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Reconsidering your employeebenefits priorities. As your employees settle into their post-pandemic workflow, you’re probably noticing that they don’t want business-as-usual. But, unfortunately, you won’t be able to offer enough benefits to retain every dissatisfied employee. What do employees want?
1 payday back into 2020, you’d still have 27 biweekly pay periods, this time in 2021. WHAT THE IRS SAYS: The IRS doesn’t vary the withholding tables to account for any extra pay period, but you may want to build the extra pay period into your computer formula. If you choose not to adjust, employees could be underwithheld.
How much should I contribute to my healthsavingsaccount (HSA) each month? If you’re covered by an HSA-eligible health plan (or high-deductible health plan ), the IRS allows you to put as much as $3,650 per year (in 2022) into your healthsavingsaccount (HSA). What is an HSA?
The Consolidated Appropriations Act of 2023 (“CAA 2023”), signed into law on December 29, introduced sweeping reforms to the employeebenefits landscape. Not only do the CAA 2023’s “SECURE 2.0” The two-year extension continues the relief until January 1, 2025.
Fortunately, there’s an often overlooked way to help employees build wealth and prepare for retirement. And it’s a solution you might already be offering: the healthsavingsaccount. These accounts provide another way for your employees to diversify their efforts to prepare for retirement.
There are a variety of ways you can promote mental health in the office , and one way is to provide benefits that support your employees' needs. For example, your employees can use their healthsavingsaccount (HSA) to improve their financial wellness and save money on a variety of mental health-related expenses.
HDHPs can actually be a great healthcare saving option for employees of all ages. Along with paying a lower premium, HDHPs offer financial opportunities that PPOs do not because employees can enroll in a healthsavingsaccount (HSA) , but only if they’re also enrolled in an HSA-eligible HDHP.
The 3 best benefits for a multigenerational workforce. In a multi-generational workforce, it can be difficult to find employeebenefits that address the needs of every employee. This article highlights the top 3 benefits that work well for multi-generational teams.
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 healthsavingsaccount (“HSA”) contributions.
Employers offer flexible savingsaccounts and healthsavingsaccounts to their employees so they can build up funds with pre-tax dollars to pay for health care and related expenses. However, employees often are unaware of the myriad of goods and services they can spend their funds on.
The study’s authors noted that there are other benefits besides just cost savings. Additionally, Congress in March 2020 enacted legislation that expanded telehealth access for Medicare beneficiaries, leading to a rapid uptake of virtual care. Last year, the wavier was extended by legislation through Dec. 31, 2024.
The 3 best benefits for a multigenerational workforce. In a multi-generational workforce, it can be difficult to find employeebenefits that address the needs of every employee. This article highlights the top 3 benefits that work well for multi-generational teams.
Smaller employers may face challenges in providing these options, although participants have said they are interested in these health plan choices. Increased wellness benefits options Employee wellness has been top of mind for employers , especially since the COVID-19 pandemic began in early 2020.
Cancer screenings, blood-pressure assessments and other basics are often part of community health fairs. But even if you don’t, healthsavingsaccounts (HSAs) allow you to save money, tax free, to be spent on healthcare. Make sure you understand balance billing and how to read your explanation of benefits.
There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years.
The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employeebenefits such as adoption assistance and transportation benefits. HSA & HDHP Limits Increase for 2022.
Employers can expect healthbenefit costs to rise 4.4% on average in 2021, compared to 2020, according to early results from the Mercer consulting firm’s National Survey of Employer-Sponsored Health Plans 2020. More interest in life insurance benefits led the way, cited by 27% of those surveyed.
To temper an HDHP’s bite, they can be paired with healthsavingsaccounts. Advantage: Employees can contribute more on a pretax basis than they can put into flexible spending accounts. 2020 adjustments for group health plans set. The minimum annual deductible for an HDHP is $1,400 ($1,350 for 2019).
In essence, this guidance puts a deadline on IRS Notice 2020-15 , which provided that an HDHP could cover medical items and services relating to COVID-19 testing and treatment without impacting participant eligibility to make HSA contributions.
ROCHESTER , NY, October 1 , 2020 – B enefit Resource , LLC (BRI) today announced the acquisition o f 121 Benefit s , a Minneapolis-based administrator of pre-tax benefits and benefit continuation services. About 121 Benefit s : .
Across 2018 and 2019, the announcement of pre-tax limits held employees’ attention. Stay on the ball and check view 2020 pre-tax limits here and here. What 2018 IRS Publication 15-B says about Commuter Benefits. This post incorporated statistics from Benefit Resource’s inaugural EmployeeBenefits Fluency Survey.
There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years.
If an employee or a member of the employee’s family experiences a medical emergency, the costs can add up quickly. A health reimbursement plan gives employers a way to cover these costs. HRAs may sound like HealthSavingsAccounts (HSAs) or Flexible Spending Accounts (FSAs), but there are key differences.
For example, in 2020, Google faced criticism for its lack of diversity , particularly in leadership roles. Data privacy and employee surveillance laws Technological advances have led to increased capabilities for employee surveillance, but laws are also evolving to protect employee privacy.
29, 2020, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a final rule regarding transparency in coverage. Some State Insurance Mandates May Affect HealthSavingsAccount Eligibility. Links and Resources . Transparency in coverage FAQs were released on Aug.
For the duration of the PHE, most group health plans were required to cover, regardless of whether provided in-network or out-of-network: (1) COVID-19 testing and administration (including over-the-counter COVID-19 tests), and (2) COVID-19 vaccines and administration—without participant cost-sharing, medical management, or prior authorization.
From an employeebenefits and COBRA perspective, this would mean that temporary extensions introduced during the COVID-19 pandemic will also expire. FSAs and HRAs EBSA Disaster Relief Notice 2020-01 also granted a temporary extension to run-out periods for flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs).
PeopleStrategy offers benefits administration, and we can share more information with you. Generally, telehealth programs that provide free or reduced-cost medical benefits before the HDHP deductible is satisfied are disqualifying coverage for purposes of HSA eligibility.
Over the past 6 years I have published several articles on the need to personalize health insurance (and get the employer out of the way) by making an individual insurance policy tax deductible. Employers are forcing employees to pay more for health insurance leaving less money to pay for actual health care.
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