WEX Inc.

MAY 24, 2023

Did you know that about half of employees don’t understand their benefits, and 80% of employees never even open communications about benefits? It’s about what a health savings account or a flexible spending account can do for them." The information in this blog post is for educational purposes only.

Flexible Spending Account 97

Flexible Spending Account Health Savings Account Benefit Providers Flexible Spending 97

WEX Inc.

SEPTEMBER 7, 2023

Most employees are about to have the opportunity to re-evaluate their benefits options during open enrollment. Lack of understanding The concern: Some individuals may not fully comprehend how an FSA works and may be hesitant to enroll due to confusion or uncertainty about its benefits and limitations.

Flexible Spending Account 98

Flexible Spending Account Take Home Pay Flexible Spending Healthcare 98

WEX Inc.

APRIL 4, 2023

Successful annual enrollment Is annual enrollment an annual nightmare with your current vendor? If you can’t depend on your ben admin provider during open enrollment , this time of year is always going to be incredibly stressful for HR and participants.

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Voluntary Benefits Taxes Education Consulting 98

PeopleStrategy

NOVEMBER 1, 2023

The end of the year is coming up quickly…are you prepared to clear your to-do list let alone make sure everyone in the organization is ready for open enrollment? Clear, specific communication is a cornerstone of open enrollment. Before open enrollment begins: Review previous communications.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Utilities Flexible Spending 52

WEX Inc.

FEBRUARY 15, 2023

What is a medical flexible spending account (FSA)? You can enroll in a medical FSA during open enrollment, when you’re hired at a new job, or when you experience a status change. 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.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

WEX Inc.

OCTOBER 4, 2023

You must be enrolled in a high-deductible health plan (HDHP) to be eligible, which lowers you insurance premiums. You can enroll in an FSA during open enrollment, when you're hired, or when you experience a status change. Health plan eligibility: HSA participants must be enrolled in HDHPs.

401(k) 98

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

Benefit Resource Inc.

OCTOBER 7, 2021

We’ve put together an Open Enrollment timeline in hopes of making the rest of your year just a little less stressful. A solid employee benefits package is crucial for recruiting and retention and has become even more important in the current market — Open Enrollment plays a big part in that. Are you on track?

Employee Enrollments 74

Employee Enrollments Benefits Package Taxes Education 74

Money Talk

APRIL 28, 2022

Mental Bandwidth - Like how a bunch of browser windows open on a computer eat up computer processing power, when people are stressed out, their decision-making capability is reduced. Many people change their goals when presented with a master list of goals that forces them to think deeper about what they want.

401(k) 183

401(k) Health Savings Account Finance Retirement Plan 183

Benefit Resource Inc.

SEPTEMBER 30, 2021

Additionally, for individuals with a calendar year plan, COBRA Open Enrollment is likely just around the corner. Watch for communications regarding your COBRA Open Enrollment Period. Can I enroll in the Individual Marketplace? The post ARPA is Ending: What Does It Mean? Will there be another COBRA subsidy?

IT 75

IT Insurance 75

Money Talk

JULY 13, 2022

I recently wrote a blog post about doing a mid-year financial check-up in early July so you have six months to work on planned action steps. Before RMD money is withdrawn in 2022, develop a plan for what to do with it. Medicare Planning - Open enrollment for Medicare is October 15 to December 7 each year.

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Taxes Retirement Plan Finance Consulting 246

InterWest Insurance Services

DECEMBER 3, 2021

Studies have found that nine out of 10 employees opt for the same benefits every year and that around a third of workers don’t fully understand the group health plan benefits they are enrolled for. We can work with you to make sure that they are in the right plans and identify what might be a better alternative for them.

Health Savings Account 98

Health Savings Account Deductions Deductible Health Insurance 98

WEX Inc.

JANUARY 19, 2023

If you rely on the honor system for your company’s benefits enrollment , you could be picking up the tab for ex-spouses, adult children, or others who are not eligible to be covered. What is a dependent eligibility audit? On average, we’ve found that 3-5% of the dependents on an employer's plan are deemed ineligible.

Insurance Carriers 52

Insurance Carriers Taxes Electronics Health 52

Insperity

OCTOBER 10, 2023

They’re unsure of what their financial future holds and their ability to maintain their standard of living without continued, predictable income. All company retirement plans started in 2023 and thereafter must have an automatic enrollment and escalation provision – also known as “ you’re in unless you’re out.” For many U.S.

401(k) 108

401(k) Retirement Plan Taxes Benefits Package 108

Benefit Resource Inc.

SEPTEMBER 22, 2020

Healthcare is complicated, so how can you get the most out of Open Enrollment 2020? We recommend narrowing down what information you need. Question 1: What were my healthcare expenses last year? It’s good to start with a general concept of what your overall medical expenses were last year.

Out of Pocket Cost 81

Out of Pocket Cost Deductions Deductible Healthcare 81

Abel HR

AUGUST 25, 2021

With all these differing schedules, HR folks may be scratching their heads and wondering how they’ll roll out an open enrollment that meets the needs of their hybrid workforce. Expand on what you know. You can determine how much time your workers spend on the applications and what perks they are most frequently exploring.

Management 52

Management IT 52

WEX Inc.

JULY 7, 2023

So what is the use-or-lose rule? And what does it mean for the upcoming plan year? What is a FSA? What is the use-or-lose rule and how does it work? What are grace periods and run-out periods? Below, we've outlined what percentages of FSAs on the WEX benefits platform have a carryover or grace period.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account IT 52

WEX Inc.

JANUARY 24, 2023

Here are a few tips to help you reduce your COBRA enrollments. The factors leading to terminations might be different, but how do you know what’s negatively affecting your employees if you don’t ask? We have a few employee engagement ideas in this blog post. Put a freeze on hiring for open positions.

Taxes 52

Taxes Consulting Salary Education 52

WEX Inc.

APRIL 12, 2023

Also, employees can’t be enrolled in Medicare or be claimed as a dependent on someone else’s tax return. Notifying your employees about HSA rules What HSA rules should you communicate to your employees? So, what actions should employers avoid to keep their employees’ HSAs exempt from ERISA ? Follow DOL claims procedures.

Health Savings Account 52

Health Savings Account Deductions Deductible Flexible Spending Account 52

InterWest Insurance Services

MAY 12, 2022

If only one spouse is 55 or older but the younger spouse contributes the full family contribution limit to the HSA in his or her name, the older individual must open a separate account to make the additional $1,000 catch-up contribution. HSAs explained. Under federal law, an HSA must be tied to an HDHP. Planning ahead.

Health Savings Account 98

Health Savings Account Deductions Deductible Health 98

Benefit Resource Inc.

SEPTEMBER 2, 2020

For more information on our partnership with FSAstore.com, head to the bottom of this blog and download our flyer. Question 1: What should employees know about FSAstore.com? Digital Open Enrollment Support Tool – This tool gives employees an introduction to tax-free healthcare to see how it can help their financial bottom lines.

Health Savings Account 97

Health Savings Account Banking Taxes Medical 97

InterWest Insurance Services

OCTOBER 13, 2022

The survey of 1,000 full-time employees at companies with at least two employees found that 61% of workers said that employee benefits are a significant part of what’s keeping them at their company. In fact, 65% of remote workers said that a better understanding of open enrollment would help make them feel more financially secure.

Human Resources 98

Human Resources Finance Work From Home Utilities 98

Benefit Resource Inc.

SEPTEMBER 26, 2019

When it comes to HSA enrollment, converting eligible employees to enrolled participants is not news. But there is more to HSA enrollment than offering a CDHP. HSA enrollment on the up and up (again). This pattern mimics HSA enrollment trends from the last two years. What drives new account growth?

Healthcare 58

Healthcare Consulting Employment IT 58

Benefit Resource Inc.

OCTOBER 24, 2019

I just got my first email from our company about our upcoming Open Enrollment sessions, and I have to tell you, I wasn’t as excited as I thought I’d be. But it made me think: What are the things I want to hear before Open Enrollment? So, what are three ways you can have a better benefits season?

Out of Pocket Cost 45

Out of Pocket Cost Flexible Spending Account Flexible Spending Health Savings Account 45

Workers' Compensation

OCTOBER 25, 2021

Despite Potential Savings Most Medicare Part D Participants Don't Switch Plans , Workers' Compensation Blog (Oct. 25, 2021), [link] Related Articles COVID Boosters: What Employees and Employers Need to Know 10/14/21 OSHA cites insurance agency for exposing workers to coronavirus 10/8/21 Is It Your Employer’s Business if You Are Vaccinated?

Workers’ Compensation 52

Workers’ Compensation Insurance Employment IT 52

PeopleStrategy

JUNE 15, 2020

But the reality is, deciding what benefits you will offer employees for the 2021 plan year is perhaps more critical than ever. Are you paying too much for what your plans offer employees? This period of preliminary evaluation is also good for looking back on how the renewal process and open enrollment went last year.

Insurance Carriers 71

Insurance Carriers Benefits Package Insurance Electronics 71

Bayzat

FEBRUARY 15, 2024

But what exactly can you do with an ESS portal? Let’s delve into the key activities you can complete using your ESS portal: Employee Self-Service (ESS): What Is It? Benefits Enrollment Choose and manage health insurance, pension plans, and other benefits electronically. If so, you’re not alone.

Electronics 52

Electronics Overtime Payroll Taxes 52

Benefit Resource Inc.

FEBRUARY 1, 2022

More seasoned employees may be aware of what qualifying events are and the impact they have on pre-tax elections, but newer employees may not be as familiar with the changes involved. But sometimes it’s less clear what counts as a qualifying life event. The answer is not straight-forward. Adopting a Child.

Taxes 70

Taxes Medical Health Insurance Insurance 70

PeopleStrategy

APRIL 14, 2020

Open enrollment may be the last thing on the minds of HR teams across the U.S. If you can, try to set aside time now to evaluate your current benefits packages and how your open enrollment went this past fall so you can begin thinking about changes you need to make. How to evaluate your last open enrollment?

Health Insurance 52

Health Insurance Insurance Human Resources Benefits Package 52

Benefit Resource Inc.

NOVEMBER 1, 2022

In this post, we’ll explore what humanizing benefits means and why it is so important. What Does Humanizing Benefits Mean? It also means creating an open and inclusive environment where employees feel comfortable asking questions and discussing their needs. Here are some of our favorite blogs for humanizing benefits: FSA.

Education 40

Education Employment Employee Benefits IT 40

Benefit Resource Inc.

MAY 27, 2020

Question 1: What is BRI’s Marketing Team doing to keep employers and their employees informed during COVID-19? Blog articles that cover these legislative updates in more depth. Remote Work eBook Creating an Effective Benefits Communication Strategy for a Remote Workforce to help you handle a Remote Open Enrollment.

Taxes 52

Taxes Education Employment Management 52

Benefit Resource Inc.

DECEMBER 10, 2021

However, it highlights the need to use multiple communication channels – especially when it comes to Open Enrollment. We conducted a survey earlier this year to evaluate how employers planned to communicate during Open Enrollment. What do your employees want out of this job? Here are some areas to do just that.

Payroll 40

Payroll Employee Enrollments Deductions Deductible 40

Benefit Resource Inc.

DECEMBER 30, 2022

If you’ve ever wondered “What is substantiation and why is it required?” As the year comes to a close many are evaluating their financial state and are preparing for open enrollment. Pre-tax benefits are growing in popularity amongst employers and employees alike. learn more. SUBMITTING RECEIPTS. you’re not alone.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Benefit Resource Inc.

OCTOBER 30, 2018

Most employees look forward to enrolling in benefits about as much as cats look forward to baths. I was talking to a friend recently who said her boyfriend received his Open Enrollment materials in the mail… and promptly threw them on the table unopened. What makes enrolling in benefits stressful?

Flexible Spending Account 56

Flexible Spending Account Taxes Health Savings Account Healthcare 56

PeopleStrategy

NOVEMBER 7, 2023

What are some key areas that you need to meet and improve upon in the coming year? What departments could see growth or could use training opportunities to elevate and reward current employees? What topics do they need to cover, plus what HR initiatives do you want to educate employees on? Review HR metrics.

Payroll 52

Payroll Bonuses Employee Compensation Recruitment 52

Benefit Resource Inc.

MARCH 2, 2021

In 2019, more than 68% of employees had enrolled in the account*. Given this fact, it may come as a surprise that there are limits on what can be purchased through an FSA. We discuss this further in our blog “ Why aren’t masks and PPE items eligible expenses? How do I know what’s eligible? Vitamins.

Taxes 76

Taxes Healthcare Medical Flexible Spending 76

Benefit Resource Inc.

NOVEMBER 6, 2018

If you have low enrollment rates for Flexible Spending Accounts (FSAs), you aren’t alone. While health insurance benefits are front and center during open enrollment, FSAs often feel like a well-kept secret or afterthought. Creating awareness of the benefit is a common goal during re-enrollment. The learning curve.

Flexible Spending Account 45

Flexible Spending Account Flexible Spending Medical Health Insurance 45

Benefit Resource Inc.

FEBRUARY 9, 2021

We analyzed our website to determine what pages employees were visiting the most in 2020. We talk about this in more detail in our blog “ Your Dependent Care FSA: babysitter hiring options “ HSA withdrawals. There are plenty of nuances that can even trip up those who have enrolled in those benefits in the past!

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Taxes Banking Medical Employment 40