Fringe Benefit Analysts

JUNE 22, 2021

Providing employer-sponsored, group health insurance is one of the top benefits a small business can provide for employees. Fringe Benefit Analysts is committed to helping small business owners navigate the health insurance benefits landscape and decipher just how much it costs for small business health insurance.

Health Insurance 52

Health Insurance Insurance Healthcare Deductible 52

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 Deductible 98

Health Consultants Group

OCTOBER 1, 2021

In 2020, they surveyed 2,504 active HR professionals. Their Employee Benefits in 2020: Executive Summary report discusses their primary findings. . Based on SHRM’s research, benefits that supported remote work, caregiving, and health became essential during the pandemic. Accident and Health Benefits . Adoption Benefits.

Employee Benefits 86

Employee Benefits Family and Medical Leave Act Flexible Spending Account Health Savings Account 86

Best Money Moves

AUGUST 18, 2021

Accessible and comprehensive health benefits. Over half of all Americans receive health insurance from their employers, according to 2019 census data. So it’s not surprising that in a 2020 survey of 2000 multigenerational participants, dental and vision insurance topped the list of most wanted Employee Benefits.

Health Insurance 111

Health Insurance Health Savings Account Insurance Benefits Package 111

Higginbotham

AUGUST 10, 2023

An employee wellness program is a driver of success and sustainability for any organization in any industry, and the core of an effective strategy for employee wellness is comprehensive health insurance coverage. In a 2020 survey of large U.S. However, increasing inflation amidst World War II brought a wage freeze in 1942.

Health Insurance 52

Health Insurance Employee Wellness Insurance Benefits Package 52

InterWest Insurance Services

SEPTEMBER 23, 2022

Typically, the most expensive and most important benefit is health insurance. For most people, purchasing health coverage on their own is prohibitively expensive. They will gravitate toward employers that offer affordable health plans with networks that include their doctors and provide reasonable coverage. The takeaway.

Health Insurance 98

Health Insurance Out of Pocket Cost Insurance Paid Leave 98

BerniePortal

MARCH 5, 2020

*This blog is adapted from the HR Party of One episode, Tips for Employer Taxes, which you can view below. Tax season is among us - so today, we’re covering what HR Parties of One need to know. Paying employer contributions for FICA taxes. Paying other employer business taxes. The History of Employer Taxes.

Taxes 52

Taxes Employment Deductible Deductions 52

PeopleKeep

OCTOBER 26, 2020

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.

Deductible 75

Deductible Deductions Health Savings Account Health Insurance 75

WEX Inc.

JULY 24, 2023

That's important considering that a 65-year-old couple retiring in 2020 would need an average of $351,000 in healthcare costs throughout retirement. HSA contributions made through payroll are not subject to the 7.65% FICA tax. Withdrawals for HSA eligible medical expenses are tax-free. All HSA funds carry over from year to year.

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

InterWest Insurance Services

JANUARY 27, 2023

Recent studies have highlighted an alarming trend in American health care: More and more people are struggling with medical bills and many are delaying care due to high costs. That’s up from 26% in 2020 and 2021. Urge any employees in HDHPs to sock away funds in their attached health savings accounts for future medical expenses.

Out of Pocket Cost 98

Out of Pocket Cost 401(k) Deductible Deductions 98

BerniePortal

SEPTEMBER 4, 2019

ACA tax back in place for 2020. The Affordable Care Act requires insurers offering fully-insured plans to pay a “health insurance tax” based on premiums and market share. These fees help fund the ACA’s marketplace exchanges, but Congress passed a one-year hold on the tax in 2019.

Insurance 40

Insurance Health Insurance Taxes Consulting 40

Insperity

FEBRUARY 9, 2021

The distinction between an employee or contractor impacts major aspects of the worker experience, such as: How they’re paid Their eligibility for benefits How employers pay taxes. Internal Revenue Service (IRS) 2020 Employer’s Supplemental Tax Guide. For example: Paid time off Retirement saving plans Health insurance.

Taxes 126

Taxes Health Insurance Insurance Paid Leave 126

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. According to the Employee Benefit Research Institute, 48% of workers forfeited an average of $408 of their FSA funds in 2020.

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Medical Health Insurance 98

Best Money Moves

AUGUST 18, 2021

Accessible and comprehensive health benefits. Over half of all Americans receive health insurance from their employers, according to 2019 census data. So it’s not surprising that in a 2020 survey of 2000 multigenerational participants, dental and vision insurance topped the list of most wanted Employee Benefits.

Health Insurance 83

Health Insurance Health Savings Account Insurance Benefits Package 83

Best Money Moves

AUGUST 26, 2020

Retirement savings were identified as a source of financial relief in the thick of the coronavirus pandemic when the CARES Act expanded distribution options and favorable tax treatment for up to $100,000 of coronavirus-related distributions from eligible retirement plans. Supporting Mental Health in the Workplace During COVID-19.

Retirement Plan 101

Retirement Plan Utilities Health Insurance Taxes 101

Genesis HR Solutions

AUGUST 19, 2020

Not only do PEO clients get expertise from their PEO partners, they no longer need to do the grunt work for the administration of their company’s HR, benefits, tax, payroll, and compliance issues, giving them time to focus on the core functions of their business—and focus on growth. 4 PEO Trends To Watch In 2020 & Beyond.

Work From Home 52

Work From Home Professional Employer Organization Insurance Carriers Human Resources 52

Vantage Circle

DECEMBER 31, 2019

Most of the fringe benefits may come under the domain of taxation based on the tax rules applied in your country of operation. But, there’s also a list of few tax-exempted fringe benefits that you can consider for curating a lucrative employee benefits plan. Employee Health Insurance Benefits. Employee Stock Options.

Life Insurance 52

Life Insurance Employee Stock Option Retirement Plan Taxes 52

Benefit Resource Inc.

NOVEMBER 1, 2018

As we look into our crystal ball, the future of pre-tax benefits comes into view. We clearly aren’t fortune tellers, but maybe we can shed some light on the possible future of pre-tax benefits. Let’s assume all of the stars align and pre-tax benefit accounts become a pillar for legislative priorities. The Optimist.

Taxes 49

Taxes Deductible Deductions Medical 49

Business Management Daily

NOVEMBER 17, 2021

As the year ends, questions of taxes, domicile, and residency should be top of mind for employers looking to avoid any unnecessarily complex tax issues in the new year. They kept a family cemetery plot in the state, which was enough for New York to continue to tax them. An audit was commenced for tax years 2013 and 2014.

Taxes 52

Taxes Family and Medical Leave Act Banking Commissions 52

Insperity

APRIL 7, 2020

. – which was passed by Congress and signed by the President on March 18, 2020 – went into effect on April 1, 2020, and sunsets on December 31, 2020. Employer tax credits. Covered employers qualify for dollar-for-dollar reimbursement through tax credits for all qualifying wages paid under the FFCRA. How the Dept.

Family and Medical Leave Act 93

Family and Medical Leave Act Paid Sick Leave PTO Medical 93

Business Management Daily

MAY 26, 2021

But that leave wasn’t scheduled to go into effect until October 2020. Then Congress passed the FFCRA, providing new paid leave effective April 1, 2020. The FFCRA expired at the end of 2020 though employers can voluntarily provide the leave through September 2021. Both documents must be kept for four years.

Family and Medical Leave Act 72

Family and Medical Leave Act Paid Leave Parental Leave Medical 72

Fringe Benefit Analysts

JUNE 15, 2020

As the saying goes, “Once a tax, always a tax.” Due by July 31 of the calendar year immediately following the last day of the medical plan year, these fees are due by July 31, 2020. While Form 720 is filed quarterly for several other federal excise taxes, the PCORTF fee is only required annually, on the second-quarter filing.

Medical 52

Medical Insurance Carriers Health Insurance Taxes 52

Empuls

MARCH 23, 2023

At a time when the world was grappling with a health crisis, what could an employee retention tax credit have done? How did the employee retention tax credit or erc originate? What is the employee retention tax credit? Employer carried out business(partially or fully run) during the calendar year 2020.

Employee Retention 40

Employee Retention Taxes Government Payroll 40

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

Deductible 52

Deductible Deductions Health Insurance Taxes 52

Business Management Daily

NOVEMBER 15, 2019

The Tax Cuts and Jobs Act repealed the Affordable Care Act’s individual mandate—a requirement that all individuals have health insurance providing minimum value—beginning this year. 1, 2020, all residents must have minimum essential coverage health insurance. California. California. Beginning Jan.

Health Insurance 40

Health Insurance Electronics Insurance Taxes 40

Higginbotham

JUNE 7, 2022

As we have been discussing since last year through multiple webinars and compliance updates, the Transparency in Coverage Final Rules (TiC Final Rules) require group health plans and health insurance issuers to disclose on a public website detailed pricing information in three separate machine-readable files (MRFs).

Family and Medical Leave Act 52

Family and Medical Leave Act Health Insurance Insurance Carriers Insurance 52

WEX Inc.

JULY 1, 2023

ICHRAs allow employers of any size to reduce and stabilize their healthcare expenses while also enjoying great flexibility in plan design, while employees can use them to gain a greater degree of control in their healthcare spending, tax advantages and the opportunity to receive benefits as a part-time or seasonal worker. Want to know more?

Health Insurance 52

Health Insurance Healthcare Taxes Insurance 52

cipHR

JULY 30, 2020

Too often, employee wellbeing initiatives can focus solely on physical and mental health. With money worries known to be a stressor and contributor to poor mental health, how much of that impact could be mitigated by greater financial support and education? The UK government is certainly hoping employers will intervene in this area.

Pension 59

Pension Salary Health Insurance Education 59

Griffin Benefits

OCTOBER 1, 2022

This reporting is due by December 27 of this year and must include information for the 2020 and 2021 calendar years, regardless of the plan or policy year. The information herein is provided for general information only, and is not intended to constitute legal or tax advice as to an organization’s or individual's specific circumstances.

Insurance Carriers 67

Insurance Carriers Employment Flexible Spending Account Insurance 67

Health Consultants Group

APRIL 1, 2021

Even if you’re not quite back to business as usual, it’s tax time, and the IRS expects you to be ready. If you allowed your employees to access emergency distributions, rollovers, and loans, they must address those funds in their 2020 tax returns. Must receive a Distribution during 2020. Employee Taxes and Repayment.

Retirement Plan 52

Retirement Plan 401(k) Taxes Pension 52

Higginbotham

MARCH 17, 2023

Employers can use the following two IRS webpages for more details: Employer Shared Responsibility Provisions Types of Employer Payments and How They Are Calculated Health Plans Must Submit Gag Clause Attestations by Dec. 27, 2020, through the date of attestation. 27, 2020, through the date of the attestation. 31, 2023 On Feb.

Health Insurance 52

Health Insurance Flexible Spending Account Insurance Benefits Package 52

Global People Strategist

APRIL 7, 2020

Each region offering these economic relief benefits has different eligibility requirements, from being laid off due to COVID-19 to interest free loans for small business, and deferred tax payments. Most employees have access through their employers to health insurance, paid time off (PTO), workers’ compensation, and unemployment insurance.

Workers’ Compensation 52

Workers’ Compensation PTO Health Insurance Taxes 52

Business Management Daily

APRIL 8, 2021

The termination or reduction in hours doesn’t necessarily have to be pandemic-related or have occurred on or after March 18, 2020, the day the Families First Coronavirus Response Act was enacted. You will receive a payroll tax credit against the employer’s 1.45% share of Medicare taxes.

Health Insurance 52

Health Insurance Payroll Taxes Insurance 52

Business Management Daily

AUGUST 10, 2021

Knowing whether the IRS views someone as your employee or as an independent contractor dictates tax obligations and associated paperwork, namely whether you bear responsibility for filing a W-2 or a 1099 for the individual in question. The state, city, or local tax department gets Copy 1. Copies B, C, and 2 go to the employee.

Taxes 52

Taxes Paid Vacation Retirement Plan Health Insurance 52

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. The Tax Benefits of Health Reimbursement Arrangements.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductible 52

Business Management Daily

JANUARY 20, 2021

In that case, if just one full-time employee buys insurance on the exchange and qualifies for a premium tax credit, you will be liable for a free-rider penalty. Qualifying employers that offer insurance may not necessarily be off the hook, however. Reduced 2020 hours may cause some employees to lose healthcare in 2021.

Employment 52

Employment Health and Welfare Healthcare Insurance 52

Business Management Daily

AUGUST 31, 2022

Evading taxes. Workers depend on them for a paycheck and benefits such as health insurance and retirement income. Equal Employment Opportunity Commission (EEOC) notes it received more than 67,000 charges of workplace discrimination in Fiscal Year 2020, and the agency secured $439.2 Hiring illegal workers.

Family and Medical Leave Act 98

Family and Medical Leave Act Government Media Commissions 98