Business Management Daily

SEPTEMBER 15, 2021

Offering an attractive employee benefits package helps lure top talent and encourages the retention of your best team members. Presenting a good employee benefits package often gives one employer an edge over another, especially in cases where basic salaries are relatively equal. There’s no one-size-fits-all answer.

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InterWest Insurance Services

SEPTEMBER 23, 2024

These plans allow workers to withhold a portion of their pre-tax salary to cover certain medical or childcare expenses. The benefits are free from federal and state income taxes, employees’ taxable income is reduced and that means that employers don’t have to pay FICA on those dollars.

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Flexible Spending Account Benefits Package Deductible Deductions 94

WEX Inc.

SEPTEMBER 7, 2023

Most employees are about to have the opportunity to re-evaluate their benefits options during open enrollment. Flexible spending accounts (FSAs) are a powerful tool for individuals and employers to save money on healthcare and dependent care expenses. It is not legal, financial, or tax advice. Download now!

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WEX Inc.

MAY 24, 2023

“It’s about what a health savings account or a flexible spending 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. It is not legal or tax advice. The information in this blog post is for educational purposes only.

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InterWest Insurance Services

JULY 20, 2022

It always takes more time than usual to onboard new employees — particularly ones who are new to the workforce altogether — to your employee benefits plans. HR teams and managers can reduce this stress by implementing programs to help educate new hires to understand their benefits packages, particularly if you offer a 401(k) plan.

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Genesis HR Solutions

SEPTEMBER 22, 2020

Flexible Spending Account (FSA). According to Healthcare.gov , a Flexible Spending Account (also known as a flexible spending arrangement) is a special account employees put money into that they use to pay for certain out-of-pocket health care costs. The amount you elect must be used in that plan year.

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Business Management Daily

NOVEMBER 15, 2021

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 benefits package. Types of FSA Plans. Healthcare FSA.

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WEX Inc.

JULY 20, 2023

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 benefits package going into your open enrollment. It is not legal, financial, or tax advice.

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Benefit Resource Inc.

MAY 27, 2021

Over the years, dental insurance has been shifting from a semi-rare fringe benefit to a standard component of most benefit packages. Fortunately, there’s another option… Enroll in a Limited Purpose Flexible Spending Account (FSA). Here are some steps to keep those pearly whites shining bright.

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Benefit Resource Inc.

SEPTEMBER 25, 2018

So, you’ve decided to implement a pre-tax benefit plan. But you can streamline the process to implement a pre-tax benefit plan by understanding and answering these five questions. Let’s say you decided to offer a Flexible Spending Account (FSA). 1) What plan(s) will you be offering?

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Higginbotham

JULY 12, 2024

Employers can help their workers by offering dependent care assistance plans as part of their employee benefits package. A dependent care assistance plan or program (DCAP) is a type of employee benefit designed to help workers pay for care for their qualifying dependents. Lifestyle Spending Accounts (LSAs).

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Employee Benefits Flexible Spending Account Benefits Package Flexible Spending 52

Benefit Resource Inc.

MAY 2, 2023

Significant areas of focus are healthcare costs and pre-tax benefits. Offering pre-tax benefits First, if employee benefits aren’t already offered, employers can help alleviate the financial burden of healthcare costs for their employees by providing pre-tax benefits.

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Insperity

FEBRUARY 13, 2018

Start by offering a solid benefits package that includes a great portfolio of health insurance options to choose from. This alone can help ease some of your employees’ money concerns because they will have the opportunity to get things like medical insurance, disability, flexible spending accounts, retirement plans and more.

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Benefit Resource Inc.

NOVEMBER 22, 2022

Here are 5 reasons to give thanks for employee benefits this Thanksgiving. Pre-tax benefits save you money. With a pre-tax benefit, you’re able to deduct the cost of your benefits from your taxes before you calculate what you owe. That means you’ll end up paying less in taxes overall.

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Benefit Resource Inc.

JULY 31, 2023

Amidst the excitement, many may not know that their Flexible Spending Account (FSA) can be a valuable resource for purchasing back-to-school items. An FSA is a pre-tax benefit account offered by many employers as part of their benefits package. What is an FSA? How Does it Apply to Back-to-School Shopping?

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Higginbotham

SEPTEMBER 16, 2024

Offering a high-deductible health plan as part of an employee benefits package, therefore, may be a strategic option for your organization. It can be funded with pre-tax dollars, and withdrawals are not taxed as long as they are used for eligible medical expenses, making it a tax-advantaged way to pay for medical costs.

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Higginbotham

JANUARY 27, 2023

Although it may seem easier to boost wages and forget about employee benefits, due to potential tax breaks, offering health insurance can be a financially sound strategy. A benefits package can also boost your company’s bottom line by supporting a healthy workforce. A SHOP-registered insurance agent can help you enroll.

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Benefit Resource Inc.

OCTOBER 30, 2018

When it comes to pre-tax benefits specifically, we found three areas that are common culprits: Gaps in understanding of pre-tax benefits. Overly complicated benefits material. Minimal integration of pre-tax benefits. Gaps in u nderstanding of pre-tax benefits. What you can do right now.

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Higginbotham

JUNE 14, 2022

Flexible Spending Accounts (FSAs) have emerged as one solution. FSA programs can be a good fit for many employee health benefit programs, but before being able to decide, you may have some questions – for example, how do FSAs work? Flexible Spending Account vs. Health Savings Account.

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Higginbotham

JANUARY 12, 2024

These setups can often provide substantial tax benefits as well. Health accounts can provide advantages to both the employer and the employee, including the following: Flexibility: It’s hard to find employee benefits that fit everyone’s needs. This can reduce the income taxes that employees owe.

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Higginbotham

OCTOBER 13, 2023

According to the Society for Human Resource Management (SHRM), Lifestyle Spending Accounts are more common in Canada, but they’re starting to receive attention in the U.S., especially as employers look at options beyond standard benefits packages to help improve recruitment, retention and turnover. However, there’s a catch.

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Higginbotham

NOVEMBER 28, 2022

It can be funded on a pre-tax basis, and the owner can use the untaxed funds for qualified medical expenses. Unlike Flexible Spending Accounts (FSAs), which are owned by employers, individuals own HSAs. What are the benefits of having an HSA? There are significant tax advantages. Custom Benefits Packages.

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Higginbotham

JULY 12, 2022

HRAs may sound like Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs), but there are key differences. The Tax Benefits of Health Reimbursement Arrangements. Employees generally do not pay taxes on health reimbursement arrangement funds used on eligible health care expenses.

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Benefit Resource Inc.

NOVEMBER 5, 2021

Benefit Resource (BRI) has been simplifying the complexity of benefits for maximum savings and peace of mind for almost 30 years. Employers have come to trust and rely on BRI for their tax-free benefits needs. A little over a year and a half into the pandemic, employee benefits are in the spotlight more than ever.

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Insperity

APRIL 4, 2012

Employers and employees contribute to these accounts using pre-tax dollars. HRAs (Health Reimbursement Accounts): Health reimbursement accounts are funded by employers with tax-free money. When employees need to pay health care costs it is usually as easy as swiping a debit card to access those saved funds.

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Benefit Resource Inc.

SEPTEMBER 28, 2023

With a heightened focus on work-life balance, increased competition for talent, and the proliferation of dispersed workforces, BRI has diversified its offerings to include more robust personalized benefits and pre-tax benefits like Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and commuter benefits.

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Benefit Resource Inc.

MAY 29, 2023

One of the most important decisions you can make as an employer is offering competitive benefits packages that entice and retain top talent. HSAs and FSAs are two popular healthcare savings options that provide individuals with tax advantages when it comes to managing their medical expenses.

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Business Management Daily

DECEMBER 6, 2021

You may already offer a great benefits package, but it never hurts to take a second look. Perhaps it is time to explore new wellness benefits or upgrade the available medical coverage options. Some things to consider when evaluating the competitiveness of your company’s benefit plan include: Add an FSA.

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Insperity

APRIL 26, 2018

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 flexible spending account, and life and disability benefits.

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Vantage Circle

NOVEMBER 23, 2023

In an EBRI survey, it was found that the employee benefits package holds significant importance for job seekers, with 78% indicating that it greatly influences their decision to either accept or decline a job offer. The Bill & Melinda Gates Foundation provides a great benefits package to its employees.

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Higginbotham

MAY 11, 2023

Savings accounts can round out a top-tier benefits package. Such accounts help employees save on health-related costs and taxes and are also valuable to employers. Please see our toolkit here, which provides details about these different kinds of employee accounts. The post May HR Update appeared first on Higginbotham.

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Business Management Daily

NOVEMBER 30, 2021

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. These pre-tax funds should be used to arrange for appropriate care of dependants while the employee is at work.

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Empuls

JULY 11, 2023

Alongside competitive salaries and career growth opportunities, companies are now offering a wide array of tax free or non taxable employee benefits to attract and retain top talent. In this blog, we will discuss tax free or non taxable employee benefits. Tax savings for employers.

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Genesis HR Solutions

NOVEMBER 20, 2018

A Professional Employer Organization (PEO) allows its clients to outsource many of their human resource functions, share employment liability, and, oftentimes, gain economies of scale to bring an improved benefits package to their employees. PEO services include administration of the following: Health benefits. PEO Payroll.

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Flimp Communications

SEPTEMBER 12, 2024

These documents are mandated by federal and state employment and tax regulations. employees must also complete form W-4, which tells the employer how much to withhold from the employee’s pay for federal income tax. State Withholding Forms Some states provide separate tax withholding certificates (state W-4s) for state income taxes.

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Higginbotham

MARCH 17, 2023

Many workers are paying greater attention to their benefits and wondering how to stretch their dollars further. While many employers are familiar with health savings accounts (HSAs) and flexible spending accounts (FSAs), lifestyle spending accounts (LSAs) are an emerging benefit that can provide flexible and personalized support to employees.

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Higginbotham

OCTOBER 5, 2023

But, to offer more, it is not always necessary to spend more. Competitive advantage can also come from creativity in putting together a benefits package. Consider adding financial wellness programs to your benefit offerings to help employees manage these worries and focus on career success.

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