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In the first post of this year’s open enrollment series, we break down some of the common feedback we received from those who said their benefits options were lacking so you can build the best benefitspackage going into your open enrollment. However, not all employees are offered these benefits.
We’ve put together an Open Enrollment timeline in hopes of making the rest of your year just a little less stressful. A solid employeebenefitspackage is crucial for recruiting and retention and has become even more important in the current market — Open Enrollment plays a big part in that.
Open enrollment is underway for many companies right now and one benefits offering that may be on the menu this year is an FSA. Employers are constantly looking for ways to remain competitive in their benefits offerings, and an FSA is a great add-on to your benefitspackage. Healthcare FSA.
Both the employee and the employer may contribute, but funds expire if they are not used within a certain period of time. The TaxBenefits of Health Reimbursement Arrangements. Employees generally do not pay taxes on health reimbursement arrangement funds used on eligible health care expenses. Manage enrollment.
Flexible spending 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. The patient does not have to be the employee. Health care provider’s name. Dependent care FSA receipt requirements.
Under the Sustainable DC Act of 2014, employers with more than 20 employees (including full and part-time employees) will be required to provide one of three commuter benefit options, including: Employee-paid pre-taxbenefit. Employer-paid direct benefit. Provide documentation of commuter benefits.
Offering a high-deductible health plan as part of an employeebenefitspackage, therefore, may be a strategic option for your organization. By opting for a higher deductible, employees can secure lower monthly premiums. Employers, employees or both can contribute funds to an HSA in the same year.
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