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Administered by the International Foundation of Employee Benefit Plans (IFEBP) and Dalhousie University, this program provides a comprehensive education on employee benefits, retirement plans, and health benefits. Flexible learning format with self-paced courses. Offers coursework from top financial experts and industry veterans.
Participating in a health savings account (HSA) or flexiblespendingaccount (FSA) is a great way to save money. Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. It is not legal or tax advice.
Keep in mind that the ritual of choosing a benefits package is a brand-new experience for people who are new to the workforce, and you should prepare to educate new employees on how to effectively choose and use their new coverages, as well as all the details like premiums, deductibles and out-of-pocket expenses. Continuing education.
An informative blog , educational videos and savings and goal calculators make it easy for you to determine your plan elections. That’s essentially what you’re doing when your employer offers to contribute or match your contributions to a benefits plan or 401(k) and you’re not taking advantage.
In fact, staying on top of your health savings account (HSA) , flexiblespendingaccount (FSA) , or any other plan you signed up for throughout the year can pay off for you. Your balance rolls over from year to year, and the account stays with you even if you change jobs. How do you do this?
“Health savings accounts are booming in popularity, with total assets eclipsing $123 billion in 2023 – nearly triple from just five years earlier – and yet they’re still widely misunderstood,” said Robert Deshaies, Chief Operating Officer of Benefits at WEX. The information in this post is for educational purposes only.
Together, these combined announcements by the IRS detail 2023 adjusted limits to the amounts employees can tuck away pretax into FlexibleSpendingAccounts (FSAs), Health Savings Accounts (HSAs), transportation benefits, and retirement plans such as 401(k)s. Educating Employees On The Changes.
Participating in a health savings account (HSA) or flexiblespendingaccount (FSA) is a great way to save money. Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. It is not legal or tax advice.
Matching 401(k) contributions 2. Health care flexiblespendingaccounts 3. Offers like a 401(k) or 403(b) can work as this means that people can use some of their money before they pay taxes on it, and invest in the future. Education Assistance Education assistance helps you learn more.
Together, these combined announcements by the IRS detail 2022 adjusted limits to the amounts employees can tuck away pretax into FlexibleSpendingAccounts (FSAs), Health Savings Accounts (HSAs), transportation benefits, and retirement plans such as 401(k)s. Educating Employees On The Changes.
An informative blog , educational videos and savings and goal calculators make it easy for you to determine your plan elections. That’s essentially what you’re doing when your employer offers to contribute or match your contributions to a benefits plan or 401(k) and you’re not taking advantage.
In fact, staying on top of your health savings account (HSA) , flexiblespendingaccount (FSA) , or any other plan you signed up for throughout the year can pay off for you. Your balance rolls over from year to year, and the account stays with you even if you change jobs. How do you do this?
This alone can help ease some of your employees’ money concerns because they will have the opportunity to get things like medical insurance, disability, flexiblespendingaccounts, retirement plans and more. Make a 401(k) plan available to them. Promote the money-saving value of a flexiblespendingaccount.
Now that you’ve explained (again) how insurance works, you get to begin the real work of teaching employees the difference between FlexibleSpendingAccounts (FSAs) and Health Savings Accounts (HSAs). Frankly, most employers don’t have the time or capacity to provide a full-blown education to employees.
As a co-employer, the PEO is able to offer a wide variety of benefits to your employees through PEO-sponsored benefit plans, such as medical, dental and vision coverage, a healthcare flexiblespendingaccount, and life and disability benefits. HR compliance. Employment law is complex and ever-changing.
From flexiblespendingaccounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. Know Your Pre-Tax Benefit Options Flexiblespendingaccounts (FSAs): An FSA allows you to set aside pre-tax dollars for eligible healthcare expenses.
Benefits: This category encompasses a wide range of benefits, such as: Health insurance (medical, dental, vision) Retirement plans (401(k), pension) Life insurance Disability insurance Paid time off (vacation, sick leave, personal days) Flexiblespendingaccounts (FSA) Employee assistance programs (EAP) Perks: These are additional non-monetary benefits (..)
Educate employees on how to use these funds for current and future healthcare expenses. Health savings accounts can be a good deal for employees. But there’s a great chance that if you offer a high deductible health plan with an HSA, your employees aren’t crystal clear on the benefits of the health savings account. As Seen In.
They can range from health insurance coverage to retirement plans, flexiblespendingaccounts, transportation benefits, education assistance, and more. This allows them to allocate more funds toward their financial goals, whether it be saving for retirement, paying for education, or meeting daily expenses.
Start by educating yourself on the basics. HSA is the acronym for health savings account; FSA is the acronym for flexiblespendingaccount. An easy, basic way to distinguish what each account is intended for is by focusing on what the letter “S” represents in each: savings and spending.
In a 401(k) plan, the most common type of retirement plan, employees can save up to a certain amount set by the U.S. Flexiblespendingaccounts (FSAs) and health savings accounts (HSAs) HSAs and FSAs can help employees better prepare for medical expenses and, in the case of HSAs, even help employees enhance their retirement savings.
Different health plan types come with both advantages and disadvantages, including differences in cost, risk and employee involvement/education. For example, employers can offer a flexiblespendingaccount, heath reimbursement arrangement, or health savings account along with a high-deductible health plan to help with out-of-pocket costs.
Many organizations now provide educational programs on financial literacy. This could include educational workshops on budgeting and investing, employer contributions to retirement savings or partnerships with financial wellness platforms. Older workers will be looking for robust health coverage and flexible retirement plans.
Basic Benefit Packages are No Longer Competitive Not long ago, a more competitive benefits package might have included health insurance and a 401(k) plan , plus dental and vision insurance. These employers are developing innovative new benefits to help their workers start, nurture, educate, support and grow their families.
Briefly mention attractive benefits, like: FlexiblespendingaccountsEducational assistance Insurance coverage 401(k) plan Paid time off Flexible work hours Work-from-home options Ensure that the candidate understands the benefits to simplify the onboarding process for them.
5 Source Features Health, dental, and vision insurance Life and disability insurance 401(k) retirement plans Health savings accountsFlexiblespendingaccounts Workers’ compensation insurance Commuter benefits, gym memberships, and mental health assistance.
Retirement Plans: Such as 401(k) plans with employer matching contributions Retirement plans, especially 401(k) plans with employer matching contributions, are paramount among employee perks in the United States. A 401(k) is a tax-advantaged retirement savings program provided by employers. How to offer?
Other options such as flexiblespendingaccounts (FSA), health reimbursement accounts (HRA) and health savings accounts (HSA) can also help employees manage the financial costs of medical care. These include: Health insurance and related services : These are the bread and butter of contemporary benefits.
Some of the most common pre-tax benefits include: Health savings accounts (HSAs) Flexiblespendingaccounts (FSAs) Commuter benefits Dependent care FSAs Retirement plan contributions (401(k)) Each of these benefits provides unique tax advantages that can make a big difference at tax time.
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