Proskauer's Employee Benefits & Executive Compensa

JUNE 27, 2023

As a reminder, if an HDHP covers medical items and services before the participant satisfies the IRS minimum deductible (self-only or family), that coverage may disqualify the participant’s HSA contributions. Can an HDHP continue to provide pre-deductible coverage of COVID-19 testing and treatment without impacting HSA eligibility?

Deductions 52

Deductions Deductible Health Savings Account Medical 52

Benefit Resource Inc.

JANUARY 4, 2023

The 2023 spending bill signed into law on December 29th includes extending pre-deductible telehealth services coverage. WHAT IS PRE-DEDUCTIBLE TELEHEALTH COVERAGE? Pre-deductible telehealth coverage allows HSAs-qualifying high-deductible health plans (HDHPs) to cover telehealth and remote-care services on a pre-deductible basis.

Deductions 40

Deductions Deductible Out of Pocket Cost Healthcare 40

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! There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years.

Deductions 40

Deductions Deductible Family and Medical Leave Act Health and Welfare 40

Griffin Benefits

JUNE 7, 2023

On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. Eligible individuals with self-only HDHP coverage will be able to contribute $4,150 to their HSAs for 2024, up from $3,850 for 2023.

Health Savings Account 77

Health Savings Account Deductions Deductible Taxes 77

Employee Benefits

JANUARY 18, 2024

Our research found that almost half of UK employees say they’re likely to look for a new role in 2024. That’s why SmartPay, our cost-neutral salary deduction scheme, is the employee benefit your people and business need in 2024. It’s hardly surprising that financial health is a 2024 priority for so many in the UK.

Employee Benefits 52

Employee Benefits Deductions Deductible Salary 52

Benefits Notes

NOVEMBER 21, 2023

On November 1, 2023, the Internal Revenue Service (IRS) released Notice 2023-75 , which sets forth the 2024 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2024 limits for benefit plans. The 2023 limits are provided for reference.

401(k) 52

401(k) Health Savings Account Retirement Plan Deductions 52

Employee Benefit News

NOVEMBER 1, 2023

Jeri Hawthorne, CHRO at Aflac, breaks down the gap between employer-provided benefits and employees' needs.

Deductions 93

Deductions Deductible Healthcare Employment 93

HR Lineup

APRIL 4, 2024

As we stand in 2024, it’s imperative to explore the dichotomy between automated payroll and manual payroll systems, understanding their respective merits, challenges, and the overall impact they have on businesses. Calculations, including taxes and deductions, are automated, reducing the potential for errors.

Payroll 50

Payroll Payroll System Deductions Deductible 50

Best Money Moves

MARCH 11, 2024

The 4 best benefits in 2024, according to employees. Here are the 4 best benefits in 2024, according to employees. Here are the best benefits in 2024 based on input from real workers. Average healthcare premiums for American families increased 7% in 2024, according to research from KFF.

Retirement Plan 91

Retirement Plan Healthcare Healthcare Benefits Parental Leave 91

Employer Connection

AUGUST 22, 2023

A non-grandfathered group health plan’s in-network out-of-pocket maximum for essential health benefits (EHBs) for the 2024 plan year cannot exceed $9,450 for self-only coverage and $18,900 for other-than self-only coverage.   Visit the Trustmark Regulatory Updates Blog to learn more.

Deductions 40

Deductions Deductible 40

AssuredPartners

MAY 16, 2023

Each year around this time the IRS announces the inflation-adjusted limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs), as they are required to do so annually prior to June 1st. The adjusted limits will go into effect as of January 1, 2024. That amount will be set at $2,100 for 2024.

Health Savings Account 52

Health Savings Account Deductions Deductible Management 52

InterWest Insurance Services

JUNE 8, 2023

for 2024, the largest increase ever, brought to you by inflation. The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. Here are the changes coming in 2024: HSA annual contribution limit Self-only plan: $4,150, up 7.8%

Deductions 52

Deductions Deductible Health Savings Account Medical 52

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions.

401(k) 179

401(k) Taxes Retirement Plan Pension 179

HR Lineup

FEBRUARY 5, 2024

Any business requires the best payroll software 2024 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 2024, we recommend them below. It is affordable, easy to use, and fun.

Payroll Software 52

Payroll Software Payroll Software Online Payroll 52

Money Talk

DECEMBER 7, 2023

As the year winds down so, too, does your opportunity to take proactive steps to reduce 2023 income tax due in April 2024 and, perhaps, taxes due in future years as well. Below are some money-saving tax planning strategies to consider. Seek professional advice as needed.

Taxes 199

Taxes Retirement Plan Deductions Deductible 199

PeopleStrategy

DECEMBER 12, 2023

HSA Compliance Health savings accounts (HSAs) have become commonplace in the last several years as a way to offset high deductible health plans. That means you need to be acutely aware of changes, such as new annual limits on contributions and required coverage in 2024. People like HSAs in part because of their triple tax advantage.

401(k) 52

401(k) Overtime Health Savings Account Retirement Plan 52

Money Talk

JANUARY 4, 2024

Tax Refund Adjustments - Sometimes people miss a tax credit, deduction, or adjustment and need to file an amended tax return. Best wishes for a healthy, wealthy, and happy 2024. There are also multi-vendor rewards programs like Rakuten and Ibotta. The IRS views these rewards as discounts and not income.

Life Insurance 171

Life Insurance Pension Benefit Retail Taxes 171

HR Lineup

DECEMBER 1, 2023

As we step into 2024, the market is teeming with a variety of options, each vying to be the best solution for handling contractor payroll. In this comprehensive guide, we will delve into the top 10 contractor payroll software options for 2024, exploring their features, benefits, and what sets them apart.

Payroll Software 82

Payroll Software Payroll Software Taxes 82

Employee Benefits

DECEMBER 19, 2023

Many employers offer payroll-deducted savings schemes for effortless saving. Jonathan Watts-Lay, Director, WEALTH at work, comments; “Now is a great time for employees to review their financial situation and take action to make sure they are in control of their finances in 2024.”

Finance 104

Finance Banking Pension Insurance 104

McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Internal Revenue Service recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. Most of the dollar limits that are subject to adjustment for cost-of-living increases will increase for 2024.

Health and Welfare 87

Health and Welfare Employee Benefits Flexible Spending Account Health Savings Account 87

AssuredPartners

JANUARY 4, 2023

During the final week of December 2022, Congress approved the Consolidated Appropriations Act, 2023 (CAA 2023) which included, among other provisions affecting employers, a temporary telehealth services safe harbor for High Deductible Health Plans (HDHP) first-dollar coverage without violating Health Savings Account (HSA) contribution rules.

Health Savings Account 52

Health Savings Account Deductions Deductible Healthcare 52

InterWest Insurance Services

NOVEMBER 25, 2022

They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. Every year, the employee must decide how much they want their employer to deduct (pre-tax) from their paycheck to set aside in their HSA. 7,750 for family coverage (up $450).

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

AssuredPartners

SEPTEMBER 11, 2023

Set to begin on January 1, 2024, employers covered under the new law certain employers located within designated Illinois counties and townships, as discussed further below will be required to provide a pre-tax commuter benefit allowing covered employees to utilize pre-tax dollars to purchase a transit pass via a payroll deduction.

Taxes 52

Taxes Transportation Deductions Deductible 52

McDermott Will & Emery Employee Benefits

JULY 5, 2023

Act requires participants who earned more than $145,000 in FICA wages in the prior year from their current employer to make all catch-up contributions on a Roth basis beginning in 2024. The SECURE 2.0 Payroll Challenges Plague Roth Catch-Up Contribution Implementation appeared first on EMPLOYEE BENEFITS BLOG.

Payroll 82

Payroll Deductions Deductible Employee Benefits 82

McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

Employers, many of whom are in the midst of or have already completed open enrollment for […] The post IRS Announces 2024 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG.

Health and Welfare 83

Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 83

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

PeopleStrategy

JANUARY 17, 2024

With 2024 being a leap year, the return of Feb. Not only have employees not had time to prepare for that change, it also can have ramifications on employee deductions for benefits or contributions to retirement or health savings plans. 29, 2024, rather than March 1 as in other years. Have you checked your calendars?

Payroll 52

Payroll Payroll System Deductions Deductible 52

InterWest Insurance Services

JULY 13, 2023

this year and at a faster clip in 2024 as inflation hits medical costs. ” Whether to pass on higher costs Besides the 64% of employers who said they would boost their benefits in 2024, 28% said they would not but have done so in the past two years. 39% offer a medical plan with no or a low deductible or cost-sharing (e.g.,

Employment 98

Employment Out of Pocket Cost Health Insurance Health Savings Account 98

InterWest Insurance Services

DECEMBER 7, 2023

The IRS recently announced that the annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, up $150 from this year. Earlier in 2023, the IRS also announced the maximum contribution limits to health savings accounts, which are similar to FSAs, but they must be attached to a high-deductible health plan.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 98

Higginbotham

JUNE 9, 2023

HSA/HDHP Limits Will Increase for 2024 On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The following chart shows the HSA and HDHP limits for 2024 as compared to 2023.

Deductions 52

Deductions Deductible Health Insurance Taxes 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. Despite group health insurance costs expected to rise 5.4% What employers are doing. Cost-cutting.

Out of Pocket Cost 89

Out of Pocket Cost Employment Health Insurance Deductions 89

InterWest Insurance Services

AUGUST 31, 2023

in 2024, as inflation starts hitting the cost of delivering care as well as pharmaceuticals. The report predicts that employers will pay an average of $15,088 in 2024, compared to the average this year of $13,906. ” Talk to us about your options as 2024 approaches. . The cost hike is almost double the 4.5%

Pharmaceutical 98

Pharmaceutical Hospitality Health Insurance Medical 98

Assurance Agency

AUGUST 23, 2023

Briefly, employees will be able to use pre-tax dollars for “the purchase of a transit pass, via payroll deduction, such that the costs for such purchases may be excluded from the employee’s taxable wages and compensation.” At the time of writing, the 2024 limit had not yet been published.

Deductions 52

Deductions Deductible Transportation Taxes 52

Assurance Agency

AUGUST 23, 2023

Briefly, employees will be able to use pre-tax dollars for “the purchase of a transit pass, via payroll deduction, such that the costs for such purchases may be excluded from the employee’s taxable wages and compensation.” At the time of writing, the 2024 limit had not yet been published.

Deductions 52

Deductions Deductible Transportation Taxes 52

InterWest Insurance Services

JULY 6, 2023

As well, a growing number of established insurers are starting to sell “virtual-first” plans, often with a zero-dollar deductible and no copays for all visits with virtual-only providers. Last year, the wavier was extended by legislation through Dec.

Insurance 94

Insurance Out of Pocket Cost Hospitality Health Savings Account 94

Higginbotham

MARCH 28, 2024

Certain deductions are allowed, such as for unpaid leave taken under the Family and Medical Leave Act (FMLA) or when an employee misses one or more full days for personal reasons other than sickness or disability. This resulted in minimum wage violations because paycheck deductions caused some employees’ hourly rates to fall below $7.25

Family and Medical Leave Act 52

Family and Medical Leave Act Overtime Deductions Deductible 52

Higginbotham

JANUARY 12, 2024

Health Savings Account A Health Savings Account (HSA) is a type of employee-owned account that is designed to work with high-deductible health insurance plans. Cons to an HSA Individuals who are not enrolled in high-deductible health plans cannot open or contribute to HSAs. HSA contributions are subject to annual caps.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52