InterWest Insurance Services

JANUARY 18, 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. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

Out of Pocket Cost 74

Out of Pocket Cost Deductions Deductible Voluntary Benefits 74

WEX Inc.

SEPTEMBER 14, 2023

When approaching open enrollment, do … Evaluate available health insurance plans. Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. Engage in opportunities to learn more about available plans.

401(k) 98

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

WEX Inc.

AUGUST 15, 2023

Whether you're transitioning from your parents' insurance, landed your first full-time job, or are simply obtaining coverage for the first time, choosing health plans and employee benefits options can be overwhelming. For starters, let’s look at a few considerations when evaluating health plans for the first time.

Deductions 98

Deductions Deductible Healthcare Flexible Spending Account 98

Benefit Resource Inc.

JANUARY 16, 2024

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are two of the most effective instruments for optimizing health savings and financial flexibility for both employers and employees among the different components of a comprehensive benefits strategy.

Benefits Package 52

Benefits Package Flexible Spending Account Health Savings Account Flexible Spending 52

BerniePortal

DECEMBER 20, 2021

Of course, not all medical expenses are covered by an individual’s health insurance plan. A health savings account is an excellent employee benefit to accompany a high-deductible health plan, and account-holders should be encouraged to take advantage of these tax-free funds.

Health Savings Account 96

Health Savings Account Health Insurance Deductions Deductible 96

Higginbotham

JANUARY 12, 2024

Health accounts or arrangements are designed to cover the costs of eligible health care services, typically including medical , vision and dental expenses. These setups can often provide substantial tax benefits as well. Taxes: Withdrawals are not typically subject to income tax, and contributions may be tax-free as well.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. 7,750 for family coverage (up $450).

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

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.

Medical 98

Medical Health Insurance Out of Pocket Cost Deductions 98

Higginbotham

NOVEMBER 28, 2022

Some are turning to Health Savings Accounts (HSAs). Although HSAs won’t work for everyone, the benefits of an HSA account make this an appealing option for some individuals. What is a Health Savings Account (HSA)? An HSA is a special type of savings account.

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

InterWest Insurance Services

JANUARY 27, 2023

Even if you are providing them with a robust plan, there are often out-of-pocket cost-sharing and deductibles to contend with. For employees in high-deductible health plans, the costs can be steep. Urge any employees in HDHPs to sock away funds in their attached health savings accounts for future medical expenses.

Out of Pocket Cost 97

Out of Pocket Cost 401(k) Deductions Deductible 97

InterWest Insurance Services

MARCH 16, 2023

The poll of 26 health benefits decision-makers at large firms, carried out by The Commonwealth Fund and the Employee Benefits Research Institute (EBRI), found that despite rising premium and health care costs, they felt obligated to offer health insurance instead of shunting employees to exchanges.

Health Insurance 98

Health Insurance Employment Out of Pocket Cost Health Savings Account 98

InterWest Insurance Services

NOVEMBER 10, 2022

These workers are likely going uncovered for their health insurance and risk serious outlays if they have to see a doctor or go to the emergency room. They also miss out on preventative services that insurers are required to provide without cost-sharing and that can help them maintain their health.

401(k) 96

401(k) Health Savings Account Health Insurance Insurance 96

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.

Education 98

Education 401(k) Deductions Deductible 98

BerniePortal

MAY 11, 2021

The IRS recently issued new 2022 contribution limits for health savings accounts (HSA), which represent the total amount of tax-advantaged dollars that participants can deposit into these accounts. Find out what these limits are and how employers can alert employees about the changes.

Health Savings Account 81

Health Savings Account Health Insurance Deductions Deductible 81

PeopleKeep

NOVEMBER 12, 2021

If you’re looking to supplement your organization’s group health insurance plan to help cover your employees’ out-of-pocket costs, you have two main options: Section 105 plans , such as the group coverage HRAs (GCHRAs), and Section 125 cafeteria plans , such as health savings accounts (HSAs).

Health Savings Account 52

Health Savings Account Out of Pocket Cost Health Insurance Deductions 52

Insperity

MAY 13, 2015

If you’re shopping for group health insurance for your company the first or second time around, it can be hard to make a confident choice. Not to mention, the Affordable Care Act (ACA) has changed the group health insurance market considerably. Health Savings Accounts. The account holder (i.e.,

Health Insurance 83

Health Insurance Insurance Out of Pocket Cost Health Savings Account 83

PeopleKeep

FEBRUARY 9, 2022

A health savings account (HSA) is an employee-owned account designed to set aside pre-tax money to pay for qualified medical expenses such as deductibles, copayments, coinsurance, and other out-of-pocket expenses included in IRS publication 502.

Health Savings Account 98

Health Savings Account Deductions Deductible Healthcare 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.

401(k) 98

401(k) Health Insurance Health Savings Account Insurance 98

InterWest Insurance Services

JUNE 2, 2023

Employers offer flexible savings accounts and health savings accounts to their employees so they can build up funds with pre-tax dollars to pay for health care and related expenses.

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Medical Health Insurance 98

Benefit Resource Inc.

JANUARY 3, 2022

Even with health insurance, labor and delivery can cost around $5,000, and without insurance, it can be upwards of $40,000. Fortunately, one great way to help with out-of-pocket costs is utilizing a Health Savings Account (HSA). Switch to a high-deductible health plan. The post Having a Baby?

Taxes 72

Taxes 401(k) Out of Pocket Cost Health Savings Account 72

PeopleKeep

OCTOBER 29, 2021

Employers offering a high deductible health plan (HDHP) have several ways to offset the higher out-of-pocket costs and make the benefit more meaningful for employees. One way is to offer a health savings account (HSA) alongside the HDHP.

Out of Pocket Cost 52

Out of Pocket Cost Health Savings Account Health Insurance Deductions 52

Business Management Daily

APRIL 29, 2024

Different benefits appeal to different teams, but what matters most is providing more than just the bare minimum—health insurance, workers’ compensation, and a competitive salary. Deductibles can be paid with tax-advantaged/tax-free spending accounts funded by employees and employers.

Out of Pocket Cost 84

Out of Pocket Cost PTO 401(k) Deductions 84

Genesis HR Solutions

MAY 2, 2023

TurboTax ) 401(k): Retirement plans named for the section of the tax code that governs them. ( IRS ) W-4: A form used by employers to withhold the proper amount of federal income tax from employees’ paychecks. ( TurboTax ) 401(k): Retirement plans named for the section of the tax code that governs them. ( Which ones did I miss?

Family and Medical Leave Act 52

Family and Medical Leave Act 401(k) Flexible Spending Account Health Savings Account 52

Benefit Resource Inc.

OCTOBER 11, 2018

What is a pre-tax benefit account? A pre-tax benefit account allows you to set aside money from your paycheck before taxes to use for IRS-approved purchases. The items you can pay for through a pre-tax benefit account depends on which plan(s) you have. Health Savings Account.

Taxes 74

Taxes Health Savings Account Medical Deductions 74

Higginbotham

DECEMBER 8, 2023

As rising health care costs and inflation place pressure on both corporate and personal budgets, employers and workers alike are looking for ways to save money without sacrificing quality employee benefits. A Premium Only Plan is an option that may offer significant tax savings for all involved parties. Only $29.86

Deductions 52

Deductions Deductible Taxes Payroll 52

WEX Inc.

JANUARY 4, 2023

COBRA can provide important health insurance security when you’ve experienced job loss or another qualifying event. And election of COBRA can affect your ability to use the reimbursement accounts in which you were participating prior to your COBRA eligibility. It is not legal or tax advice. appeared first on WEX Inc.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

Higginbotham

JUNE 9, 2023

P CORI Fees Due July 31, 2023 The Affordable Care Act (ACA) requires health insurance issuers and self-insured plan sponsors to pay Patient-Centered Outcomes Research Institute fees (PCORI fees). The fees are reported and paid annually using IRS Form 720 (Quarterly Federal Excise Tax Return). March 2022 July 31, 2023 $2.79

Deductions 52

Deductions Deductible Health Insurance Taxes 52

Business Management Daily

APRIL 25, 2024

Taxable vs. Non-taxable Benefits are always tax-deductible, aren’t they? Employees can be taxed on some high-value benefits when they are considered part of the employee’s compensation package. These are small perks or gifts from employers that are so minor in value that it would be impractical to track them for tax purposes.

Taxes 52

Taxes Retirement Plan Employee Stock Option Bonuses 52

Insperity

MAY 13, 2015

If you’re shopping for group health insurance for your company the first or second time around, it can be hard to make a confident choice. Not to mention, the Affordable Care Act (ACA) has changed the group health insurance market considerably. Health Savings Accounts. The account holder (i.e.,

Health Insurance 42

Health Insurance Insurance Out of Pocket Cost Health Savings Account 42

Benefit Resource Inc.

NOVEMBER 22, 2022

Pre-tax benefits save you money. With a pre-tax benefit, you’re able to deduct the cost of your benefits from your taxes before you calculate what you owe. That means you’ll end up paying less in taxes overall. Each type of benefit can help you save money in different ways.

Employee Benefits 52

Employee Benefits Flexible Spending Account Flexible Spending Health Savings Account 52

Benefit Resource Inc.

MARCH 12, 2019

This may be the shortest blog on pre-tax benefits you will ever read. We’re going to take 5 minutes to redefine 9 confusing pre-tax phrases used in pre-tax benefits. Pre-tax benefits. Pre-tax benefits are, in effect, a way to decrease your income before taxes so you pay less in taxes.

Taxes 63

Taxes Flexible Spending Account Health Savings Account Medical 63

PeopleStrategy

JULY 8, 2019

Health benefits payment terms. Deductible : the amount an employee must pay out-of-pocket each year before their insurance kicks in; this does not apply to preventative care, like annual physicals. Co-insurance: the amount an employee must pay after meeting their deductible; under most plans, this is around 20% of full price.

Health Savings Account 82

Health Savings Account Deductions Deductible Healthcare 82

Benefit Resource Inc.

MARCH 20, 2019

If you are currently employed, there is one change you can make to start saving: Enroll in a Health Savings Account (HSA). We’ll go over the three reasons why enrolling in an HSA might be the best option for you in order to save on health care expenses in retirement. The tax savings.

401(k) 85

401(k) Deductions Deductible Health Savings Account 85

Genesis HR Solutions

SEPTEMBER 22, 2020

According to Healthcare.gov , a Flexible Spending Account (also known as a flexible spending arrangement) is a special account employees put money into that they use to pay for certain out-of-pocket health care costs. Health Savings Account (HSA). Employers fund and own accounts. Hospital Insurance.

401(k) 98

401(k) Employee Benefits Disability Insurance roth 401(k) 98

Higginbotham

JULY 12, 2022

This may be a good option for employers that want to simplify their health plan administration while giving employees flexibility. Integrated health reimbursement arrangements are designed to work with the group health plan. They have to pay a deductible. The Tax Benefits of Health Reimbursement Arrangements.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 52

Business Management Daily

SEPTEMBER 15, 2021

Someone definitely could view an employee benefits package that lacks health insurance or paid sick days as a reason to not accept an offer of employment. To aid in the decision-making process, though, here’s a closer look at various types of employee benefits : Health insurance.

Benefits Package 52

Benefits Package Family and Medical Leave Act Health Insurance PTO 52

Corporate Synergies

AUGUST 6, 2018

Health savings accounts can be a good deal for employees. High deductible health plans (HDHPs) are on the rise as a growing number of employers turn to consumer-directed health plans to try to curb costs—the portion of employees enrolled in HDHPs rose from 26.3% HSA value isn’t always obvious. As Seen In.

401(k) 40

401(k) Health Savings Account Retirement Plan Deductions 40