Money Talk

JANUARY 4, 2024

Employer Match- This is money contributed to employees’ retirement savings accounts to match what they save. Tax Refund Adjustments - Sometimes people miss a tax credit, deduction, or adjustment and need to file an amended tax return. Best wishes for a healthy, wealthy, and happy 2024.

Life Insurance 176

Life Insurance Pension Benefit Retail Taxes 176

McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Internal Revenue Service recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. Most of the dollar limits that are subject to adjustment for cost-of-living increases will increase for 2024.

Health and Welfare 105

Health and Welfare Employee Benefits Flexible Spending Account Health Savings Account 105

WEX Inc.

MAY 10, 2024

2025 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. These are increases of $150 and $250, respectively, from 2024 HSA limits. These are increases of $150 and $250, respectively, from 2024 HSA limits. What are the 2024 and 2025 HSA contribution limits?

Health Savings Account 105

Health Savings Account Deductible Deductions Taxes 105

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). RMD Inevitability - Required minimum distributions (RMDs) are inevitable if you have a traditional IRA (unless you make qualified charitable distributions), SEP-IRA, or qualified employer retirement plan (i.e., There is no way out.

401(k) 185

401(k) Taxes Retirement Plan Pension 185

InterWest Insurance Services

JULY 13, 2023

Employers who were surveyed for a new report expected that group health insurance premiums would increase 5.4% this year and at a faster clip in 2024 as inflation hits medical costs. With all that in mind, the report advises that employers will have to prepare for higher premium outlays and be creative in how they try to control costs.

Employment 98

Employment Out of Pocket Cost Health Insurance Health Savings Account 98

McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

Employers, many of whom are in the midst of or have already completed open enrollment for […] The post IRS Announces 2024 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG.

Health and Welfare 105

Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 105

InterWest Insurance Services

JUNE 20, 2024

The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. They can put money into their HSA through pre-tax payroll deductions, deposits or transfers. for individual HSA plans. Funds roll over from year to year and can earn interest.

Deductible 97

Deductible Deductions Health Savings Account Medical 97

HR Lineup

MAY 28, 2024

As we step into 2024, the landscape of employee benefits and perks is continuously evolving. Employee perks, also known as employee benefits or fringe benefits, are additional incentives provided by employers to their employees beyond their regular salaries or wages. What are Employee Perks?

Health and Welfare 90

Health and Welfare Retirement Plan Health Insurance Parental Leave 90

WEX Inc.

OCTOBER 22, 2024

The IRS released 2025 contribution limits for medical flexible spending accounts (medical FSAs), commuter benefits , and more as part of Revenue Procedure 2024-40. This amount is the same as what may be excluded from that employee’s gross income for expenses incurred by an employer for qualified adoption expenses under the same program.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Deductible Deductions 98

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.

Out of Pocket Cost 92

Out of Pocket Cost Employment Health Insurance Deductible 92

InterWest Insurance Services

DECEMBER 10, 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%

Employment 72

Employment Pharmaceutical Medical Benefits Package 72

HR Lineup

DECEMBER 1, 2023

As we step into 2024, the market is teeming with a variety of options, each vying to be the best solution for handling contractor payroll. In this comprehensive guide, we will delve into the top 10 contractor payroll software options for 2024, exploring their features, benefits, and what sets them apart.

Payroll Software 96

Payroll Software Payroll Software Taxes 96

Employee Benefits

DECEMBER 19, 2023

When it comes to big purchases, such as if a washing machine breaks, discount vouchers are often available through voucher and discount websites, and some people also have access to discount schemes through their employer. Many employers offer payroll-deducted savings schemes for effortless saving.

Finance 104

Finance Banking Pension Insurance 104

HR Lineup

JUNE 9, 2024

Here, we explore the ten best employee database software in 2024, evaluating their features, benefits, and potential drawbacks to help you make an informed decision. This includes personal details such as name, address, and contact information, as well as professional details like job titles, employment history, and qualifications.

Software 96

Software Payroll Human Resources Overtime 96

WEX Inc.

JUNE 20, 2024

In this article we talk you through how to save money using bonus depreciation for vehicles you purchased in 2024 for your small or large business fleet. Tax deductions if you have a fleet of commercial vehicles Are you a small or large business owner with commercial vehicles, or a fleet manager?

Bonuses 98

Bonuses Taxes Deductible Deductions 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

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.

Voluntary Benefits 97

Voluntary Benefits Flexible Spending Account Deductible Deductions 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).

401(k) 98

401(k) Deductible Deductions Flexible Spending Account 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! 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.

Deductible 52

Deductible Deductions Family and Medical Leave Act Health and Welfare 52

Higginbotham

SEPTEMBER 16, 2024

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. Offering a high-deductible health plan as part of an employee benefits package, therefore, may be a strategic option for your organization.

Deductible 52

Deductible Deductions Health Savings Account Health Insurance 52

McDermott Will & Emery Employee Benefits

JULY 5, 2023

Act requires participants who earned more than $145,000 in FICA wages in the prior year from their current employer to make all catch-up contributions on a Roth basis beginning in 2024. The SECURE 2.0 Payroll Challenges Plague Roth Catch-Up Contribution Implementation appeared first on EMPLOYEE BENEFITS BLOG.

Payroll 98

Payroll Deductible Deductions Employee Benefits 98

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% on average in 2024. What Are Employers Doing to Manage Rising Healthcare Costs? 28 percent of large employers now have navigation services established in preparation for 2024.

Health and Welfare 85

Health and Welfare Employment Healthcare Pharmaceutical 85

InterWest Insurance Services

MARCH 7, 2024

Usually, these accounts are funded with pre-tax deductions from your employees’ paychecks, but if they didn’t max out their contributions last year, they still can do so up until the tax-filing deadline. Under IRS rules, for 2023 employers and employees can contribute a combined $3,850 for single employees and $7,750 for families.

401(k) 98

401(k) Health Savings Account Pharmaceutical Deductible 98

Employee Benefits

JANUARY 18, 2024

Our research found that almost half of UK employees say they’re likely to look for a new role in 2024. That’s why SmartPay, our cost-neutral salary deduction scheme, is the employee benefit your people and business need in 2024. It’s hardly surprising that financial health is a 2024 priority for so many in the UK.

Employee Benefits 52

Employee Benefits Deductible Deductions Salary 52

InterWest Insurance Services

AUGUST 1, 2023

With recent new regulations, options have changed for employers and you need to stay focused on maximizing your outcomes within your budget. Besides the above, you will also need to decide if you want to reduce the premium for your organization and staff by offering high-deductible health plans.

Family and Medical Leave Act 98

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

InterWest Insurance Services

AUGUST 22, 2023

With recent new regulations, options have changed for employers and you need to stay focused on maximizing your outcomes within your budget. Besides the above, you will also need to decide if you want to reduce the premium for your organization and staff by offering high-deductible health plans.

Family and Medical Leave Act 98

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

WEX Inc.

MAY 2, 2024

For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. Health reimbursement arrangement An HRA is an employer-funded benefits plan that employees use to save pre-tax dollars on medical costs. In an HSA, in 2024, a single has a limit of $4,150 and family $8,300. Investment potential.

Health Savings Account 98

Health Savings Account 401(k) Flexible Spending Account Taxes 98

InterWest Insurance Services

JUNE 22, 2023

That includes those on employer-sponsored group health plans and plans purchased on a government-run exchange. 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. million people — or 28.5% Out of that population, 8.4

Insurance 95

Insurance Out of Pocket Cost Pharmaceutical Deductible 95

InterWest Insurance Services

AUGUST 31, 2023

A new report by Aon warns employers to expect average group health insurance costs to increase 8.5% in 2024, as inflation starts hitting the cost of delivering care as well as pharmaceuticals. The report predicts that employers will pay an average of $15,088 in 2024, compared to the average this year of $13,906.

Pharmaceutical 98

Pharmaceutical Hospitality Health Insurance Medical 98

cipHR

MARCH 14, 2024

So why don’t we save you some time by giving you the lowdown on the legislative and regulatory changes for the 2024/25 tax year? Payroll changes 2024/25: what you need to know We’ve got the roundup of payroll changes 2023/24 – from tax thresholds to company car rates – in our guide below.

Payroll 52

Payroll Parental Leave Taxes Deductible 52

InterWest Insurance Services

DECEMBER 7, 2023

The IRS recently announced that the annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, up $150 from this year. Also, employees will be able to carry over up to $640 next year into 2025 if they have funds left over in their account, if their employer allows it (it’s optional).

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 98

Benefit Resource Inc.

JANUARY 4, 2023

The 2023 spending bill signed into law on December 29th includes extending pre-deductible telehealth services coverage. This is excellent news for employers and HR professionals who want to provide employees with access to affordable healthcare services. But what does this extension mean, and how can employers take advantage of it?

Deductible 40

Deductible Deductions Out of Pocket Cost Healthcare 40

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! 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.

Deductible 40

Deductible Deductions Family and Medical Leave Act Health and Welfare 40

Employee Benefits

MAY 3, 2023

The Employment (Allocation of Tips) Bill, or Tipping Bill, has received royal consent and passed into law, making the withholding of tips from staff illegal. The government predicted that this would protect more than two million employees, as well as allowing them to view an employer’s tipping record.

Hospitality 105

Hospitality Government Deductible Deductions 105

Insperity

OCTOBER 10, 2023

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 employer-sponsored 401(k) plans. Act also allows employers to offer many optional financial benefits to their employees.

401(k) 113

401(k) Retirement Plan Taxes Benefits Package 113

PeopleStrategy

DECEMBER 12, 2023

Let’s get into these areas that deserve another look before the new year starts: health savings accounts, overtime, retirement, remote employment, and the Affordable Care Act. HSA Compliance Health savings accounts (HSAs) have become commonplace in the last several years as a way to offset high deductible health plans.

401(k) 52

401(k) Overtime Health Savings Account Retirement Plan 52

Employee Benefits

FEBRUARY 26, 2024

Employee retention is an ongoing theme for employers and HR professionals, and for good reason. We interviewed over 1,000 UK employees and found that almost half would be looking for a new role in 2024. Answer just three questions, and we’ll reveal your employer turnover risk. Are you at high risk of high employee turnover?

Employee Retention 111

Employee Retention Bonuses Recruitment Taxes 111