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. Fortunately, there is another option: a health reimbursement arrangement (HRA). Qualified medical expenses. How HRAs work.

Medical 91

Medical Health Insurance Out of Pocket Cost Deductions 91

Higginbotham

FEBRUARY 21, 2023

You’re reading your health insurance policy and come across a coinsurance clause. Here’s what you need to know about this common insurance term. It is used in different types of insurance policies, including health insurance and property insurance, but it works a little differently depending on the type of insurance.

Health Insurance 52

Health Insurance Out of Pocket Cost Insurance Deductions 52

PeopleKeep

APRIL 30, 2020

What are Medical Reimbursement Plans? Medical reimbursement plans are IRS-approved health plans that allow for tax-free reimbursement for medical expenses. Medical reimbursement plans can be used alongside a group health insurance plan. Different Approaches to Medical Reimbursement Plans.

Medical 60

Medical Flexible Spending Account Health Savings Account Health Insurance 60

Stratus.HR

JUNE 11, 2021

High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA) are growing more and more popular each year. Well, there’s a flipside of HDHPs and HSAs that includes a higher deductible and added out-of-pocket costs. HSA as a Retirement Account. HSA-Eligible Expenses.

Deductions 76

Deductions Deductible Out of Pocket Cost Health Savings Account 76

Higginbotham

JANUARY 27, 2023

Although some small business owners may feel overwhelmed by the prospect of offering health insurance and other benefits, the many advantages can make the effort worthwhile. ALEs are subject to certain health care reporting requirements. However, many small employers decide to offer health insurance anyway.

Health Insurance 52

Health Insurance Insurance Benefits Package Out of Pocket Cost 52

InterWest Insurance Services

AUGUST 5, 2022

The biggest concern among employers is the increasing costs that employees have to shoulder for their health benefits. Employers are starting to realize that a high-deductible health plan with an attached health savings account is not a good fit for all of their employees. workers with more medical debt.

Health Insurance 96

Health Insurance Insurance Deductions Deductible 96

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 62

Deductions Deductible Health Savings Account Health Insurance 62

WEX Inc.

AUGUST 15, 2023

Whether you're transitioning from your parents' insurance, landed your first full-time job, or are simply obtaining coverage for the first time, choosing health plans and employee benefits options can be overwhelming. For starters, let’s look at a few considerations when evaluating health plans for the first time.

Deductions 98

Deductions Deductible Healthcare Flexible Spending Account 98

BerniePortal

DECEMBER 20, 2021

Of course, not all medical expenses are covered by an individual’s health insurance plan. A health savings account is an excellent employee benefit to accompany a high-deductible health plan, and account-holders should be encouraged to take advantage of these tax-free funds.

Health Savings Account 96

Health Savings Account Health Insurance Deductions Deductible 96

InterWest Insurance Services

JANUARY 18, 2024

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

Out of Pocket Cost 59

Out of Pocket Cost Deductions Deductible Voluntary Benefits 59

InterWest Insurance Services

JULY 13, 2023

Employers who were surveyed for a new report expected that group health insurance premiums would increase 5.4% this year and at a faster clip in 2024 as inflation hits medical costs. 39% offer a medical plan with no or a low deductible or cost-sharing (e.g., copay plan). copay plan).

Employment 90

Employment Out of Pocket Cost Health Insurance Health Savings Account 90

WEX Inc.

SEPTEMBER 14, 2023

When approaching open enrollment, do … Evaluate available health insurance plans. Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. Open enrollment comes just once a year.

401(k) 98

401(k) Health Savings Account Flexible Spending Account Healthcare 98

Benefit Resource Inc.

JANUARY 16, 2024

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are two of the most effective instruments for optimizing health savings and financial flexibility for both employers and employees among the different components of a comprehensive benefits strategy.

Benefits Package 52

Benefits Package Flexible Spending Account Health Savings Account Flexible Spending 52

InterWest Insurance Services

AUGUST 1, 2023

If you are running a business, you need to get an early start on preparations for your small group health plan open enrollment, particularly now as so much confusion abounds about the state of health insurance in the country. Point of service – A POS health plan is a mix between an HMO and a PPO-style health insurance policy.

Family and Medical Leave Act 96

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 96

InterWest Insurance Services

AUGUST 22, 2023

If you are running a business, you need to get an early start on preparations for your small group health plan open enrollment, particularly now as so much confusion abounds about the state of health insurance in the country. Point of service – A POS health plan is a mix between an HMO and a PPO-style health insurance policy.

Family and Medical Leave Act 92

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 92

InterWest Insurance Services

MAY 18, 2023

A new study has found that people enrolled in traditional PPOs and HMOs are more satisfied with their plans than those who are enrolled in high-deductible health plans. The sticker shock that comes with paying for those deductibles is likely partly responsible for those feelings. For a family account, you can save up to $7,750.

Out of Pocket Cost 97

Out of Pocket Cost Health Savings Account Deductions Deductible 97

Higginbotham

JANUARY 12, 2024

When considering the three main types of health accounts (HRAs, HSAs and FSAs), it’s important to understand their pros and cons before deciding what to offer your employees. What are health accounts? HSA contributions, earned interest and withdrawals for qualified medical expenses are not taxed.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Higginbotham

NOVEMBER 28, 2022

Employers and employees alike are looking for ways to make health care more affordable. Some are turning to Health Savings Accounts (HSAs). Although HSAs won’t work for everyone, the benefits of an HSA account make this an appealing option for some individuals. What is a Health Savings Account (HSA)?

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

InterWest Insurance Services

NOVEMBER 10, 2022

These workers are likely going uncovered for their health insurance and risk serious outlays if they have to see a doctor or go to the emergency room. They also miss out on preventative services that insurers are required to provide without cost-sharing and that can help them maintain their health.

401(k) 81

401(k) Health Savings Account Health Insurance Insurance 81

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. 7,750 for family coverage (up $450).

401(k) 88

401(k) Deductions Deductible Flexible Spending Account 88

Higginbotham

MAY 21, 2024

Mental Health Coverage and Parity Under the Mental Health Parity and Addiction Equity Act , most group health plans and health insurance issuers are required to offer mental health benefits that are no more restrictive than medical and surgical benefits in terms of financial requirements and treatment limitations.

Health Savings Account 52

Health Savings Account Health Insurance Financial Counseling Disability Insurance 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. Vitamins and supplements Sleep deprivation treatment and medication Breast pumps Birth control devices (condoms, pills, etc.)

Out of Pocket Cost 97

Out of Pocket Cost Health Savings Account Medical Health Insurance 97

PeopleKeep

NOVEMBER 12, 2021

If you’re looking to supplement your organization’s group health insurance plan to help cover your employees’ out-of-pocket costs, you have two main options: Section 105 plans , such as the group coverage HRAs (GCHRAs), and Section 125 cafeteria plans , such as health savings accounts (HSAs).

Health Savings Account 52

Health Savings Account Out of Pocket Cost Health Insurance Deductions 52

InterWest Insurance Services

JANUARY 26, 2022

workers say expensive medical bills are having a major impact on their mental health. Mental health issues have come to the fore during the COVID-19 pandemic, spurring employers to expect their group health plans to do more for their workers in this area. A new study has found that more than one in four U.S.

Out of Pocket Cost 95

Out of Pocket Cost Deductions Deductible Flexible Spending Account 95

InterWest Insurance Services

JANUARY 27, 2023

Recent studies have highlighted an alarming trend in American health care: More and more people are struggling with medical bills and many are delaying care due to high costs. Even if you are providing them with a robust plan, there are often out-of-pocket cost-sharing and deductibles to contend with.

Out of Pocket Cost 86

Out of Pocket Cost 401(k) Deductions Deductible 86

InterWest Insurance Services

JULY 20, 2022

Keep in mind that the ritual of choosing a benefits package is a brand-new experience for people who are new to the workforce, and you should prepare to educate new employees on how to effectively choose and use their new coverages, as well as all the details like premiums, deductibles and out-of-pocket expenses.

Education 93

Education 401(k) Deductions Deductible 93

PeopleKeep

FEBRUARY 9, 2022

A health savings account (HSA) is an employee-owned account designed to set aside pre-tax money to pay for qualified medical expenses such as deductibles, copayments, coinsurance, and other out-of-pocket expenses included in IRS publication 502.

Health Savings Account 98

Health Savings Account Deductions Deductible Healthcare 98

WEX Inc.

JULY 24, 2023

And it’s a solution you might already be offering: the health savings account. These accounts provide another way for your employees to diversify their efforts to prepare for retirement. Withdrawals for HSA eligible medical expenses are tax-free. IRS Publication 969 outlines health savings accounts.

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

Insperity

MAY 13, 2015

If you’re shopping for group health insurance for your company the first or second time around, it can be hard to make a confident choice. Not to mention, the Affordable Care Act (ACA) has changed the group health insurance market considerably. Health Savings Accounts.

Health Insurance 83

Health Insurance Insurance Out of Pocket Cost Health Savings Account 83

Insperity

MARCH 12, 2024

Health insurance Health insurance aims to assist employees with the costs of obtaining medical care. This is one of the most critically important benefits to employees, given the generally high costs associated with medical care.

Family and Medical Leave Act 57

Family and Medical Leave Act Employee Benefits PTO 401(k) 57

PeopleKeep

OCTOBER 29, 2021

Employers offering a high deductible health plan (HDHP) have several ways to offset the higher out-of-pocket costs and make the benefit more meaningful for employees. One way is to offer a health savings account (HSA) alongside the HDHP. So how do you know if your HDHP is HSA-qualified?

Out of Pocket Cost 52

Out of Pocket Cost Health Savings Account Health Insurance Deductions 52

Stratus.HR

OCTOBER 28, 2021

Most health insurance plans outside of a Health Savings Account (HSA) have a list of copays for healthcare expenses. To minimize your health plan’s renewal increase, think twice about how you’re spending the insurance company’s money with the following healthcare options. Bottom Line.

Healthcare 78

Healthcare Insurance Health Insurance Insurance Carriers 78

Benefit Resource Inc.

JANUARY 14, 2021

“ HIGH-DEDUCTIBLE health plan? ” Did you think like this when enrolling in benefits for this year and opt into one of the other insurance choices? We wouldn’t blame you – the name alone doesn’t make this health plan type sound too appealing. But first…what IS a deductible?

Deductions 52

Deductions Deductible Health Savings Account Taxes 52

InterWest Insurance Services

JUNE 16, 2022

One in five workers surveyed said that health care and health insurance are a major factor when deciding to accept a job, compared with only 13% of human resources executives, according to the “2022 Health at Work” survey by Quest Diagnostics.

401(k) 93

401(k) Health Insurance Health Savings Account Insurance 93

InterWest Insurance Services

DECEMBER 14, 2021

Employers looking for ways to decrease their group health insurance outlays over the past decade have been turning to high-deductible health plans as they offer lower up-front premiums. It means getting the deductible amounts right and educating them on how to best use these plans. In 2021, 51% of the U.S.

Deductions 84

Deductions Deductible Health Savings Account Medical 84

InterWest Insurance Services

DECEMBER 3, 2021

While some employees’ eyes are bound to gloss over while someone is explaining the various plan options, their networks, their copays, deductibles and more, it pays to take the time to explain them step by step. Avoid getting bogged down in health insurance jargon and keep it simple. The simpler the better. Know your crew.

Health Savings Account 92

Health Savings Account Deductions Deductible Health Insurance 92

Higginbotham

MAY 11, 2023

The primary objective of an employee benefits package is health coverage, specifically medical coverage for regular checkups and for any necessary doctor visits or other medical expenses. What are the deductibles and copays? This may be the time to order extra medications or medical supplies.

Insurance 52

Insurance Deductions Deductible Benefits Package 52