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 87

Insurance Deductions Deductible IT 87

InterWest Insurance Services

MARCH 22, 2022

Employers with 50 or more workers – The deadline for registration was June 30, 2021. Payroll deduction IRAs with automatic enrollment. Participating employers will deduct a default rate of 5% of pay from the paycheck of each employee at least 18 years old and deposit it into the individual’s CalSavers account. 401(k) plans.

401(k) 95

401(k) Retirement Plan Employment Deductions 95

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 83

Out of Pocket Cost 401(k) Deductions Deductible 83

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 68

Out of Pocket Cost Employment Health Insurance Deductions 68

Benefits Notes

NOVEMBER 5, 2021

Updated November 18, 2021. On November 4, 2021, the Internal Revenue Service (IRS) released Notice 2021-61 , which sets forth the 2022 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The 2021 limits are provided for reference. HDHP Minimum Deductible Limits.

401(k) 40

401(k) Health Savings Account Retirement Plan Deductions 40

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 91

Education 401(k) Deductions Deductible 91

WEX Inc.

MARCH 30, 2023

One in five (or nearly 23 million) American households adopted a cat or a dog, according to a 2021 survey. At Aminalso , a blog for pet-care, they created uniforms for their pets to match their owners, saying that they are an extension of them, and morale and productivity improved with a pet friendly workplace. In 2021, only 7% of U.S.

Voluntary Benefits 52

Voluntary Benefits Taxes Deductions Deductible 52

Ascender

OCTOBER 5, 2019

The first phase of STP reporting included high-level data such as Gross, Tax, Allowances, Deductions, Lump Sums and Fringe Benefits. The next phase sees the reports moving away from Payment Summary Annual Rules (PSAR) and Payment Summaries for allowances and deductions to “Income Types.”

Payroll 70

Payroll Deductions Deductible Government 70

InterWest Insurance Services

AUGUST 31, 2023

While health care providers have been contending with inflation since 2021, they’ve been unable to pass them on to health insurers because they usually enter into three-year contracts with locked-in rate hikes. ” Talk to us about your options as 2024 approaches.

Pharmaceutical 86

Pharmaceutical Hospitality Health Insurance Medical 86

InterWest Insurance Services

NOVEMBER 30, 2023

This is a significant decline compared to 56% and 59% in 2022 and 2021, respectively. These are designed to complement medical insurance, particularly for workers with high deductibles or out-of-pocket expenses. The poll also found that only half of workers (48%) had confidence that their employers cared about their well-being.

Paid Sick Leave 86

Paid Sick Leave Employment Bonuses Medical 86

InterWest Insurance Services

OCTOBER 10, 2022

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 67

Insurance Deductions Deductible IT 67

Employee Benefits

MARCH 19, 2024

billion increase from 2021 data (Aegon). SmartPay is a cost-neutral salary deduct scheme that enables your employees to spread the cost of the things they need. It’s time to prioritise employee financial wellbeing at work, offering debt support in one or all the ways we’ve discussed during this blog.

Salary 52

Salary Deductions Deductible Retail 52

AssuredPartners

AUGUST 5, 2021

We have blogged about this several times over the past year or so as information has progressed but this article will serve as a way to further delve into the implementation of these new requirements, as rules continue to be clarified and finalized in the coming months.

Out of Pocket Cost 69

Out of Pocket Cost Insurance Carriers Pharmaceutical Insurance 69

Business Management Daily

OCTOBER 5, 2021

In Notice 2021-31 , the IRS said the COBRA subsidy must be included in income. Can the company deduct the cost of this equipment from an employee’s final pay? We had some suggestions in an earlier blog post about how you can do this. In whose income must we include this subsidy—the employee’s or the company’s? Probably not.

Payroll 52

Payroll Overtime Taxes Deductions 52

InterWest Insurance Services

JULY 18, 2023

Thefts — Events that involved theft of at least one heavy commercial vehicle increased by 17% from 2021 to 2022, according to a report by CargoNet. What you can do If you’re faced with higher premiums, you can increase your deductible to lessen the blow, but you’ll pay more for claims out of pocket when they occur.

Insurance 87

Insurance Transportation Commissions Deductions 87

Ascender

SEPTEMBER 5, 2019

The first phase of STP reporting included high-level data such as Gross, Tax, Allowances, Deductions, Lump Sums and Fringe Benefits. The next phase sees the reports moving away from Payment Summary Annual Rules (PSAR) and Payment Summaries for allowances and deductions to “Income Types.”

Payroll 40

Payroll Deductions Deductible Government 40

InterWest Insurance Services

JUNE 17, 2022

While overall commercial property rates increased about 10% on average in 2021, rates surged between 25% and 40% in areas prone to natural catastrophes during that same period, according to MarketScout, which tracks insurance prices. May require policyholders to accept more of the risk by assuming a larger deductible.

Insurance 86

Insurance Deductions Deductible Construction 86

AssuredPartners

MARCH 31, 2020

This provision is effective immediately and will expire December 31, 2021.

Health and Welfare 52

Health and Welfare Health Savings Account Out of Pocket Cost Flexible Spending Account 52

Workers' Compensation Perspectives

MARCH 4, 2021

New Brunswick has a one-day waiting period but will be eliminating that as of July 1, 2021 leaving Nova Scotia as the only workers’ compensation jurisdiction with a waiting period (two- fifths (2/5) of normal work week). I cover this in previous blog posts. Is there a waiting period in every jurisdiction? Indiana).

Workers’ Compensation 52

Workers’ Compensation Disability Insurance Insurance Deductions 52

Benefit Resource Inc.

APRIL 29, 2020

Check out our blog on Medical FSAs and COVID-19 for more information. Keep in mind that under the CARES Act , HSA funds can be used to pay for telehealth services without the need to meet the minimum deductible of your health plan until the end of 2021. This might be a reason to keep your contributions intact.

Employment 52

Employment Medical Taxes Transportation 52

Bayzat

SEPTEMBER 26, 2023

33) of 2021, which stipulates 30 days off once an employee completes one year of service. 33) of 2021 states every worker is eligible for a fully paid annual leave of 30 days if they have completed one year of service. Workers planning Umrah must arrange unpaid leave or deduct the days from their annual leave. 33) of 2021.

Parental Leave 40

Parental Leave Paid Sick Leave Medical Salary 40

Empuls

SEPTEMBER 28, 2023

In this blog you’ll learn about the intricacies of cost of living bonuses, understanding their significance, and uncovering the key factors that shape them. The cost of living challenges in the UK As of my last knowledge update in September 2021, the United Kingdom faced several cost of living challenges that impacted its residents.

Bonuses 40

Bonuses Employment Transportation Taxes 40

Abel HR

DECEMBER 7, 2020

Those who turned 70½ in 2019 need to take RMDs for 2019 and 2020 even though they don’t turn 72 until 2021. This also translates to a valuable tax deduction to help you save more for retirement. It allows IRA owners to defer paying taxes on those funds while they are growing.

401(k) 52

401(k) Retirement Plan Taxes Pension 52

Abel HR

DECEMBER 7, 2020

Those who turned 70½ in 2019 need to take RMDs for 2019 and 2020 even though they don’t turn 72 until 2021. This also translates to a valuable tax deduction to help you save more for retirement. It allows IRA owners to defer paying taxes on those funds while they are growing.

401(k) 52

401(k) Retirement Plan Taxes Pension 52

InterWest Insurance Services

JUNE 6, 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) 75

401(k) Deductions Deductible Health Savings Account 75

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) 86

401(k) Deductions Deductible Health Savings Account 86

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 91

Health Insurance Insurance Deductions Deductible 91

Bayzat

DECEMBER 3, 2023

33 of 2021 , the allocation of annual leaves is contingent upon the duration of an employee’s tenure within the organization. 33 of 2021 , cooperates must follow the following rules related to leave salary: Workers can take their entitled leave during the year. During annual leave, no termination of the contract is allowed.

Salary 52

Salary Paid Leave Deductions Deductible 52

Employee Benefits

FEBRUARY 2, 2022

In Smith v Pimlico Plumbers (2021) the appellant claimed that the employment tribunal was wrong to rule that he was not entitled to over £74,000 of holiday pay accrued over his six years’ service.

Engineering 119

Engineering Deductions Deductible Government 119

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. In 2021, 51% of the U.S. It means getting the deductible amounts right and educating them on how to best use these plans. Too-high deductibles.

Deductions 81

Deductions Deductible Health Savings Account Medical 81

InterWest Insurance Services

SEPTEMBER 20, 2022

more for their commercial insurance policies than they were in the same quarter of 2021. in the second quarter of 2022, compared to the same period in 2021. For example, between December 2019 and December 2021 the price of construction materials boomed 44%, with some lumber prices up 400% in the summer of 2021.

Insurance 92

Insurance Construction Electronics Deductions 92

Benefit Resource Inc.

MARCH 16, 2021

The American Rescue Plan Act of 2021 has affected both continuation coverage and the limit for dependent care FSAs. The first thing to know about the new temporary limit is that it only applies to plan years that start in 2021. Read our blog to learn more about what to expect. What is the new limit for Dependent Care?

Flexible Spending Account 76

Flexible Spending Account Benefit Providers Flexible Spending Deductions 76

Bayzat

SEPTEMBER 25, 2023

33 of 2021 on the Regulation of Labour Relations in the Private Sector, the UAE Labour Law, established fixed-term contracts as the norm in the country. It is up to the employer to consent and deduct from the employee’s annual leave. Money owned by the employer may be deducted from the worker’s gratuity.

Parental Leave 40

Parental Leave Salary Banking Government 40

Qandle

AUGUST 11, 2022

National Payroll Week conducted a poll in 2021 and found that the majority of workers (95%) utilize direct deposit since it is the most convenient method. despite the fact that you have already submitted your first deductions and withholdings. The post Advantages of a Payroll System appeared first on The Qandle Blog.

Payroll System 98

Payroll System Payroll Payroll Software Software 98

WEX Inc.

JULY 24, 2023

We cover some of the survey findings in this blog post and infographic. HSAs and retirement planning was our focus for HSA Day back in 2021. That means we have roughly 30% that are taking on more deductible risk without getting the offsetting benefits that an HSA affords.” Will HSAs ever fall under ERISA jurisdiction?

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

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 94

Out of Pocket Cost Deductions Deductible Flexible Spending Account 94

Higginbotham

JULY 7, 2022

Additionally, in a recent blog post, the DOL announced it will issue a proposed rule on determining employee or independent contractor status under the FLSA. On March 4, 2021, under the Biden administration, the DOL delayed the rule before withdrawing it on May 6, 2021, for being inconsistent with the FLSA’s text and purpose.

Overtime 52

Overtime Retirement Plan Health Insurance Insurance 52