance-review website found that 54% of U.S.

401(k) 89

401(k) Deductions Deductible Health Savings Account 89

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.

Deductions 40

Deductions Deductible Family and Medical Leave Act Health and Welfare 40

HR Lineup

SEPTEMBER 1, 2021

Any business requires the best payroll software 2021 to manage its employees’ payroll. It should also ensure that employees receive accurate information concerning their wages/salaries or any other deductions. If you are looking for top payroll software in 2021, we recommend them below. Our List of Top Payroll Software of 2021.

Payroll Software 72

Payroll Software Payroll Software Human Resources 72

Best Money Moves

JULY 8, 2020

Top 10 employee benefits for 2021. HR trends forecast the most desired employee benefits for 2021 like financial wellness programs and flexible work arrangements. It’s time for employers to start planning their employee benefits packages for 2021. Top 10 Employee Benefits for 2021. #1 But what can employers do to help?

Employee Benefits 111

Employee Benefits Out of Pocket Cost Flexible Spending Account Health Insurance 111

Insperity

DECEMBER 31, 2020

The new calendar year always rings in some employment law changes, and 2021 is no different. 1, 2021 unless otherwise noted. Federal employment law changes in 2021. The deadline for submission hasn’t been set, but it’s expected to be after March 31, 2021. The collection of wage deductions will begin on Jan.

Family and Medical Leave Act 115

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

Stratus.HR

NOVEMBER 30, 2020

If you’re planning your tax-sheltered income for 2021, the IRS did not increase the $2,750 limit you can contribute to a health Flexible Spending Account (FSA). However, health savings account (HSA) participants will be able to contribute a little more in 2021. What is the 2021 health FSA contribution limit?

Health Savings Account 52

Health Savings Account Flexible Spending Account Flexible Spending Taxes 52

Money Talk

DECEMBER 22, 2021

As we close out 2021 and get ready to welcome 2022, it is a good time to consider the impact of indexes (a.k.a., Other tax numbers that get indexed are the standard deduction, certain tax credits, and the deduction for business-related and medical mileage. million in 2021, for gifts and deaths that occur in 2022.

401(k) 227

401(k) Pension Taxes Deductions 227

Money Talk

APRIL 14, 2022

The 2021 income tax season will soon be in the history books. Here are 12 tax topics to consider: Itemized Deductions- Only about 10% of taxpayers can itemize since the Tax Cuts and Jobs Act went into effect in 2018. 2021 for 2022) is also a useful tax withholding resource because it shows your most recent tax bill.

Taxes 188

Taxes Family and Medical Leave Act 401(k) Deductions 188

Money Talk

MARCH 4, 2022

Increased Standard Deduction - Taxpayers age 65+ (and those who are blind) get an increased standard deduction on federal income taxes. For singles in 2022, the standard deduction is $14,700 ($12,950 + $1,750 additional for age 65+). of AGI can be deducted on Schedule A. 25,100 for younger couples).

Taxes 244

Taxes 401(k) Deductions Deductible 244

Money Talk

JANUARY 19, 2022

In this post, I continue my discussion of tips from webinars, podcasts, and virtual conferences that I heard during the last quarter of 2021. Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g., high income years) to exceed the standard deduction and benefit from itemizing.

Flexible Spending Account 242

Flexible Spending Account Taxes Pension Deductions 242

Benefit Resource Inc.

MAY 26, 2020

Find details on the 2021 HSA contribution limits for individuals and families and HDHP requirements here! For employers and individuals currently in a plan set at or near the minimum deductible limits, you will need to make adjustments to ensure your plan remains HSA eligible. HDHP minimum deductible: $1,400*.

Deductions 40

Deductions Deductible Taxes Employment 40

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. private-sector workers in 2021. Typically, an employee enrolled in a PPO will have higher premiums and a lower deductible than an employee enrolled in an HDHP. So, what are the big differences between the two?

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. The IRS will then calculate your filing status based on the standard deduction for your filing status and tax rate. See what 2021 is bringing! Should I use the 2020 or 2021 version of the W-4? …Just kidding.

Taxes 54

Taxes Deductions Deductible Payroll Service 54

Benefits Notes

OCTOBER 28, 2020

On October 26, 2020, the Internal Revenue Service (IRS) released Notice 2020-79 , which sets forth the 2021 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2021 limits for benefit plans. HDHP Minimum Deductible Limits.

401(k) 40

401(k) Health Savings Account Retirement Plan Deductions 40

InterWest Insurance Services

APRIL 27, 2023

Overall rates for employers with 10 or fewer employees saw their family plan health insurance premiums jump 12% from 2021, compared to just 5.4% overall between 2021 and 2022. While high-deductible health plan (HDHP) enrollment grew at an astounding 68% between 2021 and 2022, they only accounted for 6% of group health plan enrollment.

Health Insurance 86

Health Insurance Insurance Out of Pocket Cost Deductions 86

Business Management Daily

DECEMBER 18, 2020

15-T for 2021 and the 2021 W-4. 15-T contains all the worksheets and withholding tables for 2021. What’s new with the 2021 W-4? Neither the 2021 W-4 nor Pub. they claimed head of household in 2020 but will be single taxpayers in 2021) must give you 2021 W-4s. The IRS has released Pub.

Payroll System 52

Payroll System Taxes Deductions Deductible 52

Money Talk

SEPTEMBER 30, 2022

A letter from the Social Security Administration (SSA) notifies beneficiaries of their expected benefit, including IRMAA deductions, if any. Three IRMAA Action Steps ¨ Reduce MAGI- MAGI is based on adjusted gross income (AGI) plus tax-exempt interest income and certain deductions that are added back.

401(k) 244

401(k) Taxes Pension Deductions 244

Employee Benefits

APRIL 3, 2024

in unpaid wages and additional compensation after finding they underpaid a former employee M Piekielniak was employed as a driver transporting carers between jobs by Phoenix Healthcare from 2 May 2021, and when not busy, would support the maintenance of Rentacar 24/7’s vehicles. His employment was then terminated in February 2022.

Healthcare 59

Healthcare Transportation Pension Deductions 59

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. in 2021, according to the study.

Employment 92

Employment Deductions Deductible Health Insurance 92

Benefits Notes

JANUARY 4, 2023

The CARES Act permitted high deductible health plans (“HDHP”) to provide first-dollar telehealth services or other remote care services. This allowed individuals covered under a HDHP that waived the deductible for telehealth services or other remote care to maintain HSA eligibility.

Deductions 98

Deductions Deductible Insurance Consulting 98

AssuredPartners

MARCH 28, 2022

The CAA-22 temporarily extends the rules enacted in March 2020 in response to the COVID-19 pandemic, providing payment for telehealth services and other remote care services from a High Deductible Health Plan (HDHP) and related Health Savings Account (HSA) without first meeting the plan's minimum deductible under IRC Code Section 223(c)(2).

Deductions 98

Deductions Deductible Health Savings Account Government 98

Business Management Daily

MARCH 12, 2021

On a corporate level, you’re not losing out, because you can deduct the employer’s portion of FICA on your Form 1120. The IRS hasn’t released the 2021 edition yet, but the rules are the same. Even though we’re ineligible for the paid leave tax credits, we have chosen to extend leave to employees through March 31, 2021.

Payroll 52

Payroll Paid Leave Taxes Deductions 52

Employee Benefits

NOVEMBER 22, 2023

Phillips is pursuing a claim for disability discrimination and complaints about deductions from wages and holiday pay. However in 2021 she was told that she could no longer use vinyl gloves at work and was required to trial other types of gloves, one or some which caused her to suffer another allergic reaction.

Deductions 144

Deductions Deductible Medical Employee Benefits 144

Benefit Resource Inc.

JANUARY 14, 2021

“ HIGH-DEDUCTIBLE health plan? But first…what IS a deductible? In simple terms, a deductible is the amount you pay out-of-pocket for health care expenses before your health insurance starts paying. When should you consider a high-deductible health plan (HDHP)? a fee charged when you visit the doctor).

Deductions 52

Deductions Deductible Health Savings Account Taxes 52

Business Management Daily

OCTOBER 22, 2020

The two withholding systems the IRS ushered in this year—one based on employees who file post-2019 W-4s and the other based on employees who’ve filed pre-2020 W-4s—are out; an employer-optional bridge is in, starting with 2021 withholding, according to final regulations. the value of three withholding allowances).

Taxes 52

Taxes Deductions Deductible Employment 52

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. 31, 2021, and for plan years that start on or after Jan. That comes to an end Dec. More guidance coming.

Health Insurance 87

Health Insurance Insurance Insurance Carriers Deductions 87

InterWest Insurance Services

JANUARY 26, 2022

Mental health is already on the radar of employers: Large businesses reported that addressing their workers’ mental and emotional health would be a top priority over the next three to five years, according to a 2021 study by Mercer Consulting. It found that only 10% of those surveyed had a health plan with a zero deductible.

Out of Pocket Cost 95

Out of Pocket Cost Deductions Deductible Flexible Spending Account 95

InterWest Insurance Services

SEPTEMBER 9, 2022

The “Health Insurance Literacy Survey” by Healthcare.com found widespread misunderstanding about how copays and deductibles work, and what premiums and benefits are. Those poor choices can be costly in terms of the premiums they pay or what they pay in copays, coinsurance and deductibles out of pocket. What it costs them.

Health Insurance 93

Health Insurance Insurance Deductions Deductible 93

McNees

JANUARY 19, 2021

The Consolidated Appropriations Act, 2021 (“Act”), signed by President Trump on December 27, 2020, contains several provisions affecting employee benefits. The distribution applies to certain federal disasters declared between January 1, 2020 and February 25, 2021, but excludes COVID as a disaster.

Employee Benefits 40

Employee Benefits Flexible Spending Health Insurance Pension 40

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. Making optional the requirement to report a value for amounts not applied to the deductible or out-of-pocket maximum. BACKGROUND.

Deductions 81

Deductions Deductible Health Savings Account Taxes 81

WEX Inc.

AUGUST 2, 2023

Unlike a medical FSA, a limited FSA can be paired with a health savings account (HSA) and a high-deductible health plan (HDHP). Combination FSA, which is a limited FSA that converts into a medical FSA once the IRS deductible is met. This blog post was originally published in July 2021 and was most recently updated in August 2023.

Flexible Spending Account 98

Flexible Spending Account Deductions Deductible Health 98

Benefit Resource Inc.

FEBRUARY 7, 2022

Increasing deductibles is key for employers to use in managing ever-increasing premiums. • A “high” deductible plan still has a negative connotation. In 2021, 85% of covered workers enrolled in a plan with the general annual deductible, but many hesitate to move to an HDHP/SO option because of the name “high” deductible.

Insurance 81

Insurance Deductions Deductible IT 81

InterWest Insurance Services

JULY 11, 2023

Increasing deductibles — Many carriers are shifting more of the risk to their policyholders in wildfire-prone areas by increasing their deductibles. Some companies are being saddled with deductibles that are two-thirds of the policy limits, meaning they are taking on more of the risk than the insurer is.

Insurance 90

Insurance Deductions Deductible IT 90

PeopleKeep

JULY 8, 2022

Premium increases, higher deductibles and copays, and soaring prescription drug prices result in spikes in healthcare costs. According to the Centers for Medicare & Medicaid Services 1 , in 2021, healthcare costs skyrocketed to $4.3 The average American spends a considerable amount of money on healthcare each year.

Healthcare 96

Healthcare Health Insurance Deductions Deductible 96

Employee Benefits

MAY 23, 2024

Graham began working for the software firm as head of business partnerships in 2015, initially at its Hong Kong office, and from April 2021 for its UK entity. In 2019, Graham’s wife was diagnosed with stage four breast cancer when he and his family were about to relocate to the United States to lead the American sales operation.

Hospitality 52

Hospitality Deductions Deductible Software 52

InterWest Insurance Services

JANUARY 5, 2023

With Americans increasingly struggling to pay their health care bills, more employers are shying away from only offering their workers high-deductible health plans (HDHPs) that reduce premiums up front for higher out-of-pocket costs for workers. That fell to 13% in 2021 and was only 9% in 2022. Cost-cutting.

Out of Pocket Cost 70

Out of Pocket Cost Employment Health Insurance Deductions 70

InterWest Insurance Services

JANUARY 27, 2023

That’s up from 26% in 2020 and 2021. Even if you are providing them with a robust plan, there are often out-of-pocket cost-sharing and deductibles to contend with. For employees in high-deductible health plans, the costs can be steep. The rapid increase occurred in a year where inflation was at a 40-year high.

Out of Pocket Cost 86

Out of Pocket Cost 401(k) Deductions Deductible 86