Money Talk

SEPTEMBER 30, 2022

There is a two-year look-back period so 2022 IRMAA surcharges are based on 2020 modified adjusted gross income (MAGI). There are five MAGI income ranges for IRMAA, with 2022 payments ranging from $238.10 The 2022 standard Medicare Part B premium for most older adults, for whom IRMAA is a non-issue, is $171.10. to $573.30

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401(k) Taxes Pension Deductible 245

Money Talk

MARCH 22, 2023

With 2022 income tax season well underway and almost three months already passed in 2023, now is an appropriate time to review some evergreen tax planning tools and techniques. For example, for married couples, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022 and for individuals $13,850 vs. $12,950. A key take-away?

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Taxes 401(k) Deductible Deductions 189

Money Talk

DECEMBER 22, 2021

As we close out 2021 and get ready to welcome 2022, it is a good time to consider the impact of indexes (a.k.a., In 2022, beneficiaries will receive a 5.9% a $59 increase for every $1,000 of benefits) in 2022. Estate and Gift Tax Exemption - The exemption amount in 2022 will be $12.06 indices) on our financial lives.

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401(k) Pension Taxes Deductible 232

Money Talk

AUGUST 10, 2022

The year 2022 is equally noteworthy for a “Great Unretirement” as millions of older workers who left jobs during the pandemic decided to come back into the labor force. 67 for workers born in 1960 or later), Social Security deducts $1 from benefits for every $2 earned above the annual limit ($19,560 in 2022).

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Disability Insurance Taxes Health Insurance Pension 246

InterWest Insurance Services

DECEMBER 9, 2021

As we enter 2022, there are a number of changes on the horizon that plan sponsors need to be aware of as they will affect group health plans as well as employees enrolled in those plans. Here’s a list of what to expect in 2022. These rules were all not mandatory and employers could choose whether to relax them or not.

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Health Insurance Insurance Insurance Carriers Deductible 98

Business Management Daily

MARCH 3, 2023

Tax credits vs. tax deductions The end result of taking tax credits and tax deductions is basically the same: You will pay less tax. But there is a difference between the two: Tax deductions reduce your taxable income. Any item you take as a tax credit can’t be used again as a tax deduction. In 2023, this amount is $2.89

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Deductible Deductions Taxes Health Insurance 98

Money Talk

JUNE 8, 2022

Many older adults also have multiple income sources including Social Security, a pension, full-or part-time work or self-employment, withdrawals from retirement savings (including taxable required minimum distributions or RMDs), and interest, dividends, and capital gains on investments. In other instances (e.g.,

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Taxes Pension Deductible Deductions 278

WEX Inc.

JULY 20, 2023

Deductible options The words “health”, “coverage”, “insurance”, and “deductible” were among the most frequent words to appear when participants were asked in our survey what was missing from their benefits. Specific responses included: “A lower deductible or copay options would be an improvement.” Deductibles are too high.

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Deductible Deductions Flexible Spending Account Health Savings Account 75

Insperity

OCTOBER 10, 2023

In December 2022, the U.S. workers better prepare financially for retirement, at every stage of their employment journey. In requiring employers to take actions that can improve their employees’ financial wellness, the SECURE 2.0 Act of 2022 Expanding on the provisions laid out in the original SECURE Act of 2019, the SECURE 2.0

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401(k) Retirement Plan Taxes Benefits Package 113

Money Talk

JUNE 29, 2022

We are almost at the halfway mark of 2022, which makes this a perfect time to assess your financial progress and take action over the next six months. 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.

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401(k) Out of Pocket Cost Finance Flexible Spending Account 189

InterWest Insurance Services

MARCH 22, 2022

The deadline is fast approaching for employers with 5 or more workers in California, and who do not already offer their employees a retirement plan, to register their staff for the CalSavers Retirement Savings Program. Employers with 50 or more workers – The deadline for registration was June 30, 2021. Employers can register here.

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401(k) Retirement Plan Employment Deductible 98

Benefit Resource Inc.

FEBRUARY 7, 2022

What does this mean to workers and employers in 2022? There are three key takeaways from the past 20 years: • Premiums will increase, but employers must stay diligent when reviewing their benefits programs in order to maintain manageable increases. A “high” deductible plan still has a negative connotation.

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Insurance Deductible Deductions IT 81

InterWest Insurance Services

JANUARY 5, 2023

this year, the tight labor market is forcing employers to prioritize enhancing benefits over cost-cutting measures, according to a new report by Mercer. Also, with mental health a top concern for workers, employers are seeking out benefits and plans that include virtual mental health services to make it easier to access care.

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Out of Pocket Cost Employment Health Insurance Deductible 92

Flimp Communications

SEPTEMBER 26, 2024

The cost of healthcare and employer-sponsored health plans are on the rise in 2024. As if that wasn’t enough, although the Great Resignation of 2022 is well in the rearview mirror, the recruitment landscape remains challenging, and many of the most talented job seekers see benefits as a key differentiator.

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Deductible Deductions Healthcare Medical 52

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.

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Health Savings Account Health Insurance Deductible Deductions 81

InterWest Insurance Services

DECEMBER 26, 2024

The percentage of employers who are covering new and trendy weight-loss drugs has risen in 2024, continuing a trend of increasing coverage despite the costs, according to a new survey. And, as costs continue rising on average 5.25% in 2024, employers are taking a number of steps to manage costs. after rising 8.3% the year prior.

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Employment Pharmaceutical Medical Health Insurance 98

InterWest Insurance Services

NOVEMBER 30, 2023

American employers are trying to meet their workers’ mental health needs as they struggle with burnout and stress from their jobs and finances, according to a new report. The poll also found that only half of workers (48%) had confidence that their employers cared about their well-being.

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InterWest Insurance Services

MAY 16, 2024

After enrollment in high-deductible health plans soared during the last decade, 2022 marked the first year that enrollment in these plans fell among American workers since 2013, according to a new report by ValuePenguin. workers signed up for HDHPs in 2022, compared to 56% in 2021.

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401(k) Deductible Deductions Health Savings Account 98

InterWest Insurance Services

JUNE 6, 2024

After enrollment in high-deductible health plans soared during the last decade, 2022 marked the first year that enrollment in these plans fell among American workers since 2013, according to a new report by ValuePenguin. workers signed up for HDHPs in 2022, compared to 56% in 2021.

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401(k) Deductible Deductions Health Savings Account 96

Best Money Moves

DECEMBER 9, 2024

According to Mercers Survey on Health and Benefits Strategies for 2025, about two-thirds of large employers said that improving healthcare affordability is a priority for the next year. One method of support employers are providing will come in the form of affordable deductibles.

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roth 401(k) 401(k) Benefits Package Paid Leave 52

InterWest Insurance Services

MAY 12, 2022

The new limits were announced in conjunction with other changes, such as increases in the minimum deductibles and maximum out-of-pocket expenses for high-deductible health plans (HDHPs). Individual plan: $3,850, up from $3,650 in 2022. Family plan: $7,750, up from $7,300 in 2022. HDHP minimum annual deductible.

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Health Savings Account Deductible Deductions Health 98

WEX Inc.

MAY 8, 2023

More employees are enrolling in a high-deductible health plan (HDHP) each year, including more than half of U.S. HDHP vs. PPO deductible Nearly two-thirds of large employers provide their employees with the choice of an HDHP and a traditional health plan , such as a preferred provider organization (PPO).

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Deductible Deductions Health Savings Account Employee Enrollments 97

InterWest Insurance Services

NOVEMBER 25, 2022

They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. Every year, the employee must decide how much they want their employer to deduct (pre-tax) from their paycheck to set aside in their HSA. 7,750 for family coverage (up $450).

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401(k) Deductible Deductions Flexible Spending Account 98

Money Talk

AUGUST 16, 2023

of Americans age 65+ were working in 2022. Still Working Exception - Older workers who stay put can postpone required minimum distributions (RMDs) on a current employer’s plan under the “ still working exception ” rules. After declining in early years of the pandemic, the percentage of older adults in the labor force is increasing.

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Taxes Pension Deductible Deductions 130

InterWest Insurance Services

APRIL 27, 2023

A new report has found that small businesses that purchase their group health insurance online or through payroll vendors saw the largest premium hikes in 2022, significantly higher than those that went through brokers. overall between 2021 and 2022. Overall, more than half of SMB employees opt out of their employer-sponsored coverage.

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Health Insurance Insurance Out of Pocket Cost Deductible 98

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.

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Deductible Deductions Family and Medical Leave Act Health and Welfare 52

InterWest Insurance Services

JULY 4, 2024

workers choosing high-deductible health plans has leveled off during the last two years, uptake has been growing rapidly among one segment of the working population: Gen Z employees. The report notes 84% of employers offer both HDHPs and traditional health plans to ensure that they can met the needs of a multi-generational workforce.

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Voluntary Benefits Flexible Spending Account Deductible Deductions 97

Patriot Software

JULY 14, 2021

If you’re an employer with employees in Washington, listen up. Starting in 2022, you need to make an additional deduction from Washington workers’ paychecks for the Washington Cares Fund. But, what is the Washington Cares Fund, and how much do you have to deduct and remit?

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HR Bartender

MAY 24, 2022

But make no mistake, when employees have a question about their paycheck, including deductions like a wage garnishment, the first place they often go is HR. Wage Garnishment Landscape: Through the Lens of the Employer ”, they report that one in 14 U.S. 3 – DEDUCTION LIMITS. And you’re right. 2 – QUANTITY.

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Benefit Resource Inc.

JUNE 29, 2021

Find details on the HSA 2022 contribution limits for individuals and families and HDHP requirements here! For employers and individuals currently in a plan set at or near the minimum deductible limits, you will need to make adjustments to ensure your plan remains HSA eligible. HDHP minimum deductible: $1,400*.

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Deductible Deductions Taxes Employment 52

Business Management Daily

MAY 5, 2022

The plan sponsor, most likely the employer, bears all the investment risk and pays you a fixed amount every month until you die. The two main selling points of retirement plans, back in the 1980s, were lowering your taxable income through pretax deductions and portability—you take your money wherever you went next. He’s right.

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401(k) Retirement Plan Deductible Deductions 133

Business Management Daily

JUNE 29, 2022

This is a post about the options employers have in the wake of the Supreme Court’s June 24 Dobbs v. Can employers underwrite employees’ medical travel? Employees can roll over a certain amount of unused funds at the end of the year ($570 for taxable years beginning in 2022). The high deductibles continue to apply.

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Family and Medical Leave Act Healthcare Employment Medical 92

WEX Inc.

MARCH 7, 2023

We're getting closer to the deadline for filing for 2022. 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. It also shows pre-tax contributions made to your account by you and your employer through payroll deductions.

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Taxes Health Savings Account Deductible Deductions 98

McNees

JANUARY 13, 2023

The Consolidated Appropriations Act of 2023 (“Act”) was passed by Congress in late December 2022 and signed by President Biden on December 29, 2022. High Deductible Health Plans can continue to waive the deductible for any telehealth services for plan years beginning before January 1, 2025. The Act, a $1.7 Webinar.

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401(k) Health and Welfare Employee Benefits Deductible 98

Money Talk

DECEMBER 21, 2022

In 2022, the FOMC has been gradually increasing interest rates in incremental steps in an attempt to lower inflation. For example, $100 in a mutual fund or 5% of pay every payday in an employer retirement savings plan. Consumer Price Index (CPI) – The Consumer Price Index (CPI) is a measure of inflation used by the U.S.

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HR Digest

SEPTEMBER 16, 2023

Health benefits for employees are proving to be a huge investment for employers , with total health benefit cost per employee expected to rise 5.4% Mercer’s 2022 report indicated that health benefit cost per employee had gone up by 3.2%, with average cost per employed topping $15,000. on average in 2024.

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Health and Welfare Employment Healthcare Pharmaceutical 85

Patriot Software

AUGUST 29, 2022

This article has been updated to include 2022 tax information. As an employer, you must stay on top of your payroll responsibilities, including federal, state, and local taxes and deductions. If you are an employer with employees who work in Washington state, you need to know about the Washington paid family leave program.

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