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These credentials cover a broad range of HR topics, including employee benefits. Key Benefits: Provides a holistic understanding of HR, with an emphasis on employee benefits and total rewards. Best For: HR professionals, benefits administrators, and insurance agents who handle health insurance plans.
And did you know that a variety of fertility and infertility treatments are eligible for health savings account (HSA) and medical flexiblespending account (FSA) funds? What are fertility benefits? Fertility benefitsprovide support and financial assistance to individuals or couples seeking fertility treatments or services.
Employees will rely on you to explain options, resolve confusion, and provide guidance. Consider preparing an FAQ document and attending any training sessions offered by your benefitsproviders. Host benefits education sessions Many employees may not fully understand the value of their benefits.
By understanding the unique needs of employees and the culture of the company, PES Benefits can design tailored benefit packages that cater to both individual preferences and the broader objectives of the business. PES Benefits differentiates itself through its emphasis on technology-driven solutions and streamlined administration.
And did you know that a variety of fertility and infertility treatments are eligible for health savings account (HSA) and medical flexiblespending account (FSA) funds? What are fertility benefits? Fertility benefitsprovide support and financial assistance to individuals or couples seeking fertility treatments or services.
It’s about what a health savings account or a flexiblespending account can do for them." Increase communication One main reason why employees don’t understand their benefits is a lack of communication from their employers. “I think it’s really important to tie it back to things that are meaningful to [employees]….their
The mandatory benefits form the foundation of all employee benefit packages. Health insurance Those benefitsprovide a baseline of employee expectations. Besides these core benefits, there are many perks and fringe benefits a company can offer to round out the benefits package. Child care benefits 6.
The limit for dependent care flexiblespending accounts has been stuck at $5,000 since the account’s inception in the 1980s. But a new bill from Congress passed last week and is changing that. The American Rescue Plan Act of 2021 has affected both continuation coverage and the limit for dependent care FSAs.
That’s why employers should be offering medical and health-related benefits. A Medical FlexibleSpending Account (Medical FSA), Health Savings Account (HSA), or Health Reimbursement Account (HRA) are great places to start. It’s much easier to get the job done when you’re feeling good.
Although most companies choose this option, it may be a costly decision, since employees will receive an extra paycheck, along with extra taxes withheld and extra benefitsprovided. No federal or state agency requires you to adjust employees’ pay for the extra pay period. Figure pay based on 52.143 weekly pay periods or 26.07
FSA benefit plans: Flexiblespending accounts also allow employees to set aside pre-tax dollars to cover qualified healthcare or dependent care expenses. If you notice a problem, reach out to employees to get them corrected prior to sending the forms over to the benefitsproviders.
The technical definition is: when the value of a service or benefit, provided by employers to employees, must be treated as income. Your employer provided a benefit (aka: allowed you to set aside funds pre-tax). Let’s start by covering what it is. Then we’ll go over why it happens and how to prevent it.
The Consolidated Omnibus Budget Reconciliation Act (COBRA) protects workers who lose their health benefits. Since 1985, COBRA, has given workers (and their families) the right to choose to continue health benefitsprovided by their group health plan for limited periods of time.
Contact your benefitsprovider to see if blue light glasses qualify as an eligible expense for your HSA of FSA account. Blue light glasses reduce eye strain and block harmful light that emits from digital screens. You will notice that after wearing them your eyes may not feel or look as tired as they normally do.
The first step to getting employees to “swipe right” on your benefits is for them understand what they are looking for in a benefits package. Some people might want benefits that can be used to support children, like a General or Limited FlexibleSpending Account (FSA) or a Dependent Care FSA.
As a leading pre-tax benefitsprovider, Benefit Resource (BRI) has actively participated in various events to showcase our innovative solutions and expand our network. We recently attended several industry gatherings and plan to attend more in the near future.
Flexiblespending accounts (FSAs) are employer-established accounts that allow you to put aside pre-tax dollars from your paycheck into a special account to be used for eligible health or dependent care expenses. How to spend FSA funds.
Angrily, you step aside and call your benefitsprovider to give them a piece of your mind. Is this benefitsprovider trying to rip you off and take all of your money by not allowing you to purchase anything with your pre-tax health dollars? When you get to the register, your card doesn’t seem to want to swipe.
In honor of National Employee Benefits Day, here are some of the often overlooked benefit options employers can use to “sweeten the pot” to attract new talent and retain existing talent. These eight benefitsprovide an opportunity for over $30,000 of increased value to employees each year.*
In 2019, BCBS Massachusetts achieved the highest score for coverage and benefits, provider choice, information and communication, and billing and payment. Other awards include: Best insurance provider in Worcester Business Journal’s Best of Business awards voting (2019). FlexibleSpending Programs. 401(k) Options.
How much of an employee’s salary is made up of benefits. Common Employee Benefits. Tax-preferred plans: Health flexiblespending accounts, health savings accounts, health reimbursement accounts, transportation accounts, and more. Insurance types: Medical, dental, vision, disability, and life insurance plans.
5 Source Features Health, dental, and vision insurance Life and disability insurance 401(k) retirement plans Health savings accounts Flexiblespending accounts Workers’ compensation insurance Commuter benefits, gym memberships, and mental health assistance.
For example, some employers are adopting health plans that cover, or at least provide some reimbursement for, reproductive health. Add health savings accounts and flexiblespending accounts. Provide coverage for mental health care services. Evaluate opportunities to lower employees’ out-of-pocket burdens.
These benefitsprovide employees with access to essential medical services. These policies reflect their commitment to providing compassionate support during the journey to parenthood. FlexibleSpending Accounts (FSAs): Pre-tax accounts for healthcare and dependent care expenses In the dynamic work landscape of the U.S.,
Some of the most common pre-tax benefits include: Health savings accounts (HSAs) Flexiblespending accounts (FSAs) Commuter benefits Dependent care FSAs Retirement plan contributions (401(k)) Each of these benefitsprovides unique tax advantages that can make a big difference at tax time.
Offering benefits that ease financial burdens strengthens employee loyalty. FlexibleSpending Accounts (FSAs) & Health Savings Accounts (HSAs/HRAs): Smart Tax-Saving Tools These accounts help employees set aside pre-tax money for healthcare expenses, reducing their financial burden.
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