Employee Benefits

FEBRUARY 29, 2024

During this blog, we’ll use this research to explore why it pays to enhance financial resilience in your workplace. Are you aware that there’s a link between employee financial health, productivity, and absenteeism? Employees with money worries cost businesses money. in 2019 to 7.8 Knowledge is power… share it!

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IT Salary Deductions Deductible 111

McDermott Will & Emery Employee Benefits

MAY 17, 2023

Recently, the Internal Revenue Service (IRS) announced (See Revenue Procedure 2023-23) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2024.

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Health Savings Account Deductions Deductible Employee Benefits 65

Money Talk

JANUARY 11, 2023

Pay Yourself First (PYF)- PYF treats savings with the same high priority as a mortgage, rent, or car loan payment. The easiest way to “pay yourself first” is to have savings deducted automatically from your paycheck through a 401(k) or other workplace savings plan. bonds, cash). stock market performance 5.

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401(k) Finance Deductions Deductible 238

Benefit Resource Inc.

MARCH 28, 2024

Pre-tax benefits are a powerful tool for saving money and maximizing your income. From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. Here are some essential tips to help you navigate the early stages of the plan year.

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

InterWest Insurance Services

MAY 18, 2023

A new study has found that people enrolled in traditional PPOs and HMOs are more satisfied with their plans than those who are enrolled in high-deductible health plans. The sticker shock that comes with paying for those deductibles is likely partly responsible for those feelings.

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Out of Pocket Cost Health Savings Account Deductions Deductible 98

Business Management Daily

APRIL 29, 2024

Other options like work-from-home stipends and cell phone plans keep existing employees happy, reducing turnover and boosting productivity. Other options like work-from-home stipends and cell phone plans keep existing employees happy, reducing turnover and boosting productivity. People want more.

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Out of Pocket Cost PTO 401(k) Deductions 78

McDermott Will & Emery Employee Benefits

APRIL 29, 2022

Recently, the Internal Revenue Service (IRS) announced (See Revenue Procedure 2022-24) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2023.

Health Savings Account 88

Health Savings Account Deductions Deductible Employee Benefits 88

WEX Inc.

OCTOBER 4, 2023

Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. But there are restrictions.

401(k) 98

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

WEX Inc.

SEPTEMBER 14, 2023

If you’re one of that majority, you may be missing out on multiple ways to save, either through the health plan you choose or through the benefits you enroll in. Fortunately, a few open enrollment tips can go a long way to making sure you’re maximizing your savings potential. Miss out on learning opportunities.

401(k) 98

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

InterWest Insurance Services

JANUARY 27, 2023

Recent studies have highlighted an alarming trend in American health care: More and more people are struggling with medical bills and many are delaying care due to high costs. The most recent poll by Gallup found that 38% of those surveyed said they or a family member had delayed care in 2022 due to high costs.

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Out of Pocket Cost 401(k) Deductions Deductible 98

InterWest Insurance Services

JULY 13, 2023

Employers who were surveyed for a new report expected that group health insurance premiums would increase 5.4% this year and at a faster clip in 2024 as inflation hits medical costs. With all that in mind, the report advises that employers will have to prepare for higher premium outlays and be creative in how they try to control costs.

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Employment Out of Pocket Cost Health Insurance Health Savings Account 98

WEX Inc.

AUGUST 2, 2023

A flexible spending account (FSA) allows participants to save money by setting aside pre-tax dollars to pay for eligible medical, dental , vision and dependent care expenses incurred by you, your spouse, or your eligible dependents. A FSA is an account that allows you to set aside pre-tax funds to pay out-of-pocket healthcare costs.

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Flexible Spending Account Deductions Deductible Health 98

InterWest Insurance Services

AUGUST 10, 2022

Employers who offer health savings account-eligible high-deductible health plans (HDHPs) to employees can significantly expand pre-deductible coverage for certain drugs used to manage chronic conditions — with only a tiny effect on premiums. Cost of temporary workers. Overtime costs.

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Deductions Deductible Family and Medical Leave Act Health Savings Account 98

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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PeopleKeep

MARCH 7, 2022

A traditional group health plan can be difficult to manage with rising healthcare costs. If you’re offering a group health plan with a high deductible to save money, a special type of health reimbursement arrangement (HRA) has been specifically designed for employers like you: the integrated HRA.

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Health Insurance Healthcare Deductions Deductible 98

Employee Benefits

JANUARY 17, 2024

During this blog, we’ll explore the topic of resilience in relation to employee financial wellbeing and the role that HR and prioritising financial wellbeing at work must play in achieving it. Financial anxiety – money worries – cost the UK economy £120bn and 17.5 Resilience. So, what exactly does it mean?

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Education Deductions Deductible Salary 105

Proskauer's Employee Benefits & Executive Compensa

APRIL 25, 2023

The Departments of Labor, Treasury, and Health and Human Services (the “Departments”) recently released guidance for group health plans on required preventive services coverage. This means that non-grandfathered group health plans are still required to cover items and services recommended by the USPSTF before March 23, 2010.

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Deductions Deductible Health Savings Account Medical 98

InterWest Insurance Services

APRIL 27, 2023

A new report has found that small businesses that purchase their group health insurance online or through payroll vendors saw the largest premium hikes in 2022, significantly higher than those that went through brokers. The cost for individual group health plans increased 6.7% for the smallest SMBs, compared to just 4.3%

Health Insurance 98

Health Insurance Insurance Out of Pocket Cost Deductions 98

InterWest Insurance Services

JULY 6, 2023

More and more insurers are expanding the use of telemedicine, just as a new study shows promising cost savings of up to 25% from virtual care when implemented properly. This is good news for patients and employers, who may end up benefiting from lower plan costs, as well as lower out-of-pocket expenses for employees.

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Insurance Out of Pocket Cost Hospitality Health Savings Account 95

InterWest Insurance Services

SEPTEMBER 27, 2023

It’s almost time for group health insurance open enrollment and your top priority should be to drive participation by helping your employees make informed decisions about their options. You’ll want to help your staff understand all of their options so they can choose plans that are best for their age, health and life situation.

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Out of Pocket Cost Flexible Spending Account Health Savings Account Health Insurance 93

InterWest Insurance Services

JUNE 2, 2022

Employers nationwide are looking for ways to attract and retain talent and differentiate themselves from competing employers, and many are looking to the two most popular voluntary benefits: employee dental and vision plans. For many years, dental and vision plans were employer-paid. Background. Appeal to workers. Appeal to employers.

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Health Voluntary Benefits Disability Insurance Deductions 98

InterWest Insurance Services

DECEMBER 7, 2023

The FSA announcement came unusually late this year, right in the middle of open enrollment, making it difficult for employers and employees to plan. Earlier in 2023, the IRS also announced the maximum contribution limits to health savings accounts, which are similar to FSAs, but they must be attached to a high-deductible health plan.

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Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 98

Insperity

OCTOBER 10, 2023

workers who have not been able to save enough money to retire have delayed their transition into this next stage of life because of current economic conditions and record-high inflation. employer-sponsored 401(k) plans. In December 2022, the U.S. government passed a significant piece of legislation: the SECURE 2.0 The SECURE 2.0

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401(k) Retirement Plan Taxes Benefits Package 108

InterWest Insurance Services

JULY 20, 2022

It always takes more time than usual to onboard new employees — particularly ones who are new to the workforce altogether — to your employee benefits plans. If they are not educated on their options and how health plans work, those new to employment can make poor decisions that could have serious financial repercussions.

Education 98

Education 401(k) Deductions Deductible 98

Proskauer's Employee Benefits & Executive Compensa

JUNE 27, 2023

As a reminder, if an HDHP covers medical items and services before the participant satisfies the IRS minimum deductible (self-only or family), that coverage may disqualify the participant’s HSA contributions. Can an HDHP continue to provide pre-deductible coverage of COVID-19 testing and treatment without impacting HSA eligibility?

Deductions 52

Deductions Deductible Health Savings Account Medical 52

InterWest Insurance Services

MARCH 16, 2023

Large employers are unwavering in their plans to continue offering group health plans to their workers instead of funding individual reimbursement accounts that would allow them to shop for plans on government-run exchanges, according to new research. “We liked to have control. “A big part was trepidation. .”

Health Insurance 98

Health Insurance Employment Out of Pocket Cost Health Savings Account 98

InterWest Insurance Services

MAY 12, 2022

The IRS has announced significantly higher health savings account contribution limits for 2023, with the amount increasing more than 5% for individual HSA plans. The IRS also announced rises in the maximum contribution amounts to excepted-benefit health reimbursement arrangements (HRAs). HDHP minimum annual deductible.

Health Savings Account 98

Health Savings Account Deductions Deductible Health 98

InterWest Insurance Services

JUNE 8, 2023

The IRS has raised the maximum amount people can funnel into their health savings accounts by 7.8% The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. You are not taxed on withdrawals.

Deductions 52

Deductions Deductible Health Savings Account Medical 52

InterWest Insurance Services

AUGUST 5, 2022

As the 2023 group health open enrollment season nears, more employers have heard concerns among their staff and are focusing on affordability and easier access to health care services, according to a new study. The survey found that 70% of all large employers were planning benefit enhancements for 2023.

Health Insurance 98

Health Insurance Insurance Deductions Deductible 98

InterWest Insurance Services

APRIL 27, 2022

Surprise bills and billing errors are driving growing dissatisfaction among Millennials and Gen Zers with their health insurance, a new study has found. Already facing outsized medical cost hits, an increase in billing mistakes and surprise bills is contributing to a dim view of health insurance among Millennials and Gen Zers.

Health Insurance 98

Health Insurance Insurance Health Savings Account Deductions 98

InterWest Insurance Services

JUNE 16, 2022

One in five workers surveyed said that health care and health insurance are a major factor when deciding to accept a job, compared with only 13% of human resources executives, according to the “2022 Health at Work” survey by Quest Diagnostics. That’s compared with only 37% of HR executives.

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401(k) Health Insurance Health Savings Account Insurance 98

PeopleKeep

DECEMBER 20, 2021

In recent years, increasing health insurance costs have become inevitable. Each year, nonprofits must balance benefits and pay raises with their other organizational costs. Many nonprofit benefit packages include a high deductible health plan (HDHP) to keep costs in check.

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Health Savings Account Pay Raise Benefits Package Health Insurance 52

InterWest Insurance Services

NOVEMBER 10, 2022

One of the most difficult aspects of annual open enrollment is reaching workers who are disengaged from the process and never bother signing up for your group health plan and other benefits they could take advantage of. They may not be aware that this is the cut-off age.

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401(k) Health Savings Account Health Insurance Insurance 97

InterWest Insurance Services

JANUARY 17, 2023

There are a number of issues that Medicare-eligible workers face that your human resources staff may be asked about, such as: Penalties for late Medicare enrollment, Whether the employer plan is the primary or secondary payer of claims, and. How Medicare eligibility affects health savings accounts. Health savings accounts.

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Health Insurance Insurance Health Savings Account Hospitality 97

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. Fortunately, there is another option: a health reimbursement arrangement (HRA). Qualified medical expenses. How HRAs work.

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Medical Health Insurance Out of Pocket Cost Deductions 98

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. But there are HSA rules and regulations you and your employees need to follow in order to stay compliant.

Health Savings Account 52

Health Savings Account Deductions Deductible Flexible Spending Account 52

Benefit Resource Inc.

SEPTEMBER 22, 2020

Add an extra 10-20% to your estimated costs to account for unexpected expenses. Check out this blog on redefining jargon.). You’ll also want to factor in your deductible. Your deductible is the amount of money you need to pay before insurance begins to cover costs.

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Out of Pocket Cost Deductions Deductible Healthcare 81