Benefit Resource Inc.

NOVEMBER 6, 2023

Let’s explore effective strategies for promoting employee well-being during the winter months and the role of pre-tax benefits in achieving this goal. Leverage Pre-tax Benefits Pre-tax benefits are a valuable tool for promoting employee health and wellness during the winter months.

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Benefit Resource Inc.

APRIL 20, 2023

While dusting, vacuuming, and packing away winter clothes may be on the top of your spring cleaning list, have you considered reviewing your eligible expenses and utilizing your Flexible Spending Account (FSA)? Utilize resources like BRIWEB , BRIMOBILE , and Participant Services to help you navigate your benefits.

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Out of Pocket Cost Flexible Spending Account Flexible Spending Health Savings Account 83

Benefit Resource Inc.

NOVEMBER 15, 2023

The Role of Employee Benefits Employee benefits, such as Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Commuter Plans, and Specialty Accounts emerge as valuable tools in the toolbox of employers seeking to support their workforce during times of inflation. During times of inflation, healthcare costs often spike.

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Benefit Resource Inc.

APRIL 18, 2023

One such way is by utilizing health savings accounts (HSAs) and flexible spending accounts (FSAs). Health Savings Accounts allow employees (and employers) to contribute to a tax-free account to be used for eligible medical expenses. HSAs and FSAs also offer flexibility in how you use your funds. What is an HSA?

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Benefit Resource Inc.

MARCH 31, 2022

Health and medical expenses are covered by a Flexible Spending Account or Medical FSA to promote general well-being. Take advantage of your pre-tax benefits this year! These accounts are used to cover health and medical expenses both for you and your dependents (usually children).

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Money Talk

JUNE 29, 2022

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. Automated Payments Review - Payments for utilities (e.g., Start with a review of property insurance coverage with an insurance agent.

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Benefit Resource Inc.

FEBRUARY 11, 2020

As we welcome the first quarter of the year, we also prepare ourselves for tax season. Some of us may find ourselves dreading this task, knowing that we typically feel a little lost or overwhelmed when it comes to the specifics of filing our taxes. Make a Designated Tax File. Choose How You Will Prepare.

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HR Lineup

MAY 9, 2023

The platform is designed to help medical professionals and patients manage healthcare needs more efficiently, utilizing technology to improve the overall healthcare experience. In addition to health insurance and retirement savings plans, Pazcare also offers flexible spending accounts (FSAs).

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CorpStrat

JANUARY 22, 2024

A well-executed communication plan ensures that your employees are aware of the full range of benefits available to them, understand how to utilize them, and feel valued and supported. Communicating these benefits effectively is equally important as providing them. Hidden Gems In Your Employee Benefits Plan 1.

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Benefit Resource Inc.

JANUARY 16, 2020

Incorporating lifestyle components into pre-tax accounts. So, how will this affect tax advantaged accounts like Flexible Spending Accounts and Health Reimbursement Accounts? Tools like HSA Bridge allows employees to pay for qualified expenses with tax-free money before their HSA balance has built up.

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WEX Inc.

SEPTEMBER 6, 2023

Can be a cost-effective option for pet owners who frequently utilize preventive services. HSAs and FSAs: Service dog expenses Health savings accounts (HSAs) and flexible spending accounts (FSAs) may provide an additional avenue for covering the cost of a service dog. It is not legal or tax advice.

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Benefit Resource Inc.

OCTOBER 14, 2021

Your employer contributes funds into a trust account, tax-free, for you to use towards eligible health care expenses. Between the long-term benefits and short-term flexibility of these accounts, we’re flabbergasted we don’t see them utilized more often! Have Your Cake & Eat It Too.

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Benefit Resource Inc.

APRIL 6, 2023

It is crucial for employers to offer benefits programs that align with employees’ changing needs, while employees must take an active role in learning about and utilizing their benefits. These eight benefits provide an opportunity for over $30,000 of increased value to employees each year.*

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Benefit Resource Inc.

NOVEMBER 29, 2023

While you should consult your tax or investment advisor, prior to making your retirement plans official, ask how COBRA and an HSA could fit in with your early retirement strategy. This essentially means you are paying premiums that likely exceed the services that you will utilize. By age 65 (or 63.5

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Benefit Resource Inc.

DECEMBER 8, 2020

Families utilizing Dependent Care Flexible Spending Accounts (FSAs) are up against a December 31st deadline. The end of the year is a busy time for people with pre-tax benefits. If you have an FSA, there’s a high chance you’ll have to spend down the money in your account so you don’t lose it.

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Benefit Resource Inc.

DECEMBER 6, 2018

” Unfortunately, when it comes to pre-tax plan compliance, discrimination has nothing to do with protected classes. What is required to have a compliant pre-tax benefit plan? Utilization. The utilization tests are based on actual benefits elected by employees and must be conducted annually to ensure compliance.

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Business Management Daily

JANUARY 5, 2021

The law also extends expiring tax provisions and everything that could be jammed into 5,593 pages of federal legislation three days before Christmas. The key payroll provisions include: An extension of the paid sick/ family leave provisions and your tax credit for providing leave. Extensions of popular payroll tax provisions.

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Genesis HR Solutions

MAY 23, 2023

Utilizing software for recruitment. Flexible Spending Account (FSA): An FSA (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. All FSA contributions must be used in that plan year (use it or lose it).

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Business Management Daily

SEPTEMBER 22, 2021

The survey results will help you prioritize the benefit changes or expansions that would be most impactful for your current employees so that you can utilize your benefits budget effectively. HSA benefit plans: A health savings account lets employees set aside money on a pre-tax basis to pay for qualified medical expenses.

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Higginbotham

MARCH 17, 2023

While many employers are familiar with health savings accounts (HSAs) and flexible spending accounts (FSAs), lifestyle spending accounts (LSAs) are an emerging benefit that can provide flexible and personalized support to employees. The post March HR News Worth Review appeared first on Higginbotham.

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UpstartHR

APRIL 13, 2015

However, smart HR leaders also look at the benefits adoption and usage to determine how employees are utilizing the offerings. It offers a dependent care flexible spending account, which many of us in the benefit space know is utilized at a fairly low rate compared to other benefits.

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Benefit Resource Inc.

SEPTEMBER 15, 2020

3rd Place: 52% will utilize video conferencing platforms. Join BRI for our Open Enrollment Kick-off Event on September 30 at 2:00 ET, where we will discuss: (1) What are the latest trends in benefits and pre-tax account administration? (2) Three communication channels are dominating open enrollment this year.

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Benefit Resource Inc.

OCTOBER 17, 2019

It addresses this question and provides insights for commuter benefits and other pre-tax plans. If you have highly compensated employees who are utilizing benefit accounts, a sniff test can aid in making plan adjustments to keep your plan compliant. The Perfect Recipe for Your Pre-tax Benefit Account Program.

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Benefit Resource Inc.

NOVEMBER 19, 2020

The IRS requires testing for these plans and they must meet specified eligibility, benefits, and utilization requirements. Additionally, they should take into account all individuals who were employed throughout the year, whether active or terminated, if they participated in any pre-tax benefits plans.

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Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 7, 2022

Plans utilizing this special rule should also remember to inform participants of any limitations they will impose in this regard. Shipping costs (and taxes) are included in the $12 reimbursement limit for tests purchased from non-network providers. Fraud and Abuse.

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Empuls

OCTOBER 11, 2023

These taxes can either be grossed up from the organization’s behalf or can be taken care of by the employee. Gym and Health Club Memberships Did you know that corporate gym memberships are the most utilized health and wellness perk from all? What Health and Wellness Stipends Are Not? No, that’s not the case.

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PeopleKeep

APRIL 30, 2020

Medical reimbursement plans are IRS-approved health plans that allow for tax-free reimbursement for medical expenses. Because the reimbursements occur pre-tax, employees and employers often save up to 50% in combined taxes on the cost of medical expenses. Flexible Spending Accounts (FSAs). Tax Treatment.

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Empuls

JULY 11, 2023

Alongside competitive salaries and career growth opportunities, companies are now offering a wide array of tax free or non taxable employee benefits to attract and retain top talent. In this blog, we will discuss tax free or non taxable employee benefits. In this blog, we will discuss tax free or non taxable employee benefits.

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Benefit Resource Inc.

JUNE 29, 2021

Within the pre-tax benefit space, your work is cut out for you as a human resource professional. Now that you’ve explained (again) how insurance works, you get to begin the real work of teaching employees the difference between Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs).

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Benefit Resource Inc.

APRIL 27, 2021

So, don’t make them carry separate cards for their pre-tax health accounts and commuter benefits! A smart employee benefits card utilizes merchant, terminal, and card payment rules to create a simple, convenient payment experience. a Health Savings Account and Limited Purpose Flexible Spending Account).

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Vantage Circle

SEPTEMBER 11, 2023

These include self-service employee onboarding, document storage, payroll processing, tax filing, reporting, and human resources (HR) compliance assistance. By utilizing this platform, managers can show their team members how much they value their hard work and dedication. Set up to five personalized financial goals.

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Genesis HR Solutions

DECEMBER 5, 2019

Flexible spending programs. Don’t leave any of your payroll or tax information to chance. You should partner with an HR solution provider who gives you precise payroll and tax administration and ensure your payroll taxes are deposited and filed accurately—all in a timely manner. 401(k) options. Life/AD&D.

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