Money Talk

AUGUST 3, 2022

Consider Tax-Saving Gifts - Only about 10% of taxpayers today can itemize deductions and it generally requires a plan to aggregate sufficient deductible expenses that exceed the standard deduction amount ($12,950 for singles and $25,900 for married couples filing jointly).

Taxes 189

Taxes 401(k) Flexible Spending Account Deductible 189

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.

401(k) 189

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

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.

Health Savings Account 81

Health Savings Account Health Insurance Deductible Deductions 81

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. The insurance-review website found that 54% of U.S.

401(k) 98

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. The insurance-review website found that 54% of U.S.

401(k) 96

401(k) Deductible Deductions Health Savings Account 96

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. HDHPs feature higher deductibles and more out-of-pocket expenses in exchange for lower premiums upfront. While the number of U.S.

Voluntary Benefits 97

Voluntary Benefits Flexible Spending Account Deductible Deductions 97

Money Talk

AUGUST 16, 2023

of Americans age 65+ were working in 2022. Tax Withholding Accuracy - With multiple income sources, accurate withholding is a must via payroll deduction, quarterly payments, and the safe harbor rules for under withholding. After declining in early years of the pandemic, the percentage of older adults in the labor force is increasing.

Taxes 130

Taxes Pension Deductible Deductions 130

InterWest Insurance Services

JANUARY 5, 2023

Despite group health insurance costs expected to rise 5.4% With Americans increasingly struggling to pay their health care bills, more employers are shying away from only offering their workers high-deductible health plans (HDHPs) that reduce premiums up front for higher out-of-pocket costs for workers.

Out of Pocket Cost 92

Out of Pocket Cost Employment Health Insurance Deductible 92

InterWest Insurance Services

JUNE 13, 2024

Employer adoption of specialized accounts that they fund to help reimburse employees when they buy health insurance on their own is surging in 2024. Employers fund these accounts with money that employees can use to purchase health insurance, often on Affordable Care Act exchanges. These funds are not taxed.

Health Insurance 98

Health Insurance Insurance Deductible Deductions 98

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).

401(k) 98

401(k) Deductible Deductions Flexible Spending Account 98

InterWest Insurance Services

JULY 18, 2024

Voluntary/Worksite Sales Report” The findings underscore the value that employees place on these benefits, particularly in defraying health care-related costs. According to the report, in 2023: Group term life insurance premiums increased 10% from the 2022 level. Critical illness insurance premiums were up 7%.

Voluntary Benefits 97

Voluntary Benefits Hospitality Health Insurance Deductible 97

InterWest Insurance Services

AUGUST 1, 2023

If you are running a business, you need to get an early start on preparations for your small group health plan open enrollment, particularly now as so much confusion abounds about the state of health insurance in the country. Point of service – A POS health plan is a mix between an HMO and a PPO-style health insurance policy.

Family and Medical Leave Act 98

Family and Medical Leave Act Out of Pocket Cost Deductible Deductions 98

InterWest Insurance Services

AUGUST 22, 2023

If you are running a business, you need to get an early start on preparations for your small group health plan open enrollment, particularly now as so much confusion abounds about the state of health insurance in the country. Point of service – A POS health plan is a mix between an HMO and a PPO-style health insurance policy.

Family and Medical Leave Act 98

Family and Medical Leave Act Out of Pocket Cost Deductible Deductions 98

InterWest Insurance Services

JUNE 22, 2023

The changes mean some or many of your employees will see significant reductions in their pharmaceutical outlays, particularly if they have high copays or deductibles. The moves come after the Inflation Reduction Act, signed into law in 2022, capped out-of-pocket insulin costs for seniors on Medicare at $35 per month.

Insurance 95

Insurance Out of Pocket Cost Pharmaceutical Deductible 95

Griffin Benefits

JULY 5, 2023

In fact, after raising the prices of more than 1,400 prescription drugs in 2022, pharmaceutical companies started 2023 off with a 5% increase for more than 450 medications. One solution means looking inward: transitioning from the fully funded model of healthcare benefits to self-funded health plans featuring stop-loss insurance.

Health Insurance 52

Health Insurance Insurance Pharmaceutical Healthcare 52

InterWest Insurance Services

MAY 9, 2022

Under an executive order issued by President Biden, employees in a group health plan are eligible to receive COVID-19 at-home test kits with no cost-sharing, copay, coinsurance or deductible. Additionally, most health plans are also covering tests performed at hospitals, clinics and pharmacies.

Out of Pocket Cost 98

Out of Pocket Cost Health Insurance Insurance Carriers Hospitality 98

InterWest Insurance Services

AUGUST 31, 2023

A new report by Aon warns employers to expect average group health insurance costs to increase 8.5% increases employers saw in 2022 and 2023. The cost drivers There are a few reasons rates are climbing: Health care inflation — This is the main culprit behind the expected rate hikes. The cost hike is almost double the 4.5%

Pharmaceutical 98

Pharmaceutical Hospitality Health Insurance Medical 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. The most recent poll by Gallup found that 38% of those surveyed said they or a family member had delayed care in 2022 due to high costs.

Out of Pocket Cost 98

Out of Pocket Cost 401(k) Deductible Deductions 98

InterWest Insurance Services

DECEMBER 14, 2021

Employers looking for ways to decrease their group health insurance outlays over the past decade have been turning to high-deductible health plans as they offer lower up-front premiums. It means getting the deductible amounts right and educating them on how to best use these plans. Too-high deductibles.

Deductible 97

Deductible Deductions Health Savings Account Medical 97

Higginbotham

JANUARY 27, 2023

Although some small business owners may feel overwhelmed by the prospect of offering health insurance and other benefits, the many advantages can make the effort worthwhile. ALEs are subject to certain health care reporting requirements. However, many small employers decide to offer health insurance anyway.

Health Insurance 52

Health Insurance Insurance Benefits Package Out of Pocket Cost 52

InterWest Insurance Services

DECEMBER 26, 2024

from 2023, but still about 20% higher than it was in 2022. Most commercial health plans and Medicare pay about $290 for Ozempic and $649 for Wegovy, according to an anti-obesity medication cost report prepared by the Department of Health and Human Services. The full list price for Ozempic was $969 in the fall, down 9.7%

Employment 98

Employment Pharmaceutical Medical Health Insurance 98

cipHR

NOVEMBER 15, 2021

However, if they have any other form of income, get benefits-in-kind from their employer (health insurance, life insurance or a company vehicle etc) or claim tax relief for any other reason, it will affect this tax code. This means people can earn £12,500 tax-free, and only start paying tax on income over that amount.

Pension 98

Pension Gross Pay Payroll Deductible 98

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). For plan years ending in 2022, the PCORI fees are due by July 31, 2023. 31, 2022). February 2022 July 31, 2023 $2.79

Deductible 52

Deductible Deductions Health Insurance Taxes 52

Higginbotham

MARCH 28, 2023

A better option than reducing benefits is to learn how to manage employer health care costs. Health Insurance Costs Keep Rising Employers spend significant sums of money on employee health care – and the costs keep rising. per hour in September 2022. Health insurance alone accounts for 7.8

Health Insurance 52

Health Insurance Employment Management Out of Pocket Cost 52

WEX Inc.

JULY 24, 2023

Meanwhile, HSAs are booming in popularity, with total assets eclipsing $104 billion in 2022. That means we have roughly 30% that are taking on more deductible risk without getting the offsetting benefits that an HSA affords.” That’s nearly double from four years earlier. Will HSAs ever fall under ERISA jurisdiction? Yes,” Cook said.

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

Higginbotham

NOVEMBER 28, 2022

To contribute to an HSA, you must enroll in a high-deductible health plan. If you switch to a different type of health plan, you can keep your HSA and continue to use the funds, but you cannot make any more HSA contributions. Certain other health care-related expenses may also qualify. What are qualified medical expenses?

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductible Deductions 52

Insperity

MARCH 12, 2024

Health insurance Health insurance aims to assist employees with the costs of obtaining medical care. Optional dental and vision care are usually offered alongside health insurance for an added fee.) In fact, you may be required by law to provide some of these benefits to employees.

Family and Medical Leave Act 59

Family and Medical Leave Act Employee Benefits PTO 401(k) 59

Higginbotham

MARCH 17, 2022

Transparency in Health Coverage. As we discussed in our CAA webinar last July and our January compliance update, new transparency in coverage requirements apply to group health plans and health insurers in the individual and group markets. 1, 2022 (though extended to July 1, 2022, as mentioned below).

Health Insurance 52

Health Insurance Out of Pocket Cost Insurance Health Savings Account 52

Fringe Benefit Analysts

JANUARY 25, 2021

Some of the changes are effective now , and some will become effective in 2022 and 2023. The Act will also oversee an audit process, resolution process, help determine rates , require a price comparison tool, and increase transparency for deductibles and out of pocket limitations on your plan. . · Energy Provisions. . And more…. .

Family and Medical Leave Act 40

Family and Medical Leave Act Paid Leave Health Insurance Insurance Carriers 40

Benefit Resource Inc.

JANUARY 3, 2022

Even with health insurance, labor and delivery can cost around $5,000, and without insurance, it can be upwards of $40,000. Switch to a high-deductible health plan. The IRS announced 2022 contribution limits, which are $3,650 for an individual and $7,300 for a family. Let’s Start from the Beginning.

Taxes 72

Taxes 401(k) Out of Pocket Cost Health Savings Account 72

Higginbotham

NOVEMBER 2, 2022

The following commonly offered employee benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs); Health flexible spending accounts (FSAs); 401(k) plans; and. 19, the employer should ensure that it uses the newer version, which is instead marked as “Revised 10/20/2022.”

401(k) 52

401(k) Flexible Spending Account Health Savings Account Flexible Spending 52

HR Professionals Magazine

MAY 4, 2023

A 2022 Harris poll found that 72% of employees said “they wish someone would tell them what the best health insurance for their unique situation is.” Decision Support Think your employees aren’t interested in decision support? Think again.

Technology 52

Technology Utilities Payroll Deductible 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. According to Investopedia , the maximum benefit in 2022 is $1,800. They have to pay a deductible.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductible 52

McNees

JANUARY 19, 2021

Extension of Grace Periods : The Act permits plans to extend the grace period for a plan year ending in 2020 or 2021 to 12 months after the end of such plan year, with respect to unused benefits or contributions remaining in a health flexible spending arrangement or a dependent care flexible spending arrangement.

Employee Benefits 40

Employee Benefits Flexible Spending Health Insurance Pension 40

Business Management Daily

JULY 8, 2021

The IRS, the Department of Labor, the Office of Personnel Management, and the Department of Health and Human Services have published interim final regulations limiting the circumstances under which group health plans can balance bill employees who go out-of-network. Self-insured group plans must be updated to include these provisions.

Medical 52

Medical Hospitality Deductible Deductions 52

Higginbotham

JULY 7, 2022

Department of Labor (DOL) announced its plans to issue a proposed overtime rule in October 2022. On March 14, 2022, a U.S. 1, 2023, group health plans and health insurance issuers must make an internet-based price comparison tool available to participants, beneficiaries and enrollees. 1 – Dec.

Overtime 52

Overtime Retirement Plan Health Insurance Insurance 52

Health Consultants Group

MAY 1, 2021

The Authority will begin making income replacement benefits payments beginning January 1, 2022. Qualifying circumstances and benefits periods include: A serious personal or family health issue, up to 12 weeks of payments. Beginning January 1, 2021, participating companies begin deducting contributions from their employee’s pay.

Family and Medical Leave Act 52

Family and Medical Leave Act Paid Leave Deductible Deductions 52