Patriot Software

JUNE 21, 2021

Providing health insurance benefits to your employees can leave you with a lot of questions. If you have your employees contribute to their premiums, you have to know how to deduct the cost from their gross pay. But, are payroll deductions for health insurance pre-tax?

Health Insurance 74

Health Insurance Deductions Deductible Gross Pay 74

Money Talk

APRIL 14, 2022

Here are 12 tax topics to consider: Itemized Deductions- Only about 10% of taxpayers can itemize since the Tax Cuts and Jobs Act went into effect in 2018. Strategies to garner a tax benefit for charitable gifts to qualified charities include “bunching” deductions into one tax year and setting up and funding a donor advised fund.

Taxes 189

Taxes Family and Medical Leave Act 401(k) Deductible 189

InterWest Insurance Services

SEPTEMBER 9, 2022

Even though the majority of workers receive health insurance coverage on the job, a new survey has found that many of them understand surprisingly little about their health plans and are leaving money on the table. Most health plans do not cover out-of-network care. What you can do.

Health Insurance 92

Health Insurance Insurance Deductible Deductions 92

Money Talk

NOVEMBER 15, 2022

Revisit Your Deductibles - Check with your insurance agent on policy premium costs and consider raising the deductibles on your policy (e.g., a $500 to a $1,000 deductible), however, only if there is significant savings. a $500 to a $1,000 deductible), however, only if there is significant savings. Do this (e.g.,

Insurance 183

Insurance Deductible Deductions Health Insurance 183

Patriot Software

AUGUST 22, 2022

And chances are, you probably have to deal with a few types of payroll deductions, like 401(k) or health insurance, when paying employees. But, what happens when you have to deal with a deduction that you don’t have consent for, like a correction for a payroll error? […] READ MORE.

Deductions 82

Deductions Deductible 401(k) Payroll 82

HR Digest

SEPTEMBER 14, 2020

Under the Affordable Care Act, there is a subsidy available for small businesses that provide health insurance to their employees. To qualify, the startup must have fewer than 25 full-time equivalent employees, pay average annual wages below $50,000 and contribute 50% or more toward employees’ self-only health insurance premiums.

Health Insurance 98

Health Insurance Insurance Deductions Deductible 98

Money Talk

JULY 25, 2024

Contributions to non-Roth accounts are often tax-deductible, thereby reducing adjusted gross and, ultimately taxable, income. Don’t Overlook Health Insurance Tax Premiums - Self-employed older adults who pay their health insurance premiums (including Medicare) may be eligible to deduct these expenses as an adjustment to gross income.

Employment 163

Employment Health Insurance Pension Deductions 163

Money Talk

DECEMBER 16, 2021

One category is health care, which takes a big chunk out of family budgets. This includes expenses for health insurance as well as deductibles, copayments, and coinsurance when medical bills occur. In 2018, the average American household spent almost $5,000 per person on health care.

Medical 231

Medical Health Insurance Hospitality Insurance 231

Money Talk

AUGUST 3, 2022

Consider Tax-Saving Gifts - Only about 10% of taxpayers today can itemize deductions and it generally requires a plan to aggregate sufficient deductible expenses that exceed the standard deduction amount ($12,950 for singles and $25,900 for married couples filing jointly).

Taxes 189

Taxes 401(k) Flexible Spending Account Deductible 189

PeopleKeep

MAY 21, 2020

Employers offering a high deductible health plan (HDHP) have several ways to supplement the low-coverage and make the benefit more meaningful. One way is to offer a group coverage HRA (GCHRA) which enables employers to reimburse employees for out-of-pocket expenses. Another is to offer an HSA alongside the HDHP.

Deductions 86

Deductions Deductible Employment Health Insurance 86

PeopleKeep

OCTOBER 26, 2020

The percentage of workers covered under HDHP plans has increased from four percent of all employer-sponsored health insurance plans in 2006 to 31 percent in 2020. A high deductible health plan (HDHP) paired with a Health Savings Account (HSA) is growing in popularity because it allows employees to pay for medical expenses tax-free.

Deductions 75

Deductions Deductible Health Savings Account Health Insurance 75

Money Talk

AUGUST 10, 2022

67 for workers born in 1960 or later), Social Security deducts $1 from benefits for every $2 earned above the annual limit ($19,560 in 2022). Medicare - Older adults age 65+ who are on Medicare, begin working again, and receive primary creditable employer-provided health insurance coverage (i.e.,

Disability Insurance 246

Disability Insurance Taxes Health Insurance Pension 246

InterWest Insurance Services

APRIL 27, 2022

Surprise bills and billing errors are driving growing dissatisfaction among Millennials and Gen Zers with their health insurance, a new study has found. Already facing outsized medical cost hits, an increase in billing mistakes and surprise bills is contributing to a dim view of health insurance among Millennials and Gen Zers.

Health Insurance 93

Health Insurance Insurance Health Savings Account Deductions 93

InterWest Insurance Services

DECEMBER 9, 2021

HDHP telehealth services — The CARES Act, signed into law in 2020 after the pandemic started, temporarily allowed high-deductible health plans to pay for telehealth services before an enrollee had met their deductible. 1, 2022, HDHPs must charge enrollees for telehealth services if they have not yet met their deductible. .

Health Insurance 86

Health Insurance Insurance Insurance Carriers Deductible 86

PeopleKeep

SEPTEMBER 15, 2021

As renewal season comes around each year, employers everywhere brace themselves for what their new group health insurance premiums will look like in the new year—because chances are, they’ll be higher. When group health insurance premiums go up, it gets that much harder to meet the employer contribution requirements.

Health Insurance 97

Health Insurance Insurance Deductions Deductible 97

InterWest Insurance Services

APRIL 27, 2023

A new report has found that small businesses that purchase their group health insurance online or through payroll vendors saw the largest premium hikes in 2022, significantly higher than those that went through brokers. Gap plans can help by providing coverage when employees have not met their health care deductible.

Health Insurance 85

Health Insurance Insurance Out of Pocket Cost Deductions 85

PeopleKeep

FEBRUARY 14, 2024

Have you ever heard the term deductible when it comes to health insurance but aren’t quite sure what it means? Understanding the concept of a deductible is crucial for effectively managing your medical finances and making informed decisions.

Deductions 52

Deductions Deductible Health Insurance Finance 52

PeopleKeep

NOVEMBER 15, 2021

However, an S-corporation’s health insurance can be a tricky matter. While S-corp employees can claim employee health insurance as a tax-free benefit, shareholders who own more than 2% of the company stock don’t get this same perk. For these individuals, tax-advantaged health insurance is more complicated.

Health Insurance 52

Health Insurance Deductions Deductible Insurance 52

Business Management Daily

OCTOBER 6, 2021

Open enrollment is right around the corner, so this is the perfect time to take a closer look at the health insurance coverage that you are offering to employees and make sure that it includes appropriate coverage for mental health. Are mental health services covered by health insurance? HMO vs PPO.

Health Insurance 98

Health Insurance Insurance Employment Deductions 98

Higginbotham

SEPTEMBER 16, 2024

Are you offering your employees health insurance options that work for their budgets? While not ideal for everyone, a high-deductible health plan can be very appealing to some workers, especially when it’s paired with a health savings account.

Deductions 52

Deductions Deductible Health Savings Account Health Insurance 52

Insperity

MARCH 29, 2022

Health insurance is often the biggest-ticket item in any company’s benefits package, and the cost of health insurance rises on average each year , historically. Companies spend a lot of money, time and effort to make their benefits competitive and provide quality group health insurance plans to employees.

Health Insurance 97

Health Insurance Insurance Insurance Carriers Education 97

InterWest Insurance Services

AUGUST 5, 2022

The biggest concern among employers is the increasing costs that employees have to shoulder for their health benefits. Employers are starting to realize that a high-deductible health plan with an attached health savings account is not a good fit for all of their employees. workers with more medical debt.

Health Insurance 96

Health Insurance Insurance Deductions Deductible 96

PeopleKeep

SEPTEMBER 26, 2022

When considering health insurance policies for your organization, you may have wondered if it’s better to have a low deductible health plan (LDHP) or a high deductible health plan (HDHP). While HDHPs have higher deductibles than LDHPs, as the name implies, there can be benefits to taking on the risk.

Deductions 52

Deductions Deductible Health Savings Account Health Insurance 52

BerniePortal

OCTOBER 31, 2023

Copays, deductibles, and coinsurance are all out-of-pocket expenses that represent the portion that an individual is required to pay either before or after health insurance covers additional costs.

Deductions 52

Deductions Deductible Health Insurance Insurance 52

Employee Benefit News

NOVEMBER 17, 2023

Fred Turner, CEO of Curative, explains why employers need to break away from traditional health plans.

Deductions 106

Deductions Deductible Insurance Employment 106

Money Talk

JUNE 29, 2022

In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status. Among the culprits: climate change, higher costs for labor and supplies to repair houses and cars, and higher out-of-pocket costs for employer-provided health insurance.

401(k) 189

401(k) Out of Pocket Cost Finance Flexible Spending Account 189

InterWest Insurance Services

OCTOBER 31, 2024

Simple health insurance is insufficient to carry the load. Over 80% of middle-market respondents report that they got their health insurance, disability insurance and retirement plan all through their employer. Meanwhile, six in 10 have no life insurance in place outside of the workplace.

Disability Insurance 93

Disability Insurance Life Insurance Deductible Deductions 93

InterWest Insurance Services

JANUARY 17, 2023

If you decide to keep them on the company’s plan, how you handle their insurance depends on your size: Fewer than 20 employees — Employees who work for these firms will need to enroll in Medicare when they turn 65. Medicare will be the primary payer of health insurance claims for these workers under the law.

Health Insurance 81

Health Insurance Insurance Health Savings Account Hospitality 81

InterWest Insurance Services

JANUARY 17, 2023

Besides health insurance and a 401(k) plan, other benefits that employees value highly are generous paid time off and flexible or remote work, according to a new survey. “A multi-generational workforce is a huge benefit for companies,” said Liz Ahmed, executive vice president of People and Communications at Unum.

401(k) 90

401(k) Health Insurance Insurance Voluntary Benefits 90

PeopleKeep

MARCH 4, 2022

When researching cost-effective health benefit solutions for your organization, you’ve probably come across health reimbursement arrangements (HRAs) and high deductible health plans (HDHPs). In this article, we’ll define HDHPs and HRAs and explain if an HDHP is needed to implement an HRA for your company.

Deductible 98

Deductible Deductions Health Insurance Insurance 98

Best Money Moves

SEPTEMBER 25, 2024

American families are in the midst of a healthcare crisis and employer-sponsored health insurance can’t keep up. Even with support from employee health insurance programs, millions of American families cannot afford the full care they need. copay or deductible).

Healthcare 106

Healthcare Health Insurance Medical Insurance 106

Money Talk

AUGUST 16, 2023

Tax Withholding Accuracy - With multiple income sources, accurate withholding is a must via payroll deduction, quarterly payments, and the safe harbor rules for under withholding. Medicare Premium Tax Write-Off - Self-employed people age 65+ who are enrolled in Medicare Part B and D can deduct their monthly premiums against business income.

Taxes 130

Taxes Pension Deductions Deductible 130

HR Lineup

JANUARY 29, 2024

A pay stub not only serves as a record of an employee’s earnings but also provides crucial information about deductions, taxes, and other financial details. Deductions: Federal and state taxes Social Security and Medicare contributions Health insurance premiums Retirement contributions 4. Deductions and Taxes 1.

Net Pay 85

Net Pay Deductible Deductions Payroll Software 85

PeopleKeep

OCTOBER 4, 2021

As more employers move away from group health insurance plans, more married couples have begun maintaining separate individual health insurance coverage. If you and your spouse each have HSA-eligible insurance coverage, and you both plan on contributing to your HSAs, you must have separate accounts.

Health Savings Account 98

Health Savings Account Health Insurance Deductible Deductions 98

PeopleKeep

MARCH 7, 2022

If you’re offering a group health plan with a high deductible to save money, a special type of health reimbursement arrangement (HRA) has been specifically designed for employers like you: the integrated HRA. You want to customize your health benefit. You’re looking to reduce healthcare costs.

Health Insurance 98

Health Insurance Deductible Deductions Healthcare 98

PeopleKeep

JANUARY 18, 2022

For many employers offering a group health insurance plan, adding a supplemental benefit in addition to the group plan can help offset your employees’ out-of-pocket costs. This is especially true with high deductible health plans (HDHPs) that require employees to pay a higher amount on their own before their insurance kicks in.

Out of Pocket Cost 98

Out of Pocket Cost Insurance Carriers Health Insurance Deductible 98

Higginbotham

JANUARY 4, 2022

Ancillary health insurance is a secondary type of coverage used to supplement your traditional health insurance. The term “ancillary” means “providing additional help or support,” and that’s just what ancillary health insurance does. Examples of Ancillary Health Insurance. Vision Insurance.

Health Insurance 52

Health Insurance Insurance Disability Insurance Life Insurance 52