InterWest Insurance Services

JULY 18, 2024

Sales of voluntary group benefits grew at a record pace in 2023 as more employers expand their offerings and demand continues booming as employees seek out benefits that can defray costs, according to new research. According to the report, in 2023: Group term life insurance premiums increased 10% from the 2022 level.

Voluntary Benefits 97

Voluntary Benefits Hospitality Health Insurance Insurance 97

Money Talk

AUGUST 16, 2023

Social Security Earnings Limit- Those who claim Social Security before full retirement age will have their benefits reduced $1 for every $2 they earn over $21,240 (2023 limit). Medicare Premium Tax Write-Off - Self-employed people age 65+ who are enrolled in Medicare Part B and D can deduct their monthly premiums against business income.

Taxes 130

Taxes Pension Deductible Deductions 130

Higginbotham

SEPTEMBER 16, 2024

Are you offering your employees health insurance options that work for their budgets? While not ideal for everyone, a high-deductible health plan can be very appealing to some workers, especially when it’s paired with a health savings account.

Deductible 52

Deductible Deductions Health Savings Account Health Insurance 52

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. 7,750 for family coverage (up $450).

401(k) 98

401(k) Deductible Deductions Flexible Spending Account 98

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 2, 2023

A new study’s findings that many workers have a poor understanding of their employer-sponsored health insurance benefits, presents an opportunity for businesses to extend targeted support to staff during open enrollment. The study authors recommend a return-to-basics approach during open enrollment for these workers.

Health Insurance 98

Health Insurance Deductible Deductions Insurance 98

PeopleKeep

AUGUST 10, 2022

In addition to health insurance, employees increasingly want benefits that enhance their mental and behavioral health , improve satisfaction, and support work-life balance. This article outlines five key strategies for preparing for open enrollment season and effectively showcasing your employee benefits package.

Benefits Package 98

Benefits Package Health Insurance Insurance Employee Benefits 98

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

DECEMBER 26, 2024

That’s compared with 41% in 2023. Weight-loss drugs are covered by 64% of employers with more than 20,000 employees, up from 56% in 2023. These drugs, known as GLP-1s, are contributing to a significant spike in pharmaceutical costs and adding to overall health care outlays. The list price for Wegovy was $1,349, down 2.5%

Employment 98

Employment Pharmaceutical Medical Health Insurance 98

InterWest Insurance Services

JULY 25, 2024

The 2023 “Aflac WorkForces Report” found that while 51% of employees have a solid understanding of their total annual cost for health care coverage and care, just 39% have a full understanding of their health insurance policy.

Deductible 98

Deductible Deductions Voluntary Benefits Medical 98

Higginbotham

NOVEMBER 12, 2024

is $327 as of August 2023. Households in 2023 report found that 37 percent of adults would be unable to cover an unexpected expense of $400 without borrowing or selling assets. News & World Report , most law firms charge by the hour, and the average hourly rate in the U.S. The Federal Reserve Board’s Economic Well-Being of U.S.

Voluntary Benefits 52

Voluntary Benefits Insurance Health Insurance Benefits Package 52

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

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

MAY 18, 2023

A new study has found that people enrolled in traditional PPOs and HMOs are more satisfied with their plans than those who are enrolled in high-deductible health plans. The sticker shock that comes with paying for those deductibles is likely partly responsible for those feelings. For a family account, you can save up to $7,750.

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Deductible Deductions 98

HR Professionals Magazine

JUNE 28, 2023

But ultimately, whatever plan you choose is confined to this thing we call the current health insurance model. Let’s briefly explore the key factors contributing to the harsh realities of the current health insurance system. But our health and our family’s peace of mind is worth it. Here’s why.

Health Insurance 52

Health Insurance Insurance Healthcare Medical 52

InterWest Insurance Services

JUNE 22, 2023

market, in March 2023 announced that they will cap the cost of insulin for people with private insurance plans. That includes those on employer-sponsored group health plans and plans purchased on a government-run exchange. Three drugmakers, which account for roughly 90% of the insulin in the U.S. million people — or 28.5%

Insurance 95

Insurance Out of Pocket Cost Pharmaceutical Deductible 95

InterWest Insurance Services

JANUARY 18, 2024

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. Providers in an insurer’s network may charge vastly different rates for the same procedure.

Out of Pocket Cost 83

Out of Pocket Cost Deductible Deductions Voluntary Benefits 83

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. 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

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. In 2023, the maximum an employee can carry over is $610. If they have more than that at the end of the year, the rest goes back to you.

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Medical Health Insurance 98

InterWest Insurance Services

FEBRUARY 8, 2024

As health insurance and health care costs continue climbing, some employers are taking new and innovative steps to tamp down costs for themselves and their covered employees while not sacrificing the quality of care they receive. in 2023, according to the Mercer “National Survey of Employer-Sponsored Health Plans.”

Pharmaceutical 95

Pharmaceutical Management Insurance Commissions 95

Empuls

AUGUST 27, 2024

A Glassdoor 2023 survey found that, based on the sentiment of over 1,100 U.S. Health insurance Arguably, this is the most important prerequisite of a good benefits package. This would include comprehensive health insurance that covers doctor visits, stays at the hospital, the cost of prescription drugs, and preventive care.

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits 401(k) Benefits Package 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). For plan years ending in 2022, the PCORI fees are due by July 31, 2023. 1, 2023 technically ended on Dec.

Deductible 52

Deductible Deductions Health Insurance Taxes 52

WEX Inc.

JULY 24, 2023

That means we have roughly 30% that are taking on more deductible risk without getting the offsetting benefits that an HSA affords.” Can small employers who do not offer health insurance to their employees still create/contribute to an HSA for their employees? It was most recently updated in July 2023. 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. CMS says the contribution limit in 2023 is $3,850 for self-only coverage and $7,750 for family coverage.

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.) per hour, per employee, to provide health insurance to their workforce (as of December 2023).

Family and Medical Leave Act 59

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

CorpStrat

FEBRUARY 22, 2023

People are already struggling to pay for the insurance premiums but on top of that, they’re afraid deductibles, prescriptions, and co-insurance might push them into the red. In 2023, having some money set aside to cover these out-of-pocket costs is critical for most employees. It’s no wonder that they’re struggling.

Flexible Spending Account 52

Flexible Spending Account Out of Pocket Cost Flexible Spending Deductible 52

Genesis HR Solutions

MAY 23, 2023

As our team’s senior HR business partner, I’ve noticed several new and interesting hiring trends in 2023 in addition to some of the standard practices of the past. Hiring Trends In 2023 Below, I present hiring trends across various categories to help you formulate a comprehensive approach that works best for you. up from 8.6%

Insurance 40

Insurance PTO Human Resources Flexible Spending 40

Higginbotham

APRIL 30, 2024

According to the International Foundation of Employee Benefits Plans (IFEBP) , employers project a seven percent increase in health insurance costs for 2024. With health insurance becoming more expensive, employers may be exploring all their employee benefit options, including self-funded vs. fully-insured vs. level-funded plans.

Insurance 52

Insurance Employee Benefits Health Insurance Medical 52

Higginbotham

DECEMBER 8, 2023

Examples of qualified benefits include group health insurance , adoption assistance, voluntary group insurance such as dental or vision , dependent care assistance, group term life insurance or Health Savings Accounts (HSAs). per hour in June 2023. How much can employers save? According to the U.S.

Deductible 52

Deductible Deductions Taxes Payroll 52

Bayzat

SEPTEMBER 25, 2023

Last Updated on September 25, 2023 by Farhan The relationship between an employer and employee is one of the most important. It is up to the employer to consent and deduct from the employee’s annual leave. Health insurance The law states that employers must offer their employees a minimum level of healthcare coverage.

Parental Leave 40

Parental Leave Salary Banking Government 40

Higginbotham

NOVEMBER 2, 2022

Employee Benefit Plan Limits for 2023. 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. Click here to view the plan limits.

401(k) 52

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

Higginbotham

AUGUST 15, 2023

31, 2023 On Feb. 23, 2023, the Departments of Labor, Health and Human Services and the Treasury (Departments) issued FAQs on the prohibition of gag clauses under the transparency provisions of the Consolidated Appropriations Act, 2021 (CAA). 31, 2023, covering the period beginning Dec. Effective Dec. Effective Dec.

Health Insurance 52

Health Insurance Insurance Electronics Deductible 52

Empuls

APRIL 28, 2023

These benefits can come in various forms, such as health insurance, retirement plans, paid time off, bonuses, employee discounts, tuition reimbursement, and more. 6 Creative employee benefits ideas for 2023 Here are 6 best employee benefit ideas organizations must definitely consider: 1. An additional deduction of rs.

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits Parental Leave Benefits Package 40

Flimp Communications

SEPTEMBER 25, 2024

As an HR professional, you deal with the consequences of health insurance illiteracy every day: Employees make poor choices based on incomplete knowledge or false assumptions, increasing frustration and driving up costs for your entire organization. Related: Health Insurance Key Terms, Explained. Wishing you good health!

Health Insurance 98

Health Insurance Insurance Health Savings Account Flexible Spending Account 98

HR Professionals Magazine

MARCH 6, 2023

Typically, that would include laws such as the Employee Retirement Income Security Act (ERISA), the Consolidated Omnibus Budget Reconciliation Act (COBRA), the Affordable Care Act (ACA), and the Health Insurance Portability and Accountability Act (HIPAA).

Medical 52

Medical IT Health Savings Account Deductible 52

Bayzat

SEPTEMBER 26, 2023

Last Updated on September 26, 2023 by Farhan Choosing the right solution can impact your organization when it comes to HR software. Bayzat streamlines the entire payroll process, from calculating salaries and deductions to generating payslips and facilitating direct deposits. Bayzat presents some intriguing alternatives.

Payroll 52

Payroll Deductible Deductions Software 52