Tax exclusions vs. tax deductions vs. tax credits in healthcare
PeopleKeep
DECEMBER 21, 2020
Savvy employers and consumers can take advantage of several types of tax reductions when it comes to healthcare costs.
Download our Healthcare Savings Ebook
Benefit Resource Inc.
MAY 29, 2023
Healthcare has always been a core concern for employees, and recent trends show that employees are willing to leave jobs that don’t offer the best healthcare coverage. In today’s world, employer-provided healthcare plans are no longer an optional add-on when it comes to attracting and retaining quality workers.
Healthcare 
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5 Pre-Tax Tools to Keep Your Stress Levels Low
Benefit Resource Inc.
APRIL 7, 2023
Since April is Stress Awareness Month, we’ve highlighted five pre-tax benefit services and resources to keep your stress levels low and your health levels high. But with price transparency tools like GoodRx and Healthcare Bluebook , you can find the product you need at a price that’s clear at the start.
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Tribunal orders Phoenix Healthcare and Rentacar 24/7 to pay unpaid wages
Employee Benefits
APRIL 3, 2024
An employment tribunal has ruled that Phoenix Healthcare and Rentacar 24/7 must pay £2,912.19 Phoenix Healthcare was also required to pay £810, pursuant to section 38 Employment Act 2002, for failure to issue a written statement of employment particulars. The two businesses were ordered to pay Piekielniak £2,912.19 for unpaid wages.
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Healthcare tax tips for employees
BerniePortal
FEBRUARY 21, 2019
Remind employees to review healthcare when filing taxes. It’s that time of year — W-2s are out, 1095-Cs are in the process of being filed, and consumers and businesses are checking off their tax related to-dos. Here are three healthcare tax tips for employees.
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Utilizing Pre-Tax Benefits to Prioritize Health in 2023
Benefit Resource Inc.
JANUARY 3, 2023
If you’re in the 70% of people who have health-related goals for 2023, let’s take a look at how pre-tax benefits can help set goals and prioritize your health this year and beyond. Add In Pre-Tax Benefits. Plus, any interest earned on the account is tax free and the money is ALWAYS yours! Set SMART Goals.
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Your Tax Guide to Health Savings Accounts
Benefit Resource Inc.
MARCH 31, 2023
As an employee with a Health Savings Account (HSA), knowing what you need to report during tax season is important. Even though HSAs can be complex, tax reporting shouldn’t be a headache. With this information, you’ll be better equipped to tackle your HSA taxes. What are the tax benefits of an HSA?
How to calculate your premium tax credit with a QSEHRA
PeopleKeep
JULY 2, 2021
Since the Affordable Care Act created premium tax credits in 2014, millions of low-income Americans were able to get more affordable access to health insurance premiums on the state and federal exchanges. Watch our video to learn more about how premium tax credits work across all HRA types.
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CPA's guide to healthcare reform
PeopleKeep
APRIL 25, 2022
Healthcare in the United States affects all Americans, which makes it a top priority throughout the country. According to a Gallup poll , only 44% of Americans had great confidence in the healthcare system in 2021—leading the other 56% to look towards healthcare reform.
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Unveiling the Power of Pre-Tax Benefits on Nurturing Employee Well-Being
Benefit Resource Inc.
JANUARY 12, 2024
Pre-Tax Benefits: A Strategic Approach to Mental Health Support One often overlooked but powerful tool in fostering mental health support is the utilization of pre-tax benefits. By leveraging pre-tax dollars, employees can reduce their out-of-pocket expenses, making mental health resources more feasible and appealing.
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A Comprehensive Guide to Payroll Taxes Paid by Employers
Qandle
SEPTEMBER 20, 2023
Payroll taxes are a crucial aspect of every employer’s financial responsibilities. These taxes are collected to fund various government programs and benefits, including Social Security, Medicare, and unemployment insurance. These withheld taxes are then remitted to the Internal Revenue Service (IRS) on a regular basis.
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Maximizing the Benefits of HSA Triple Tax Advantage: An HR Guide
BerniePortal
MARCH 2, 2023
They allow you to put aside money to be used on qualified expenses with triple tax advantages. This means you will end up with more money to spend on healthcare than if you were simply putting money aside every month. Read on to learn more about HSAs and the triple tax advantages that they offer.
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Celebrating 20 Years of Health Savings Accounts
Benefit Resource Inc.
DECEMBER 8, 2023
As we celebrate the 20th anniversary of Health Savings Accounts (HSAs), it’s time to reflect on the transformative impact this financial tool has had on healthcare and personal finance. Key Benefits of HSAs Tax Advantages: One of the main attractions of HSAs is their triple tax advantage.
Your HSA and your tax return: 4 tips for filing
WEX Inc.
MARCH 7, 2023
The season for filing taxes is upon us once again. We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. Make sure your W-2 form shows HSA payroll contributions Provided by your employer, your W-2 shows the wages you earned and any taxes withheld.
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Shaw Healthcare to pay staff real living wage
Employee Benefits
JANUARY 24, 2022
Care home operator Shaw Healthcare has decided to pay its 3,200 employees the real living wage regardless of their length of service. million in bonuses, with each employee receiving up to £950 in tax-free payments. The post Shaw Healthcare to pay staff real living wage appeared first on Employee Benefits. per hour.
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The Role of HSAs in Maximizing Retirement Benefits
Benefit Resource Inc.
APRIL 4, 2024
While traditionally associated with healthcare expenses, HSAs can play a pivotal role in retirement planning for your employees. Understanding HSAs HSAs are tax-advantaged savings accounts designed to help individuals save for medical expenses. Tax-Efficient Savings In retirement, healthcare expenses tend to increase.
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AssuredPartners Announces New Senior Vice President of Tax
AssuredPartners
FEBRUARY 2, 2022
National Broker Names Lesli Whisenant as SVP of Tax. LAKE MARY, FL – February 1, 2022 – AssuredPartners is pleased to announce that Lesli Whisenant has been promoted to Senior Vice President (SVP) of Tax effective January 1, 2022. Vice President of Tax at Rotech Healthcare Inc.
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Are There Tax Documents for Your Pre-Tax Benefits?
Benefit Resource Inc.
JANUARY 14, 2022
We’re here to provide you with a short guide to help you understand the required tax documents for your pre-tax benefits. . A Health Savings Account (HSA) is a savings account that provides tax-free contributions and potential tax deductions for qualified medical expenses incurred by the holder. For BRI Customers.
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Recruit Better: Employee Discount Programs and Taxes
HR Bartender
APRIL 16, 2017
Today’s reader question deals with that: I am trying to find out if employee discount programs that companies sign up for (to offer their employees discounts) have tax consequences for the employee and/or company when the discounts are redeemed. Traditional benefits include employer-offered healthcare, a 401(k) program, and vision benefits.
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The impact of Dobbs on employer provided healthcare
Business Management Daily
JUNE 29, 2022
Aside from transportation costs, tax-free reimbursements for employees’ medical travel are limited to $50 per person a day for lodging; meals aren’t included. The post The impact of Dobbs on employer provided healthcare appeared first on Business Management Daily.
What is an HDHP?
WEX Inc.
APRIL 25, 2024
The deductible is the amount you must pay out-of-pocket for covered healthcare services before your insurance plan begins to pay. This means that you’ll have to pay a significant amount out-of-pocket for healthcare services before your insurance coverage kicks in. It is not legal or tax advice. How does an HDHP work?
How does the small business health care tax credit work?
PeopleKeep
SEPTEMBER 13, 2021
federal government created the small business health care tax credit to help small businesses contribute to their employees’ health benefits. However, not all small businesses are eligible for a tax credit, and there are certain steps you need to take to ensure your organization qualifies. How much is the health care tax credit?
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7 considerations when choosing a health plan for the first time
WEX Inc.
AUGUST 15, 2023
Assess your annual expenses Understanding your annual healthcare expenses is a fundamental step in selecting the right health plan. Think about your healthcare priorities, such as prescription medications, specialist visits, mental health services, or maternity coverage. Consider whether you typically have low or high medical expenses.
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3 major benefits challenges for HR and how to solve them
WEX Inc.
MAY 8, 2024
From the rising costs of healthcare and benefits packages to retaining and recruiting to helping employees understand their benefits to the ever-changing regulatory landscape, HR teams face many challenges that present obstacles to organizational success. It is not legal or tax advice.
How much should I contribute to my HSA?
WEX Inc.
MARCH 16, 2023
A health savings account gives you greater control of your healthcare expenses and potential savings. With an HSA, you experience a triple-tax advantage : Contributions are tax-free, earnings are tax-free, and withdrawals for eligible expenses are tax-free. It was updated most recently updated in January 2022.
ETF Basics: What You Need to Know
Money Talk
JANUARY 11, 2024
A third difference is their tax efficiency with respect to taxes on investment earnings. energy, financial services, healthcare, real estate, and technology), different company sizes (e.g., Competition is stiff among ETF providers, which has helped keep a lid on expenses. Some ETFs charge expense ratios as little as 0.03%.
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Having a Baby? Use Your Pre-Tax Funds to Save
Benefit Resource Inc.
JANUARY 3, 2022
Benefit Resource (BRI) is here to help you use your pre-tax funds to combat some of the costs that come with welcoming your new addition. This allows you to save on monthly premiums while putting tax-free money aside in your HSA. As a bonus, all of your gains will come out pre-tax! Let’s Start from the Beginning.
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HSA vs. FSA: See how you’ll save with each
WEX Inc.
OCTOBER 4, 2023
Health savings accounts have a triple-tax advantage, meaning distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible. You won’t need to pay Social Security or Medicare tax on the funds going into the FSA. How much control do I want over my healthcare funds?
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Employee reminders for the 2019 tax year
BerniePortal
JANUARY 22, 2020
Trying to beat the tax time rush? Mid-January marks the start of tax season! Along with the new W-4, the IRS has updated its online tax withholding estimator. Employees are able to utilize the estimator to ensure they've withheld the correct amount of income tax from their paychecks. Review Health Savings Account.
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The Harmony of Health and Wealth with HSAs
Benefit Resource Inc.
FEBRUARY 7, 2024
Beyond being a traditional healthcare benefit, HSAs provide a win-win situation for both employers and employees. Understanding HSAs Health Savings Accounts are tax-advantaged savings accounts designed to help individuals and families with high-deductible health plans (HDHPs) cover medical expenses.
Everything you need to know about premium tax credits
PeopleKeep
MARCH 15, 2021
With the recent passage of the American Rescue Plan Act of 2021 , there’s been a lot of talk about the changes made to premium tax credits and lowering health insurance costs—but what exactly are premium tax credits, and what do they have to do with how much you pay for health insurance?
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Buyer’s guide to private medical insurance
Employee Benefits
MAY 22, 2023
It traditionally involved full medical underwriting or a moratorium, meaning it can cover pre-existing conditions, unlike other types of healthcare plans. It is increasingly in demand among staff, who want more than just pay from their employer, and have realised the importance of holistic healthcare. What are the cost implications?
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Examples of fringe benefits by category
Business Management Daily
APRIL 29, 2024
A good regular salary may have been enough years ago, back when government subsidies managed things like healthcare and retirement, but those programs have become less and less effective. However you may feel about the government’s responsibility to cover healthcare needs, it’s a fact that healthcare-related bankruptcies are on the rise.
Pre-Tax Benefits Explained Through Emojis ???????????
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. Childcare/Adult Care (Dependent Care FSA). Medical FSA.
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Learn the dos and don’ts of open enrollment
WEX Inc.
SEPTEMBER 14, 2023
It’s your best chance to evaluate your healthcare needs and identify opportunities to better support yourself and your family. For example, do you have any new dependents who have healthcare needs and could be covered by a pre-tax benefits plan? Will anyone in your family have anticipated healthcare costs in the upcoming year?
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5 ways to alleviate your employees' hesitations with choosing in an FSA
WEX Inc.
SEPTEMBER 7, 2023
Flexible spending accounts (FSAs) are a powerful tool for individuals and employers to save money on healthcare and dependent care expenses. Illustrate how pre-tax contributions lead to significant savings over time, effectively reducing the impact on take-home pay. It is not legal, financial, or tax advice. Download now!
QSEHRAs and what they mean for your small business
WEX Inc.
JUNE 5, 2023
Offering a QSEHRA lets you deliver healthcare savings for your employees, which could pay off as a retention and recruitment tool as you grow your business. A QSEHRA is a tax-advantaged benefits plan funded by the employer that employees can tap into to pay for eligible expenses. What is a QSEHRA? They drive job growth and innovation.
Tips for the Early Plan Year
Benefit Resource Inc.
MARCH 28, 2024
Pre-tax benefits are a powerful tool for saving money and maximizing your income. Know Your Pre-Tax Benefit Options Flexible spending accounts (FSAs): An FSA allows you to set aside pre-tax dollars for eligible healthcare expenses. Here are some essential tips to help you navigate the early stages of the plan year.
Choosing telemedicine versus urgent care versus the ER
WEX Inc.
OCTOBER 20, 2023
While the severity of one's condition is the most important factor in choosing healthcare, other variables such as cost, convenience and whether a facility accepts insurance also play a role. As an affordable and efficient alternative for accessing healthcare, telemedicine is also becoming more attractive to employers and health plans.
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Navigating HSAs and the Health, Wealth, and Wellness Triangle
Benefit Resource Inc.
FEBRUARY 21, 2024
Healthy employees are not only happier and more productive but also contribute to lower healthcare costs for both themselves and their employers. HSAs enable employees to save pre-tax dollars for qualified medical expenses, including deductibles, copayments, and other out-of-pocket costs.
10 new eligible items you can buy with your pre-tax dollars
Benefit Resource Inc.
MAY 5, 2020
The CARES Act introduced new eligible items that you can purchase with funds from your pre-tax benefits accounts (FSAs, HSAs, and HRAs). Since the funds in these accounts are deducted from payroll pre-tax, you can save up to 40% on items that you already buy! That doesn’t mean you can’t enjoy the nice weather!
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Which states require you to have health insurance?
PeopleKeep
MARCH 27, 2024
The Affordable Care Act (ACA) took great strides toward improving the affordability of and access to comprehensive healthcare nationwide. One initial aspect of the ACA required all Americans to obtain health insurance that provided minimum essential coverage (MEC) through their employer or on an individual basis or pay a federal tax penalty.
Manchin Agrees to Expanded Reconciliation Deal
McDermott Will & Emery Employee Benefits
AUGUST 5, 2022
The tentative deal includes drug pricing, climate and tax provisions, and expands upon a previous “healthcare-only” version of the reconciliation package that focused solely on drug pricing and a […]. The post Manchin Agrees to Expanded Reconciliation Deal appeared first on EMPLOYEE BENEFITS BLOG.
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The 4 Best Benefits in 2024, According to Employees
Best Money Moves
MARCH 11, 2024
Affordable healthcare Healthcare costs are a major concern for employees, especially for those who earn lower wages. Average healthcare premiums for American families increased 7% in 2024, according to research from KFF. Retirement plans are tax deductible, flexible and are a great way to attract new talent to your business.
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