InterWest Insurance Services

JULY 26, 2022

Tax-deductible premiums. Advantages of group disability insurance to the worker include the following: Affordability. No prior year tax returns or income verification are required. The employer reports income information to the disability insurance carrier. Easy, streamlined administration. List billing.

Disability Insurance 77

Disability Insurance Insurance Carriers Insurance Deductions 77

Griffin Benefits

OCTOBER 1, 2022

Finally, short-term limited duration insurance (which is typically an individual market product) is also exempt. Practical Challenges Fully-insured employers may contract with their insurance carriers to provide prescription drug reporting on their behalf.

Insurance Carriers 65

Insurance Carriers Employment Flexible Spending Account Insurance 65

WEX Inc.

JANUARY 11, 2023

Submit carrier eligibility to insurance carriers. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. Collect premium payments. Check out our COBRA page to learn more about the COBRA experience with WEX.

Insurance Carriers 52

Insurance Carriers Human Resources Taxes Benefits Package 52

Benefit Resource Inc.

FEBRUARY 2, 2023

Offering pre-tax benefits is the first step in helping employees lower out-of-pocket expenses, but employers should also make sure to explain the associated financial benefits. Unlike care received at in-network health centers, care at out-of-network locations frequently has not been negotiated to a lower price by an insurance carrier.

Out of Pocket Cost 98

Out of Pocket Cost Insurance Carriers Management Finance 98

Higginbotham

FEBRUARY 21, 2024

Whole life insurance may also offer tax advantages. Life insurance benefits are usually not subject to income taxes, and while this is generally true for both permanent and term life insurance policies, permanent life insurance policies can offer an additional tax benefit.

Life Insurance 52

Life Insurance Insurance Insurance Carriers Medical 52

Benefit Resource Inc.

MARCH 11, 2021

Employers are responsible for paying premiums, but receive a tax credit. Employers sponsoring a group health plan will be responsible for paying health insurance carriers for the premiums. They will be reimbursed for 100% of the COBRA premiums through tax credits against certain payroll taxes.

Insurance Carriers 81

Insurance Carriers Taxes Health Insurance Medical 81

Griffin Benefits

MAY 31, 2022

This so-called “ family glitch ” has meant that spouses and dependent children of employees who are offered affordable, minimum value coverage have not been eligible for federal tax credits (Premium Tax Credits; “PTCs”) to purchase coverage through the marketplace. MINIMUM VALUE COVERAGE FOR FAMILIES.

Insurance Carriers 73

Insurance Carriers Taxes Health Insurance Insurance 73

WEX Inc.

JANUARY 19, 2023

By confirming you’re only covering eligible expenses, you maintain compliance with insurance carrier eligibility requirements while minimizing litigation risks and reducing stop-loss exposure. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

Insurance Carriers 52

Insurance Carriers Taxes Electronics Health 52

Fringe Benefit Analysts

JANUARY 26, 2023

Some insurance carriers are now also offering identity protection services to their customers at no additional cost. Are Identity Theft Protection Services Tax Deductible? If you’re a small business owner interested in this service, it makes sense to fully understand it and the tax implications that it may present.

Insurance Carriers 52

Insurance Carriers Taxes Insurance Commissions 52

InterWest Insurance Services

DECEMBER 9, 2021

Here are the rules that will sunset at the end of 2021: Allowing employees who had declined group health insurance for the 2021 plan year to sign up for coverage. For 2022, the affordability level will be 9.61% of their household income, down from 9.83% in 2021. That’s a change from the prior threshold of 250.

Health Insurance 87

Health Insurance Insurance Insurance Carriers Deductions 87

Fringe Benefit Analysts

JUNE 15, 2020

As the saying goes, “Once a tax, always a tax.” Please note that the IRS does not appear to have released the most recent Form 720 (Quarterly Federal Excise Tax Return), which is the form used by plan sponsors of group health plans to report and pay the annual PCORI fee. This fee is currently $2.54

Medical 52

Medical Insurance Carriers Health Insurance Taxes 52

Insperity

SEPTEMBER 14, 2021

The internet abounds with stories of PEOs increasing rates without warning or going out of business without paying employees or payroll taxes. CPA-affirmed documentation that they remit employment taxes in a timely manner. Background reports of their individuals responsible for employment tax payments.

Professional Employer Organization 86

Professional Employer Organization Employment Insurance Taxes 86

Benefit Resource Inc.

MARCH 5, 2021

The employer would pay the remaining 85% and then be provided a tax credit from the government. The employer would be responsible for working with insurance carriers to pay monthly invoices. Currently, the proposed changes indicate that the qualified beneficiary may be required to pay 15% of the COBRA monthly premium.

Government 74

Government Insurance Carriers Taxes Insurance 74

HR Bartender

SEPTEMBER 1, 2016

If you leave the employee at home, the insurance carrier pays them to be there. If you bring the employee back to work in a nonproductive light-duty position that has them counting paperclips, you are paying state and federal taxes as well as benefits for an employee who is not contributing anything to your bottom line.

Insurance Carriers 66

Insurance Carriers Workers’ Compensation Human Resources Consulting 66

Higginbotham

JUNE 7, 2022

Most employers have already been contacted by their carrier or third-party administrator (TPA) and will rely on their insurance carriers or TPAs to provide the MRFs. The fees are reported and paid annually using IRS Form 720 (Quarterly Federal Excise Tax Return). Employer Takeaway. Calculating the PCORI Fee Payment.

Family and Medical Leave Act 52

Family and Medical Leave Act Health Insurance Insurance Carriers Insurance 52

Corporate Synergies

FEBRUARY 11, 2019

A flexible spending account (FSA), which can be used to cover childcare and medical costs tax-free. A health savings account (HSA), which can also be used to cover medical expenses tax-free. But increasingly, doctors offer additional genetic screening and diagnostic tests that may not be covered under insurance.

Health Insurance 47

Health Insurance Insurance Insurance Carriers Out of Pocket Cost 47

Florida Workers' Comp

FEBRUARY 8, 2022

In the early days of the pandemic our tax dollars or debt was distributed "to help protect the American Dream." Based upon those submissions, it is alleged that "the carrier continued to pay benefits" over many weeks. Then, the insurance carrier "noticed that many of the positive test results used the same specimen ID."

Workers’ Compensation 80

Workers’ Compensation Insurance Carriers Hospitality Government 80

AssuredPartners

JANUARY 22, 2023

The Usage Clause One of the least understood (and therefore most dangerous) clauses in an aviation insurance policy is the Approved Use clause. This provision spells out exactly what use [commercial or non-commercial] the insurance carrier has agreed to cover.

Insurance Carriers 52

Insurance Carriers Transportation Insurance Food 52

Higginbotham

FEBRUARY 11, 2022

Most all insurance carriers are handling the coverage and availability requirements for their clients. PCORI fees are reported and paid annually on IRS Form 720 (Quarterly Federal Excise Tax Return). Employer Takeaway. The updated PCORI fee amount is $2.79 multiplied by the average number of lives covered under the plan.

Paid Sick Leave 52

Paid Sick Leave Insurance Carriers Paid Leave Flexible Spending 52

Fringe Benefit Analysts

MAY 8, 2022

Benefits consultants are also aware of federal and state laws that regulate group health insurance and retirement plans, and how to correctly report all benefits packages to the IRS. Of course, in the end, a credible CPA is always the best resource when it comes to tax planning.

Consulting 52

Consulting Employee Benefits Benefits Package Health Insurance 52

AssuredPartners

JANUARY 22, 2023

The Usage Clause One of the least understood (and therefore most dangerous) clauses in an aviation insurance policy is the Approved Use clause. This provision spells out exactly what use [commercial or non-commercial] the insurance carrier has agreed to cover.

Insurance Carriers 40

Insurance Carriers Transportation Insurance Food 40

Genesis HR Solutions

APRIL 23, 2019

Healthcare Reform requires Massachusetts residents over the age of 18, who can afford health insurance, to have health insurance or pay a penalty through their tax return. Depending on how you manage your small business’ health insurance, you have many different options for choosing health insurance plans.

Health Insurance 40

Health Insurance Insurance Insurance Carriers Healthcare 40

Benefits Notes

MARCH 31, 2021

The ARPA also allows the employer, insurer, or multiemployer plan sponsor who subsided the premiums to offset the cost by claiming a new federal tax credit. The subsidy is tax-free to the individual receiving the subsidy. Tax Credit. Below is a summary of the ARPA’s COBRA subsidy provisions.

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits Taxes Pension 40

Genesis HR Solutions

JUNE 20, 2022

GenesisHR works alongside you to do so much more, everything from benefits and 401k plan administration, onboarding, performance management, training, HR compliance, and yes, even payroll and tax reconciliation. Myth #7: “Our insurance carrier could change anytime, on the whim of our PEO.”.

401(k) 52

401(k) Health Insurance Insurance Carriers Payroll 52

Fringe Benefit Analysts

JANUARY 25, 2021

Tax Provisions. The company receives a Tax Credit on their Quarterly Taxes to help pay for this leave. You can still receive the Tax Credit as it applies, but it remains with only two weeks of paid leave through both years. We are independent and sell a variety of insurance plans with many insurance carriers.

Family and Medical Leave Act 40

Family and Medical Leave Act Paid Leave Health Insurance Insurance Carriers 40

Genesis HR Solutions

AUGUST 19, 2020

Not only do PEO clients get expertise from their PEO partners, they no longer need to do the grunt work for the administration of their company’s HR, benefits, tax, payroll, and compliance issues, giving them time to focus on the core functions of their business—and focus on growth. Managing insurance carrier relationships.

Work From Home 52

Work From Home Professional Employer Organization Insurance Carriers Human Resources 52

Genesis HR Solutions

APRIL 27, 2021

Payroll, benefits, HR, tax administration, and regulatory compliance assistance are some of the many services PEO companies provide to growing businesses across the country.”. PEOs select and manage the third-party partners that best fit the collective group of clients served (insurance carriers, for example). PEO vs. HRO.

Professional Employer Organization 59

Professional Employer Organization Insurance Carriers Payroll Benefits Package 59

Genesis HR Solutions

APRIL 19, 2019

Genesis works alongside you to do so much more, everything from benefit and 401k plan administration, on-boarding, performance management, training, HR compliance, and yes, even payroll and tax reconciliation. Myth #7: “Our insurance carrier could change anytime, on the whim of our PEO.”.

401(k) 69

401(k) Health Insurance Insurance Carriers Payroll 69

Insperity

JULY 22, 2014

Most Americans must have health insurance or face a tax penalty. That help comes in two forms: premium tax credits and cost-sharing subsidies. And finally, you’re not eligible if you file a “Married Filing Separately” tax return, or if you are claimed as a dependent by another person. Why should you care?

Health Insurance 40

Health Insurance Out of Pocket Cost Insurance Carriers Taxes 40

Insperity

JULY 26, 2016

What carriers or third-party administrator (TPA) does the PEO use? If health benefits are provided under a fully-insured, PEO-sponsored plan, you will want to make sure the PEO’s insurance carriers are reputable and provide coverage in the areas where you have employees. To learn more read, What is a CPEO?

Professional Employer Organization 40

Professional Employer Organization Insurance Carriers Insurance Taxes 40

Insperity

JANUARY 13, 2014

Many of these individuals could trade thousands of dollars in premium costs over the course of 2014 for a relatively small tax penalty for not having coverage. If that happens, premiums are expected to go up for everybody left in the insurance pool. When it rains …. 4 percent or $400 per employee per year.

Health Insurance 40

Health Insurance Manufacturing Insurance Carriers IT 40

Genesis HR Solutions

JANUARY 8, 2019

Payroll processing and payroll tax compliance. Both options manage insurance partners (but in different ways). Both ASOs and PEOs take on the burden of managing vendors, but the difference is that an ASO could potentially be managing an insurance carrier for each of its clients, while a PEO has a single carrier and a team.

Health and Welfare 45

Health and Welfare Insurance Carriers Workers’ Compensation Insurance 45

Insperity

MAY 27, 2013

Though the employer mandate provisions of the Affordable Care Act have been delayed, health care insurance costs, taxes and fees are expected to continue to climb. Postponing your decision to provide health care insurance could prove to be very costly for your business. Use a health insurance broker.

Health Insurance 40

Health Insurance Insurance Insurance Carriers Flexible Spending Account 40

Genesis HR Solutions

AUGUST 9, 2018

Insurance types: Medical, dental, vision, disability, and life insurance plans. Tax-preferred plans: Health flexible spending accounts, health savings accounts, health reimbursement accounts, transportation accounts, and more. In this article, we’ll look at: The benefits most businesses offer. Common Employee Benefits.

Employee Benefits 40

Employee Benefits 401(k) Health Insurance Insurance Carriers 40

Insperity

JUNE 11, 2014

As employment laws, tax laws and health care reform continue to change at a rapid pace, it can be difficult for business owners to keep up. These PEOs should be able to provide you with an independent CPA’s verification of their audited financial statements and payment of taxes and benefits. Their commitment to customer service.

Professional Employer Organization 56

Professional Employer Organization Employment Insurance Carriers Insurance 56

Higginbotham

MARCH 1, 2022

Assuming you work in a trade that qualifies for general contractor licensing, the process to apply is as follows: Submit your Federal Employer Identification Number (Tax ID). Show proof of unemployment insurance and workers’ compensation coverage. Proof of general liability insurance. Tax registration. NAICS code.

Construction 52

Construction Insurance Taxes Workers’ Compensation 52

Insperity

FEBRUARY 25, 2014

Health care costs are expected to continue to climb due to new costs, taxes and fees, as well as adjusted community rating. The closer it gets to 2015, the less time you’ll have to negotiate a good deal with a health insurance carrier. If you’re thinking about offering benefits, don’t wait until the last minute. The bottom line?

Insurance Carriers 40

Insurance Carriers Government Health Insurance Retail 40