InterWest Insurance Services

AUGUST 10, 2022

Employers who offer health savings account-eligible high-deductible health plans (HDHPs) to employees can significantly expand pre-deductible coverage for certain drugs used to manage chronic conditions — with only a tiny effect on premiums.

Deductions 88

Deductions Deductible Family and Medical Leave Act Health Savings Account 88

InterWest Insurance Services

AUGUST 22, 2023

Understand your options Familiarize yourself with the various options that you have: Health maintenance organizations – HMOs are typically the least expensive plans because they require enrollees to visit their personal physicians and tightly controlled in-network doctors. Going out of network is discouraged with high out-of-pocket costs.

Family and Medical Leave Act 89

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 89

InterWest Insurance Services

JUNE 2, 2023

Employers offer flexible savings accounts and health savings accounts to their employees so they can build up funds with pre-tax dollars to pay for health care and related expenses.

Out of Pocket Cost 95

Out of Pocket Cost Health Savings Account Medical Health Insurance 95

InterWest Insurance Services

JANUARY 18, 2024

Failing to offer a health savings account The idea behind HDHPs is that the money employees save on premium can be funneled into an attached HSA, which can be used to reimburse out-of-pocket medical expenses. The key to ensuring that the HDHP is a success in part comes down to avoiding four common mistakes.

Out of Pocket Cost 58

Out of Pocket Cost Deductions Deductible Voluntary Benefits 58

InterWest Insurance Services

DECEMBER 29, 2023

What small firms can do While small employers really can’t do anything about rising group health plan costs, they can take steps to ease their employees’ premium obligations and out-of-pocket costs: Assume more of the premium — If it’s within their budget, they can increase the amount of family coverage premium they will cover.

Deductions 81

Deductions Deductible Out of Pocket Cost Health Savings Account 81

InterWest Insurance Services

APRIL 27, 2023

While high-deductible health plan (HDHP) enrollment grew at an astounding 68% between 2021 and 2022, they only accounted for 6% of group health plan enrollment. Deductibles can be added to the plan to manage premium costs. Coverage can often be configured to be compatible with HDHPs using health savings accounts.

Health Insurance 82

Health Insurance Insurance Out of Pocket Cost Deductions 82

InterWest Insurance Services

JULY 13, 2023

Employers are also taking different steps to make health insurance more affordable for their staff, particularly those at the lower end of the wage spectrum: 15% of employers offer free employee-only coverage in at least one plan. 39% offer a medical plan with no or a low deductible or cost-sharing (e.g., copay plan).

Employment 86

Employment Out of Pocket Cost Health Insurance Health Savings Account 86

InterWest Insurance Services

MARCH 16, 2023

For example, under IRS rules, employers may cover some drugs and services on a pre-deductible basis for workers who are enrolled in high-deductible health plans with attached health savings accounts. Doing it incorrectly, such as not funding the accounts with enough money, could open your organization up to fines.

Health Insurance 92

Health Insurance Employment Out of Pocket Cost Health Savings Account 92

Business Management Daily

APRIL 29, 2024

Different benefits appeal to different teams, but what matters most is providing more than just the bare minimum—health insurance, workers’ compensation, and a competitive salary. In this blog, we’ll talk about different types of fringe benefits and how employers can make the most of what’s available.

Out of Pocket Cost 84

Out of Pocket Cost PTO 401(k) Deductions 84

InterWest Insurance Services

JULY 6, 2023

More and more insurers are expanding the use of telemedicine, just as a new study shows promising cost savings of up to 25% from virtual care when implemented properly. Last year, the wavier was extended by legislation through Dec.

Insurance 73

Insurance Out of Pocket Cost Hospitality Health Savings Account 73

InterWest Insurance Services

MARCH 15, 2022

All of that costs employees because: Missing regular doctor’s appointments and preventative services can result in health emergencies later, and. Overtreatment and unnecessary treatments can lead to worse health outcomes and higher out-of-pocket costs.

Out of Pocket Cost 91

Out of Pocket Cost Health Savings Account Health Insurance Medical 91

InterWest Insurance Services

MARCH 4, 2022

As rising health insurance premiums and out-of-pocket costs for health care are burdening workers, more employers are looking for ways to help their staff put aside money for those expenses. Fortunately, there is another option: a health reimbursement arrangement (HRA).

Medical 88

Medical Health Insurance Out of Pocket Cost Deductions 88

Benefit Resource Inc.

SEPTEMBER 22, 2020

Question 2: How much will I spend on out of pocket expenses this year? An out of pocket expense is the amount you have to pay after insurance has covered a service. Check out this blog on redefining jargon.). Determining out of pocket expenses can be a bit more difficult.

Out of Pocket Cost 81

Out of Pocket Cost Deductions Deductible Healthcare 81

Benefit Resource Inc.

JUNE 6, 2019

Thankfully, she was able to pay through our Health Savings Account (HSA) with her benefits card. If needed, our pre-tax health account would cover additional diagnostic tests, as well as hospital services, lab fees, and mastectomy-related special bras. 4 Steps to be a Smart Healthcare Consumer.

Out of Pocket Cost 61

Out of Pocket Cost Health Savings Account Mining Healthcare 61

Benefit Resource Inc.

OCTOBER 24, 2019

But for those who don’t live in a daily world of healthcare jargon, what are out of pocket expenses? An out-of-pocket expense, according to HealthCare.gov , is “Your expenses for medical care that aren’t reimbursed by insurance. Qualified high deductible health plan. Health Savings Account.

Out of Pocket Cost 45

Out of Pocket Cost Flexible Spending Account Flexible Spending Health Savings Account 45

InterWest Insurance Services

SEPTEMBER 27, 2023

Employees have a right to understand the costs they’ll be facing in each plan, including: Their share of the premium, Their deductible, Their copays or coinsurance, and Other out-of-pocket expenses. Typically, the higher the premium on a plan, the lower the employee’s out-of-pocket costs are.

Out of Pocket Cost 68

Out of Pocket Cost Flexible Spending Account Health Savings Account Health Insurance 68

InterWest Insurance Services

JANUARY 26, 2022

The report states that the findings raise concerns about whether some employees can even afford to use their health plans. It stressed two main points: High deductibles — The report found one of the main drivers of stress was high deductibles and other out-of-pocket costs.

Out of Pocket Cost 93

Out of Pocket Cost Deductions Deductible Flexible Spending Account 93

WEX Inc.

OCTOBER 17, 2024

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. While this can lead to more comprehensive benefits for employees, it also means higher costs for employers, which may result in increased premiums.

Employee Benefits 59

Employee Benefits Flexible Spending Account Health Savings Account Out of Pocket Cost 59