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How to leverage a Lifestyle Spending Account in your benefits strategy

Higginbotham

According to the Society for Human Resource Management (SHRM), Lifestyle Spending Accounts are more common in Canada, but they’re starting to receive attention in the U.S., especially as employers look at options beyond standard benefits packages to help improve recruitment, retention and turnover.

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The benefits of an HSA account

Higginbotham

Unlike Flexible Spending Accounts (FSAs), which are owned by employers, individuals own HSAs. To contribute to an HSA, you must enroll in a high-deductible health plan. In 2022, Healthcare.gov says a high-deductible plan has a deductible of at least $1,400 for individual coverage and $2,800 for family coverage.

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How do FSAs work? Understanding FSA programs

Higginbotham

Flexible Spending Accounts (FSAs) have emerged as one solution. FSA programs can be a good fit for many employee health benefit programs, but before being able to decide, you may have some questions – for example, how do FSAs work? Flexible Spending Account vs. Health Savings Account.

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FSA receipt requirements: What you need to document

Business Management Daily

Flexible spending accounts (FSAs) are employer-established accounts that allow you to put aside pre-tax dollars from your paycheck into a special account to be used for eligible health or dependent care expenses. They may, however, receive reimbursement for copays and payments that go towards their deductible.

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How Employee Perks Can Help Companies in the US

Vantage Circle

In an EBRI survey, it was found that the employee benefits package holds significant importance for job seekers, with 78% indicating that it greatly influences their decision to either accept or decline a job offer. The Bill & Melinda Gates Foundation provides a great benefits package to its employees. How to offer?

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Don’t Let Rising Health Care Costs Sink Your Business

Insperity

Higher Deductibles. The single most popular way to manage the high cost of providing health care to employees is the use of high-deductible insurance , which continues to gain popularity. High-deductible plans are part of a trend of consumer-driven healthcare that has employees questioning the breakdown of charges.