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4 considerations when choosing employee benefits for the first time

WEX Inc.

Understanding HSAs The number of health savings accounts (HSAs) has doubled nationwide in the last seven years , as more Americans turn to these accounts as a way to save on healthcare costs and prepare for retirement. To take advantage of an HSA, you need to participate in an HSA-eligible health plan (or high-deductible health plan).

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HSA vs. FSA: See how you’ll save with each

WEX Inc.

Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. Question: When do I need access to my funds?

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3 Email Templates for Health Insurance Explainers

Flimp Communications

25% can’t define terms such as “deductible” or “copay.” By helping your company’s employees bridge the health insurance information gap, you can help them live healthier, happier lives while lowering healthcare costs and boosting several crucial metrics for your organization, including engagement, productivity, and morale.

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Ten Tax Planning Tips for 2022

Money Talk

Since there is no longer a non-itemizer’s charitable deduction in 2022 and only about 10% of tax filers itemize, you’ll probably have fewer receipts to save. The 2022 standard deduction is $12,950 for individuals ($14,700 age 65+) and $25,900 for married filing jointly ($28,700 if both spouses are age 65+).

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Mid-Year Financial Tweaks and Tasks

Money Talk

Health Savings Account (HSA) Tweak - By mid-year, you know what you already spent for health care services through June. This information can help inform decisions about how much more to save up to the 2023 limits of $3,850 (self-only) and $7,750 (family coverage). Consider doing a proforma 2023 tax return.

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Considerations when choosing a health plan for the first time

WEX Inc.

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. On the other hand, if you anticipate regular medical visits, chronic conditions, or potential emergencies, a plan with lower deductibles and higher premiums may offer better cost protections.

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From deductibles to wellness: Why benefits options matter

WEX Inc.

Deductible options The words “health”, “coverage”, “insurance”, and “deductible” were among the most frequent words to appear when participants were asked in our survey what was missing from their benefits. Specific responses included: “A lower deductible or copay options would be an improvement.” Deductibles are too high.