BerniePortal

JULY 14, 2021

When an organization renews health plans in the middle of the year, employees might worry that their deductible will reset. It’s an understandable worry; if they’re close to meeting their deductible and have to start all over again, it could impact their medical decisions and their financial health.

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Deductions Deductible Health Insurance Insurance 98

InterWest Insurance Services

FEBRUARY 20, 2024

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

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Deductions Deductible Out of Pocket Cost Health Savings Account 98

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. no deductible and no coinsurance), the net impact on premiums was an increase of 4.7%.

Deductions 98

Deductions Deductible Family and Medical Leave Act Health Savings Account 98

WEX Inc.

MARCH 12, 2025

It also shows pre-tax contributions made to your account by you and your employer through payroll deductions. Its a little different from your W-2 because itll show any contributions not just those made through payroll deductions. You’ll need this form when filing your taxes. On the other hand, a 5498-SA reports contributions.

Taxes 103

Taxes Health Savings Account Deductions Deductible 103

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

provisions make some significant changes for retirement plans , but CAA 2023 also extends the telehealth plan safe harbor for high-deductible health plans (“HDHPs”) that were first introduced in the 2020 CARES Act. Generally, a participant must pay their HDHP’s deductible before the plan can cover medical services.

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

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. Absent catastrophic medical bills or a natural disaster declared by the U.S. President, most people can’t itemize without a plan. 401(k), 403(b), 457, TSP).

Taxes 189

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

Fringe Benefit Analysts

OCTOBER 17, 2024

Premium Rates Because an insurance carrier must obey simple math in order to function, it needs to bring in at least as much in premiums as it costs to pay the incurred medical claims (and the employees of the insurance carrier often want to take home paychecks, too). What Is Pooling?

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Insurance Carriers Insurance Family and Medical Leave Act Employment 98

Money Talk

MARCH 22, 2023

I recently attended a NY Public Library webinar about tax planning and below is a summary: Standard Deduction - 2023 saw the largest ever automatic adjustment to standard deductions since indexing was introduced in the 1980s. A larger standard deduction means that taxpayers can shelter more income from income taxes.

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Taxes 401(k) Deductions Deductible 189

Money Talk

DECEMBER 16, 2021

This includes expenses for health insurance as well as deductibles, copayments, and coinsurance when medical bills occur. Hospitals often charge higher prices than free-standing radiology providers and other medical service providers. With high inflation currently, many families are closely examining their expenses.

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Medical Health Insurance Hospitality Insurance 230

WEX Inc.

NOVEMBER 27, 2024

Nearly two-thirds of large employers provide their employees with the choice of a high-deductible health plan (HDHP) and a traditional health plan, such as a preferred provider organization (PPO), during open enrollment. The IRS sets deductible limits that determine what is an HDHP. But there are high-deductible PPOs, as well.

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Deductions Deductible Health Savings Account Flexible Spending Account 52

InterWest Insurance Services

DECEMBER 10, 2024

But, while health plans will generally cover these medications for diabetes, not as many do for weight loss. The survey found that 44% of employers with 500 or more workers cover weight-loss drugs like Wegovy and Zepbound, as well as older medications in the same class like Saxenda (made by Novo Nordisk).

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Employment Pharmaceutical Medical Benefits Package 97

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.,

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Insurance Deductions Deductible Health Insurance 182

Money Talk

AUGUST 8, 2024

Otherwise, you could overlook valuable tax deductions (e.g., medical expenses and write-offs for college savings plan contributions). Consider accelerating deductions (e.g.,

Taxes 176

Taxes Deductions Deductible Finance 176

WEX Inc.

SEPTEMBER 4, 2024

Consider whether you typically have low or high medical expenses. If you rarely require medical care and prefer to save on monthly premiums, a plan with a higher deductible and lower premiums might be suitable. Learn more about HSA-eligible health plans (or high-deductible health plans ) in our graphic below.

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Deductions Deductible Flexible Spending Account Healthcare 52

PeopleKeep

OCTOBER 26, 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. 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.

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Deductions Deductible Health Savings Account Health Insurance 75

PeopleKeep

JULY 24, 2024

But that doesn’t mean they don’t have medical bills 1. Even if your health plan has a low deductible and few copayments , your insurance provider will likely only pay a portion of your healthcare costs, leaving you to cover the rest. From there, they can accumulate into staggering medical debt.

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Family and Medical Leave Act Medical Healthcare Deductions 98

Flimp Communications

SEPTEMBER 26, 2024

According to some estimates, the year will see a nearly 9% increase in the cost of medical care benefits, and inflation alone is not to blame. Cutting-edge medical technologies and new medications (such as Ozempic) are among the factors driving up costs. Employees answer four key questions (that’s it!)

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Deductions Deductible Healthcare Medical 52

Benefit Resource Inc.

NOVEMBER 8, 2023

If you’re wondering what the difference is between a Medical Flexible Spending Account (Medical FSA) and a Dependent Care Flexible Spending Account (DC FSA), you are not alone. Participants often do not understand that separate elections must be made for Medical and Dependent Care Accounts. Did You Know? Great question!

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Medical Flexible Spending Account Flexible Spending Deductions 98

InterWest Insurance Services

MARCH 4, 2022

While health savings accounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans. Employers fund these accounts, which reimburse your staff for qualified medical expenses and, in some cases, insurance premiums. Qualified medical expenses. How HRAs work.

Medical 98

Medical Health Insurance Out of Pocket Cost Deductions 98

Money Talk

JUNE 8, 2022

Consider “Bunching” and Withhold Accordingly - With another half-year to go, there is still plenty of time to develop a proactive strategy to exceed the standard deduction. If you plan to “bunch,” check your withholding with the IRS calculator noted above.

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Taxes Pension Deductions Deductible 278

Higginbotham

MARCH 24, 2025

Typically, if your employer offers a medical plan with creditable prescription drug coverage, there is no penalty for delaying Medicare enrollment. To be eligible to contribute to an HSA, you must not have any other health coverage (such as Medicare) that pays out before you meet your high-deductible health plans deductible.

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

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.

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Employment Health Insurance Pension Finance 162

Flimp Communications

FEBRUARY 25, 2025

There are no taxes on HSA contributions, growth, or use for qualified medical expenses. However, with a bit of educational outreach, you can help your companys employees see that HSAs can reduce their tax bills and medical costs while helping them save for retirement. Commuter benefits. College savings accounts.

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Taxes Deductions Deductible Flexible Spending Account 69

InterWest Insurance Services

DECEMBER 14, 2022

As many as 9 million surprise medical bills have been prevented since January 2022 due to the impact of the No Surprises Act, according to a new report. This is the first data that indicates the law, aimed at eliminating surprise medical billing for insured patients getting emergency treatment, is working. The No Surprises Act.

Medical 98

Medical Hospitality Deductions Deductible 98

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.

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Deductions Deductible Health Insurance Finance 52

Money Talk

JANUARY 19, 2022

Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g., high income years) to exceed the standard deduction and benefit from itemizing. These plans allow workers to contribute pre-tax income annually for out-of-pocket medical expenses and child/elder care.

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Flexible Spending Account Taxes Pension Deductions 187

Higginbotham

APRIL 8, 2025

Rising premiums, increased deductibles and mounting prescription drug costs can quickly erode health care budgets. Cost-Shifting to Employees: Higher deductibles, copays and out-of-pocket costs may ease the financial burden for public sector entities, but they could have a negative impact on employee satisfaction and team morale.

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Health Insurance Out of Pocket Cost Deductions Deductible 52

CorpStrat

APRIL 30, 2025

Healthcare is a complex supply chain and many medical devices, pharmaceuticals, and even basic supplies like syringes, gloves, and diagnostic equipment are imported. Rising premiums, higher deductibles, and tighter networks. How Do Tariffs Connect to Health Insurance? And then the patient. The possible result?

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Pharmaceutical Out of Pocket Cost Insurance Carriers Employment 52

Kollath CPA

DECEMBER 21, 2022

The operative word for business deductions is business. Tax Court to uphold a business-related deduction for surgical implants that enlarged her breasts. However, despite these career-enhancing changes, the IRS denied the deduction at first. Let us know if you have any questions about your business expense deductions.

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Deductions Deductible Taxes Medical 52

Patriot Software

AUGUST 29, 2022

As an employer, you must stay on top of your payroll responsibilities, including federal, state, and local taxes and deductions. This article has been updated to include 2022 tax information. If you are an employer with employees who work in Washington state, you need to know about the Washington paid family leave program.

Medical 19

Medical Deductions Deductible Taxes 19

InterWest Insurance Services

JUNE 20, 2024

The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. Under its rules, HSAs, which help employees save for medical expenses, are only available to those enrolled in qualified HDHPs. Medical devices. for individual HSA plans.

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Deductions Deductible Health Savings Account Medical 97

Best Money Moves

DECEMBER 9, 2024

Employees look for solutions to their unique problems from building retirement savings to handling unexpected medical expenses. Inclusive health benefits are still widely sought after Medical costs continue to be a major concern for employees going into 2025. The common theme emerging from this years insights is personalization.

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roth 401(k) 401(k) Benefits Package Paid Leave 52

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.

Deductions 52

Deductions Deductible Family and Medical Leave Act Health and Welfare 52

PeopleKeep

NOVEMBER 6, 2020

Many small organizations we talk to want to know more about the tax deductibility of medical premiums. This article discusses when medical premiums are eligible pre-tax as opposed to after-tax.

Taxes 75

Taxes Medical Deductions Deductible 75

InterWest Insurance Services

MAY 16, 2024

After enrollment in high-deductible health plans soared during the last decade, 2022 marked the first year that enrollment in these plans fell among American workers since 2013, according to a new report by ValuePenguin. And if they have a medical emergency, they may have to take on debt to pay for the care.

401(k) 98

401(k) Deductions Deductible Health Savings Account 98

InterWest Insurance Services

JUNE 6, 2024

After enrollment in high-deductible health plans soared during the last decade, 2022 marked the first year that enrollment in these plans fell among American workers since 2013, according to a new report by ValuePenguin. And if they have a medical emergency, they may have to take on debt to pay for the care.

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401(k) Deductions Deductible Health Savings Account 96

InterWest Insurance Services

AUGUST 15, 2024

As prescription drug costs continue growing and pricey new pharmaceuticals add to health plans’ cost burdens, some carriers are starting to reduce the number of medications they’ll cover and are imposing new barriers to accessing the most expensive ones. This is referred to as a pharmacy deductible.

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Out of Pocket Cost Pharmaceutical Deductions Deductible 98