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5 benefits trends to watch in 2020

Benefit Resource Inc.

Incorporating lifestyle components into pre-tax accounts. The buzz phrase “health and wellness” is currently widely used to reference services or products that take a more holistic approach to care. So, how will this affect tax advantaged accounts like Flexible Spending Accounts and Health Reimbursement Accounts?

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Employers: Help Your Employees Avoid HSA Challenges

Corporate Synergies

Health savings accounts are designed for the long term, but most employees use funds for current healthcare expenses. Health savings accounts (HSAs) continue to increase in popularity, but not without issues for both employees and employers. Problems for Employers. As Seen In. billion to $43.5

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Help Employees Understand the HSA Value Proposition

Corporate Synergies

Health savings accounts can be a good deal for employees. High deductible health plans (HDHPs) are on the rise as a growing number of employers turn to consumer-directed health plans to try to curb costs—the portion of employees enrolled in HDHPs rose from 26.3% As Seen In. in 2011 to 39.3%

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Executive benefit reimbursement plans

Higginbotham

For example: In an individual coverage health reimbursement arrangement, the health reimbursement arrangement is offered in place of a group health plan, allowing employees to purchase a health plan on their own. Integrated health reimbursement arrangements are designed to work with the group health plan.

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Enrolling in benefits creates a level of stress that’s scary

Benefit Resource Inc.

According to the 2017 Benefits Communication Survey from Jellyvision, almost half of employees report enrolling in benefits as “always very stressful” That’s scary. When it comes to pre-tax benefits specifically, we found three areas that are common culprits: Gaps in understanding of pre-tax benefits.

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What is a total compensation statement & how does it provide value?

Genesis HR Solutions

And they may continue to remain unaware of the “hidden” benefits they are receiving even as healthcare costs rise, and you, the employer, absorb the increases. In an effort to show employees the true value of their compensation, benefits factored in, many employers are providing total compensation statements. Social security tax.

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How to find the best PEO for small businesses: 5 Non-Negotiables

Genesis HR Solutions

It must be a Certified Professional Employment Organization (CPEO). As of 2017, professional employment organizations are eligible to become certified through the IRS (thus Certified PEOs). You can read more about what it means to be a CPEO in our article, What is a Certified Professional Employer Organization (CPEO)?

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