McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

On November 9, 2023, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain health and welfare plan benefits, including those for health flexible spending arrangements and commuter benefit plans, among other important updates.

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Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 82

WEX Inc.

SEPTEMBER 12, 2023

In the second blog post in our three-part series to educate first-time participants, we walk through a few factors you should consider when choosing among employee benefits accounts for the first time. Click here for the first blog post in our series on choosing a health plan for the first time.

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Qandle

JUNE 20, 2023

This includes employee details such as names, addresses, social security numbers, tax withholding information, bank account details for direct deposit, and any changes in employment status or compensation. This includes tax regulations, employment laws, minimum wage requirements, and any changes in payroll-related legislation.

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WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? What is a medical flexible spending account (FSA)? They are employer-owned accounts. How a medical FSA works After you’ve enrolled in a medical FSA through your employer, you then chose how much to contribute to your FSA.

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WEX Inc.

SEPTEMBER 14, 2023

Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. This is your best opportunity to discuss available plans with your employer and learn what has changed from the previous year. Open enrollment comes just once a year.

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Money Talk

JUNE 29, 2022

Last year, I wrote a blog post about mid-year financial check-up s for the OneOp Personal Finance team. In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status. 401(k) or 403(b) plan).

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InterWest Insurance Services

MARCH 22, 2022

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Flexible spending account. Section 125 plans offer a number of tax-saving benefits for employers. Remember: Flexible benefit plans are not without their drawbacks.

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Flexible Spending Account 401(k) Flexible Spending Deductions 81

WEX Inc.

JANUARY 4, 2023

In this blog post, we outline some of the ways your ability to use your employee benefits changes when you elect COBRA. You are still eligible to participate and contribute to an HSA while on COBRA as long as: You’re enrolled in an HSA-eligible health plan (or high-deductible health plan ).

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InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. 7,750 for family coverage (up $450). The takeaway.

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WEX Inc.

APRIL 12, 2023

Health saving accounts (HSAs) offer an excellent opportunity for participants to save money on healthcare expenses and for employers to support their employees’ wellness needs in a cost-efficient way. First, employees need to be covered by an HSA-eligible health plan, otherwise known as a high-deductible health plan (HDHP).

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InterWest Insurance Services

JANUARY 26, 2022

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. workers are increasingly having difficulties in paying for health care, particularly due to high copays, deductibles and other health plan cost-sharing elements.

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Benefit Resource Inc.

DECEMBER 30, 2022

Pre-tax benefits are growing in popularity amongst employers and employees alike. Choosing between a Health Savings Account (HSA) and a Flexible Spending Account (FSA) can be overwhelming. Flexible Spending Accounts, or FSAs for short, are widely known as a great way to save up and use pre-tax funds for medical expenses.

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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. Financial wellness.

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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. While health savings accounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans.

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InterWest Insurance Services

DECEMBER 9, 2021

HDHP telehealth services — The CARES Act, signed into law in 2020 after the pandemic started, temporarily allowed high-deductible health plans to pay for telehealth services before an enrollee had met their deductible. 1, 2022, HDHPs must charge enrollees for telehealth services if they have not yet met their deductible. .

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InterWest Insurance Services

SEPTEMBER 27, 2023

Employees have a right to understand the costs they’ll be facing in each plan, including: Their share of the premium, Their deductible, Their copays or coinsurance, and Other out-of-pocket expenses. The lower the premium on the plan, the higher the deductibles and copays. Get an early start If your plan year starts Jan.

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Benefit Resource Inc.

OCTOBER 21, 2019

” In the case of pre-tax benefits, we like to say “There’s a plan for that” Regardless of your benefits problem, by comparing Flexible Spending Accounts, Health Savings Accounts and Health Reimbursement Accounts, you can find the right plan to fit your needs. Recommendation: Medical Flexible Spending Account.

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Benefit Resource Inc.

OCTOBER 18, 2018

If you have a Flexible Spending Account (FSA), you know that every year during Open Enrollment (OE), you choose how much to put aside in the account, otherwise known as your election. Annual deductible. If you know your employer offers an FSA Rollover , you can put up to $500 in the FSA with no risk.

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McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Internal Revenue Service recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. The Social Security Administration […] The post IRS Announces 2024 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG.

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Health and Welfare Employee Benefits Flexible Spending Account Health Savings Account 87

Benefit Resource Inc.

JUNE 4, 2019

While insurance is available to cover insulin, between high deductibles and the high cost of insulin, many are still left with bills that are difficult to pay. For more guidance on simplifying the complexity of benefits for maximum savings and peace of mind, subscribe to the Benefit Resource Blog today.

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AssuredPartners

MARCH 31, 2020

The bill does not specify what "telehealth and other remote care services" entails, but you can expect updates from us as we learn more either through regulations or DOL/Treasury FAQs.n"},{"attributes":{"bold":true},"insert":"Implementation Tips:"},{"insert":"nThe employer/plan sponsor will need to amend their plans to permit this change.

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McDermott Will & Emery Employee Benefits

OCTOBER 21, 2022

The Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2023.

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Benefit Resource Inc.

OCTOBER 17, 2019

Plan funding vs deductions. Timeline for employer funding. When will you fund the plan vs. when will you take deductions from employees? An employer may choose to fund the monthly commuter benefit on a specific day each month in anticipation of when employees are likely to buy their transit passes. Non-discrimination.

Management 40

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Benefit Resource Inc.

MARCH 12, 2019

This may be the shortest blog on pre-tax benefits you will ever read. Of note: pre-tax benefits are only available if your employer offers them. Your employer may offer one or all. When you set an election with a Flexible Spending Account, the amount is locked in for the year. Witness the transformation.

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Taxes Flexible Spending Account Health Savings Account Medical 63

Benefit Resource Inc.

OCTOBER 30, 2018

In this section, we’ll explore areas related to Flexible Spending Accounts, Health Savings Accounts, and Health Reimbursement Accounts. Of employees with an HRA, just over one third (34%) incorrectly believe they can make deposits into the account, despite the fact that employers are the sole contributors to the account.

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WEX Inc.

JULY 20, 2023

Deductible options The words “health”, “coverage”, “insurance”, and “deductible” were among the most frequent words to appear when participants were asked in our survey what was missing from their benefits. Specific responses included: “A lower deductible or copay options would be an improvement.” Deductibles are too high.

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Deductions Deductible Flexible Spending Account Health Savings Account 75

WEX Inc.

MAY 2, 2024

For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. Health reimbursement arrangement An HRA is an employer-funded benefits plan that employees use to save pre-tax dollars on medical costs. Also, employees do not pay federal income tax or employment taxes on contributions to the account.

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

Empuls

JULY 11, 2023

In the ever-evolving world of employment, organizations are increasingly focusing on enhancing employee satisfaction and well-being. In this blog, we will discuss tax free or non taxable employee benefits. The primary purpose of this blog is to explore various tax free employee benefits and shed light on their advantages.

Employee Benefits 40

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WEX Inc.

APRIL 3, 2023

For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. Health reimbursement arrangement An HRA is an employer-funded benefits plan that employees use to save pre-tax dollars on medical costs. Also, employees do not pay federal income tax or employment taxes on contributions to the account.

Health Savings Account 52

Health Savings Account 401(k) Flexible Spending Account Taxes 52

Benefit Resource Inc.

MARCH 16, 2021

The limit for dependent care flexible spending accounts has been stuck at $5,000 since the account’s inception in the 1980s. Assuming employers adopt the increased limit for dependent care, employees can take advantage of the new provision by logging into their personal accounts and updating their elections.

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Benefit Resource Inc.

FEBRUARY 25, 2020

If you offer a Dependent Care Flexible Spending Account, (DCFSA) you know it can provide a lot of really great child care benefits. Congress wanted to make it easier for employers to provide on-site child care for employees. Part of this arrangement was supposed to involve employers subsidizing the costs involved.

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Vantage Circle

NOVEMBER 23, 2023

What can you take away from the blog Key Takeaways What are employee perks? Employee perks are the enticing extras employers offer their staff, going beyond the regular paycheck to make the workplace more inviting and fulfilling. A 401(k) is a tax-advantaged retirement savings program provided by employers. companies can offer.

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WEX Inc.

FEBRUARY 2, 2023

You can learn more about the election period extension, grace period extension, and second qualifying event/disability notifications announced through that notice in this blog post. You can learn more about the FSA and HRA run-out extension in this blog post. This flexibility was first provided as part of the 2020 CARES Act.

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