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Best For: HR professionals, benefits administrators, and insurance agents who handle health insurance plans. It’s perfect for those who manage employee healthsavings programs. Key Benefits: Specialized training in tax-advantaged savings plans like HSAs, FSAs, and HRAs.
Shaped by changing work environments, economic pressures, and technological advancements, the following trends are emerging as essential components of a competitive benefitspackage. Personalized benefitspackages Today’s employees want benefits unique to their circumstances and lifestyles.
As an employer, providing a robust employee benefitspackage is only half the battle. Educating on the value of their benefits and how best to use them is equally important. One of the questions we asked: What benefit would you like to learn more about? We recently surveyed nearly 60,000 of our participants.
One choice that sticks out in the ever-changing world of employee benefits for both employers and employees is a HealthSavingsAccount (HSA). Leveraging HSA funds can be a game-changer for organizations looking to improve benefitspackages and encourage financial wellness among employees.
These changes also come with compliance responsibilities , and as Byrd pointed out, employee benefits—particularly healthcare—are one of the most heavily regulated areas of business. Don’t forget to check out our Benefits Buzz podcast episode with Chris Byrd to learn more about how to prepare for potential healthcare changes post-election.
Personalizing the benefits experience Gone are the days of one-size-fits-all benefitspackages. Cost optimization: Predictive analytics can project future benefits costs, allowing employers to budget effectively.
As the year winds down, employers have a crucial opportunity to fine-tune their employee benefits strategy. Open enrollment is wrapping up, and now is the time to ensure your benefitspackage is ready to meet employee needs and support your 2025 business goals. Assess Participation Rates Look at this year’s enrollment data.
PeopleKeep also provides flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), and healthsavingsaccounts (HSAs) to help employees save money on healthcare expenses. Another benefit of using PeopleKeep is the flexibility it offers.
Many organizations provide a healthsavingsaccount (HSA) to their employees to offset rising healthcare costs. While HSAs are employee-owned accounts, many employers wonder if they can contribute to their employees’ HSAs, and—if so—how much. But employer contributions to HSA rules can be challenging to manage.
According to Mercers Survey on health & benefit strategies for 2025 , almost 70% of surveyed companies are or are planning to offer financial wellness programs in their benefitspackage next year. This projection shows the benefits trends in use and utilization of financial wellness programs among employees.
An excellent benefitspackage is one important component that is vital to this effort. The Significance of a Well-Designed BenefitsPackage: A well-designed benefitspackage goes above and above to establish a work environment that fosters financial security and well-being.
With new tax-free vehicles emerging, including account-based health plans (ABHPs), small employers now have multiple ways to increase employees’ benefits.
HealthSavingsAccounts (HSAs), which allow individuals to store and withdraw funds for certain qualified medical expenses, are frequently offered as part of an employer’s benefitspackage. According to one report , nearly 40% of companies offered an HSA-qualified health option in 2021.
Your company's benefitspackage might make or break consideration for potential hires looking to you for a job. Did you know that a survey found that 57% of job seekers say that benefits are one of the top factors they scrutinize before accepting a job offer? Were you aware that we have a healthsavingsaccount?
Now more than ever, employee benefitpackages are considered important for the unwieldy terrain of today's job market. Only those organizations that understand how to use this most powerful approach to their advantage by including comprehensive benefits in kind do well in the market for acquiring and retaining key brainpower.
Free HealthSavingsAccount? Does your benefitspackage offer the value you think it does? Get a TPA that helps your participants learn what “High Deductible Health Plan” really means. Don’t let your benefitspackage become outdated by leaving out an HSA option. But is it really?
Multigenerational workforces pose a unique challenge for employers and HR teams: How do you build a benefitspackage that’s equally attractive to all members of your workforce, when your team members are at radically different stages of their lives? Meanwhile, older employees will have greater concerns about retirement. .
Some states may also tax fringe benefits, so be sure to check with your state tax authority before designing a fringe benefitspackage. Examples of taxable fringe benefits include: Non-business use of company cars Cash (bonus pay) Gym memberships Paid personal time off. 31 of the year after you give them to the employee.
With answers and feedback in hand you can create a benefitspackage which is more appealing to them, which in turn gives you a competitive edge when attracting and retaining workers. Engage employees and solicit feedback through quarterly employee-benefits round table meetings.
“It’s about what a healthsavingsaccount 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 always takes more time than usual to onboard new employees — particularly ones who are new to the workforce altogether — to your employee benefits plans. The freebies — Under the Affordable Care Act, health plans are required to cover a list of 10 essential services, particularly preventative procedures like colonoscopies.
Offering telemedicine as part of your benefitspackage can lead to substantial cost savings as it allows your employees to access health care professionals when they need them, 24/7. Offer a telemedicine option — Virtual care services have exploded during the last two years and more plans are covering these services.
This can look like: Using well-known carriers for the health insurance options you sponsor Contributing to a healthsavingsaccount or flexible spending account for employees Offering an employee assistance program (EAP) Matching a percentage of employee retirement plan contributions.
Here are the three reasons why you should love your benefitspackage! That’s why employers should be offering medical and health-related benefits. A Medical Flexible Spending Account (Medical FSA), HealthSavingsAccount (HSA), or Health Reimbursement Account (HRA) are great places to start.
The evidence strongly supports that staff benefits are not merely perks but essential components of a successful employee engagement strategy. Companies that prioritize comprehensive and well-communicated benefitpackages will likely see enhanced job satisfaction, reduced turnover, and improved productivity among their workforce.
Employers said they are looking to manage growing group benefit costs without shifting costs to employees, as they realize that their staff are likely dealing with inflation in all facets of their lives, including their medical bills, according to Mercer’s “Survey on Health and Benefit Strategies for 2024.”
These plans usually have an attached healthsavingsaccount to which your workers can transfer funds pre-tax from their paychecks to use for paying deductibles, copays and other medical expenses. For 2024, for a plan to qualify as an HDHP the deductible must be at least $1,400 for an individual and $2,800 for a family.
These plans usually have an attached healthsavingsaccount to which your workers can transfer funds pre-tax from their paychecks to use for paying deductibles, copays and other medical expenses. For 2024, for a plan to qualify as an HDHP the deductible must be at least $1,400 for an individual and $2,800 for a family.
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.
Consider offering tools that estimate potential savings based on different expense levels, showcasing the value of even minor contributions to an FSA. What you can do: While promoting the benefits of an FSA, it's important to respect individual choices. Want to learn more about how you can support your employees?
Over the years, dental insurance has been shifting from a semi-rare fringe benefit to a standard component of most benefitpackages. It’s a great partner plan if you have or want to enroll in a HealthSavingsAccount (HSA). Here are some steps to keep those pearly whites shining bright.
Multigenerational workforces pose a unique challenge for employers and HR teams: How do you build a benefitspackage that’s equally attractive to all members of your workforce, when your team members are at radically different stages of their lives? Meanwhile, older employees will have greater concerns about retirement. .
Position your benefits plans and the opportunities, so employees pay for their increasing out-of-pocket costs. The expansion of benefits for employees can provide the flexibility employees look for. That’s why you should give them a benefitspackage that caters to their specific needs and enhances the overall experience.
Each year, nonprofits must balance benefits and pay raises with their other organizational costs. Many nonprofit benefitpackages include a high deductible health plan (HDHP) to keep costs in check.
Flexible Benefits Allowance : Provide a flexible benefitspackage where employees can allocate funds to perks that matter most to them, such as gym memberships, childcare, or health insurance upgrades. These corners can be a great way to unwind and stimulate creativity.
When it comes to managing the health and well-being of employees, employers must understand what’s best for both their organization and individuals. While there are similarities between HSAs and FSAs, it’s important to understand the distinctions before implementing such an offering into your benefitspackage.
HR trends forecast the most desired employee benefits for 2021 like financial wellness programs and flexible work arrangements. It’s time for employers to start planning their employee benefitspackages for 2021. 4 Paid Time Off.
A key player in the balance between health and wealth is the healthsavingsaccount (HSA). Beyond being a traditional healthcare benefit, HSAs provide a win-win situation for both employers and employees. The post The Harmony of Health and Wealth with HSAs appeared first on BRI | Benefit Resource.
As employers work to navigate these uncertain times, offering effective and comprehensive benefitspackages have become a priority. Offering healthcare financial tools such as healthsavingsaccounts (HSAs) and flexible spending accounts (FSAs) are an important part of any employee’s suite of employee benefits.
Employers and employees alike are looking for ways to make health care more affordable. Some are turning to HealthSavingsAccounts (HSAs). Although HSAs won’t work for everyone, the benefits of an HSA account make this an appealing option for some individuals. What is a HealthSavingsAccount (HSA)?
As an employer, providing a robust employee benefitspackage is only half the battle. Educating on the value of their benefits and how best to use them is equally important. One of the questions we asked: What benefit would you like to learn more about? We recently surveyed nearly 60,000 of our participants.
Pre-tax benefits, such as Flexible Spending Accounts (FSAs) and HealthSavingsAccounts (HSAs) , allow employees to set aside a portion of their pre-tax income to pay for healthcare-related expenses.
As an employer or HR manager, you’re constantly seeking ways to enhance your employee benefitspackage, ensuring it not only attracts top talent but also supports their financial well-being throughout their careers and into retirement. One often-overlooked gem in the world of benefits is the HealthSavingsAccount (HSA).
The Health, Wealth, Wellness Triangle has emerged as a framework that acknowledges the interconnectedness of personal health, financial stability, and overall wellness. The Health Component A cornerstone of the Health, Wealth, Wellness Triangle is, unsurprisingly, health itself.
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