Are employees getting fed up with high-deductible health plans?
Employee Benefit News
APRIL 11, 2024
According to a report by LendingTree's ValuePenguin, high-deductible health plan enrollment dropped for the first time since 2013.
Four High Deductible Health Plan Mistakes to Avoid
InterWest Insurance Services
FEBRUARY 20, 2024
With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. Other voluntary benefits like critical illness insurance can fill in the gaps when employees have a high deductible.
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What is a deductible?
PeopleKeep
FEBRUARY 14, 2024
Have you ever heard the term deductible when it comes to health insurance but aren’t quite sure what it means? Understanding the concept of a deductible is crucial for effectively managing your medical finances and making informed decisions.
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Business Deductions: Get Your Arguments Organized
Kollath CPA
DECEMBER 21, 2022
The operative word for business deductions is business. Tax Court to uphold a business-related deduction for surgical implants that enlarged her breasts. However, despite these career-enhancing changes, the IRS denied the deduction at first. Let us know if you have any questions about your business expense deductions.
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What Are Payroll Deductions?
Patriot Software
AUGUST 31, 2022
You know there are deductions to take out of your employees’ paychecks. But, are they pre-tax vs. post-tax deductions? What are payroll deductions? Read on to learn the different deductions you have to take out of each employee’s paycheck. What are payroll deductions? Payroll deductions are […] READ MORE.
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Former hotel worker wins unlawful wage deduction case
Employee Benefits
NOVEMBER 30, 2022
An employment tribunal has ruled that a former hotel worker employed by Luxury Family Hotels was unfairly dismissed and had an unlawful deduction of wages. The tribunal judge ruled that unlawful deductions were made from Murphy’s pay and ordered the hotel pay her £3,044.18. A further claim of disability discrimination was thrown out.
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Small business tax credits and deductions you should know about
Business Management Daily
MARCH 3, 2023
Tax credits vs. tax deductions The end result of taking tax credits and tax deductions is basically the same: You will pay less tax. But there is a difference between the two: Tax deductions reduce your taxable income. Any item you take as a tax credit can’t be used again as a tax deduction. In 2023, this amount is $2.89
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What Are Pre-tax Deductions?
Patriot Software
FEBRUARY 1, 2021
Then you might be wondering when exactly you deduct the employee’s contributions—before or after taxes. For accurate withholding, understand what are pre-tax deductions. Do you need to withhold money from employee wages beyond taxes (e.g., garnishments or benefits)? Well, it depends. We’ve got […] READ MORE.
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Deducting Business Expenses: Separating Fact From Myth
Kollath CPA
FEBRUARY 10, 2022
When you’re filing your tax returns, what expenses can you deduct from business income? To start with, a business expense must be both ordinary and necessary to be deductible, according to the IRS. Deducting Business Expenses: Separating Fact From Myth. You must capitalize some costs rather than deduct them.
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A New Normal? Omnibus Bill Extends High Deductible Health Plan Telehealth Safe Harbor
Proskauer's Employee Benefits & Executive Compensa
JANUARY 31, 2023
provisions make some significant changes for retirement plans , but CAA 2023 also extends the telehealth plan safe harbor for high-deductible health plans (“HDHPs”) that were first introduced in the 2020 CARES Act. Generally, a participant must pay their HDHP’s deductible before the plan can cover medical services.
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What's the Difference: Copays, Deductibles, Coinsurance
BerniePortal
OCTOBER 31, 2023
Copays, deductibles, and coinsurance are all out-of-pocket expenses that represent the portion that an individual is required to pay either before or after health insurance covers additional costs. Understanding how each works and what is required can help you choose the right plan for you and your family and plan better financially.
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What Are Post-tax Deductions From Payroll?
Patriot Software
AUGUST 31, 2022
You also need to subtract deductions from payroll. Deductions include taxes, pre-tax deductions, and post-tax deductions from payroll. You will deduct post-tax deductions after you withhold pre-tax deductions and taxes.
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CMS Announces 2023 Medicare Premiums and Deductibles
McDermott Will & Emery Employee Benefits
OCTOBER 3, 2022
On September 27, 2022, the Centers for Medicare & Medicaid Services (CMS) released 2023 premiums, deductibles and coinsurance amounts for Medicare Parts A and B, and the Medicare Part D income-related monthly adjustment amounts. The post CMS Announces 2023 Medicare Premiums and Deductibles appeared first on EMPLOYEE BENEFITS BLOG.
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What to do if your zero-deductible health plan goes away
PeopleKeep
FEBRUARY 16, 2022
One option that appeals to many employers is the zero-deductible health plan because it means the insurance company will start accepting claims from the very beginning. However, premium costs and deductibles are inversely related, so a plan with no or low deductibles means higher premiums.
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Waiving HDHP Deductibles Has Little Effect on Premiums, Study Says
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. no deductible and no coinsurance), the net impact on premiums was an increase of 4.7%.
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Choosing between a low- or high-deductible health plan
PeopleKeep
DECEMBER 10, 2021
Whether you’re an employer looking for group plan options or an individual looking for yourself and your family, the question that is likely on your mind is: “Is it better to have a high deductible health plan (HDHP) or a low deductible health plan (LDHP)?”.
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Insurance Deductible Reset: End of Year Tips
BerniePortal
SEPTEMBER 23, 2021
As the time nears for organizations to renew their health plan , many employees may become concerned if their health insurance deductibles are also set to renew. If an employee is on the cusp of meeting their deductible when it comes time for their health insurance plan to reset, it can be an understandable worry.
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What is a commercial deductible?
Higginbotham
SEPTEMBER 28, 2022
A deductible is an amount that the insurer and insured have agreed to deduct from the value of a loss before the insurance company pays the remainder, up to the limits of a commercial property or liability insurance policy. Policy Limits Include the Deductible. Deductibles Help Insurers and Insureds.
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Do Health Insurance Deductibles Carry Over? | BerniePortal
BerniePortal
JULY 14, 2021
When an organization renews health plans in the middle of the year, employees might worry that their deductible will reset. It’s an understandable worry; if they’re close to meeting their deductible and have to start all over again, it could impact their medical decisions and their financial health.
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What is a no-deductible health plan?
PeopleKeep
OCTOBER 2, 2023
One option that appeals to many employers is the no-deductible health plan. Because attracting and retaining talented workers is a high priority for many organizations, employers often look for the best health plan available. But, no-deducible health plans have high premiums, which may make them difficult for some employers to afford.
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Colin Godfrey: Supreme Court ruling on unlawful wages deduction from unpaid or underpaid holiday pay
Employee Benefits
OCTOBER 25, 2023
In a judgment that will be welcomed, the Supreme Court has determined that, in a claim by an employee for an unlawful deduction of wages arising from unpaid or underpaid holiday pay , a series of deductions will not be broken by a gap of three months or more. This will usually be as a claim for an unlawful deduction from wages.
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Home Office Deductions: More Complex Than They Seem
Kollath CPA
SEPTEMBER 22, 2022
This will give you a better idea of what you are able to deduct with the IRS. Clearly, Home Office Deductions: More Complex Than They Seem. The IRS will allow her to claim office deductions only if she’s able to pass a trio of tests: Test No. Internal Revenue Code Section 280A. ‘ Exclusively ‘ means just that.
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Congress Reopens Door For HSA With No-Deductible Telehealth, But With a Hole
Proskauer's Employee Benefits & Executive Compensa
MARCH 22, 2022
Effective April 1, 2022, high-deductible health plans can once again offer first-dollar coverage for telehealth and other remote services without making participants ineligible for health savings account (“HSA”) contributions.
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For HDHPs, IRS Confirms Pre-Deductible COVID-19 Testing Coverage Will End Next Year
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?
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High deductible health plan cost & savings
PeopleKeep
SEPTEMBER 26, 2022
When considering health insurance policies for your organization, you may have wondered if it’s better to have a low deductible health plan (LDHP) or a high deductible health plan (HDHP). While HDHPs have higher deductibles than LDHPs, as the name implies, there can be benefits to taking on the risk.
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High Deductible Health Plan Telehealth Relief, Extended Again!
Snell & Wilmer Benefits
JANUARY 24, 2023
If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.
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IRS Announces 2024 Limits for Health Savings Accounts, High-Deductible Health Plans and Excepted Benefit HRAs
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.
How to make a high deductible health plan work for you
PeopleKeep
AUGUST 27, 2020
It’s no secret that the use of high deductible health plans (HDHPs) continues to skyrocket. For 2020, the IRS defines an HDHP as any plan with a deductible of at least $1,400 for an individual or $2,800 for a family.
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Not Knowing Legal vs. Illegal Payroll Deductions Can Cost You Big Time
Patriot Software
AUGUST 22, 2022
And chances are, you probably have to deal with a few types of payroll deductions, like 401(k) or health insurance, when paying employees. But, what happens when you have to deal with a deduction that you don’t have consent for, like a correction for a payroll error? […] READ MORE.
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IRS Announces the End of COVID-19 Treatment Without Deductible Requirement
AssuredPartners
JUNE 28, 2023
The latest pandemic-related guidance to go away is the special rule that enabled high-deductible health plans (HDHPs) to cover COVID-19 testing and treatment for plan enrollees prior to them fulfilling their minimum deductible amount.
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Should I Enroll in a High Deductible Health Plan with an HSA?
Stratus.HR
JUNE 11, 2021
High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA) are growing more and more popular each year. Well, there’s a flipside of HDHPs and HSAs that includes a higher deductible and added out-of-pocket costs. However, if it’s not part of your medical plan, that expense won’t go towards meeting your deductible.
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What’s the Difference Between Pre-tax and Post-tax Deductions?
Patriot Software
AUGUST 31, 2022
So, you must understand the difference between pre-tax vs. post-tax deductions. Do you withhold the premiums and contributions before or after taxes? Can you choose to withhold however you want? Well, it depends on the benefit. Pre-tax vs. […] READ MORE.
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THE SHARED BENEFITS OF A SALARY DEDUCT SCHEME
Employee Benefits
FEBRUARY 28, 2023
The post THE SHARED BENEFITS OF A SALARY DEDUCT SCHEME appeared first on Employee Benefits. In this blog, we take a look at: what is a salary sacrifice scheme, what can salary sacrifice fund, savings to the employee, and the non-financial perks.
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Preparing for the End of the COVID-19 Emergency: High-Deductible Health Plans and Health Savings Accounts
McDermott Will & Emery Employee Benefits
MAY 3, 2023
Although the end date of the NE was subsequently advanced to April 10, 2023, by Congressional resolution, the US Departments of Labor, Health and Human […] The post Preparing for the End of the COVID-19 Emergency: High-Deductible Health Plans and Health Savings Accounts appeared first on EMPLOYEE BENEFITS BLOG.
Understanding the Pre-Deductible Telehealth Coverage Extension
Benefit Resource Inc.
JANUARY 4, 2023
The 2023 spending bill signed into law on December 29th includes extending pre-deductible telehealth services coverage. WHAT IS PRE-DEDUCTIBLE TELEHEALTH COVERAGE? Pre-deductible telehealth coverage allows HSAs-qualifying high-deductible health plans (HDHPs) to cover telehealth and remote-care services on a pre-deductible basis.
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IRS Announces 2023 Limits for Health Savings Accounts, High-Deductible Health Plans and Excepted Benefit HRAs
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.
Pre-tax deductions vs. Post-tax Deductions
Benefit Resource Inc.
JUNE 20, 2019
Not all payroll deductions are created equal. Some people (although not many) may engage in a heated debate on the value of pre-tax deductions vs. post-tax deductions. Colleagues (even in our own organization) have asked “Why do we need post-tax deductions?” What is a pre-tax deduction?
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High Deductible Health Plan Telehealth Relief, Extended Again!
Snell & Wilmer Benefits
JANUARY 24, 2023
If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.
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High deductible health plan: is it right for my organization?
PeopleKeep
MAY 14, 2020
One option is a high deductible health plan (HDHP). Employers have a number of health plan options to choose from when it comes to offering a health benefit to employees. Although its benefits appeal to a select group of employers, an HDHP can be a valuable tool in an employer's health benefits toolkit.
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Deductibles & Co-Insurance: Personalize Your Benefits (Infographic)
Honeybee
FEBRUARY 25, 2021
An infographic showing how Honeybee allows users to personalize their benefits, and how it relates to deductibles and co-insurance. The post Deductibles & Co-Insurance: Personalize Your Benefits (Infographic) appeared first on Honeybee Benefits.
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How to Tell If Your High-Deductible Health Plan Is HSA Qualified
PeopleKeep
MAY 21, 2020
Employers offering a high deductible health plan (HDHP) have several ways to supplement the low-coverage and make the benefit more meaningful. One way is to offer a group coverage HRA (GCHRA) which enables employers to reimburse employees for out-of-pocket expenses. Another is to offer an HSA alongside the HDHP.
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“Can I Deduct Medical Expenses Not Covered by My Insurance Plan?” – Answer Inside
CorpStrat
JULY 30, 2021
What if we told you there was a way you can deduct all of the medical expenses that are not covered by your insurance plan. We’re talking about things like deductibles, co-insurance, doctor visits, doctor’s who don’t take insurance, eyeglasses, therapy, etc. Doesn’t that sound interesting? Sole Proprieters.
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FAQ: What is an HSA High Deductible Health Plan (HDHP)?
PeopleKeep
OCTOBER 26, 2020
A high deductible health plan (HDHP) paired with a Health Savings Account (HSA) is growing in popularity because it allows employees to pay for medical expenses tax-free. The percentage of workers covered under HDHP plans has increased from four percent of all employer-sponsored health insurance plans in 2006 to 31 percent in 2020.
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How S-corp owners can deduct health insurance
PeopleKeep
NOVEMBER 15, 2021
In this article, we’ll go over everything S-corp owners must do to receive company-sponsored health insurance, how to properly deduct those expenses from their taxes, and how a health reimbursement arrangement (HRA) affects their eligibility. For these individuals, tax-advantaged health insurance is more complicated. Are you a visual learner?
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