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.

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Health Insurance Insurance Deductible Deductions 98

PeopleKeep

DECEMBER 30, 2024

If you're shopping for a health plan for the first time, knowing key health insurance terms can be helpful. For example, choosing the best health insurance coverage can be tricky if you don't know the difference between a premium and a deductible.

Health Insurance 52

Health Insurance Insurance Deductible Deductions 52

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 98

Health Insurance Insurance Insurance Carriers Deductible 98

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 98

Health Insurance Insurance Out of Pocket Cost Deductible 98

PeopleKeep

FEBRUARY 16, 2022

There are many factors to consider when it comes to selecting health insurance. One option that appeals to many employers is the zero-deductible health plan because it means the insurance company will start accepting claims from the very beginning.

Deductible 98

Deductible Deductions Out of Pocket Cost Health Insurance 98

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 Deductible Deductions 98

Money Talk

OCTOBER 11, 2023

Tax Write-Off for Self-Employment Tax - On line 15 of Schedule 2 (for a 1040 form), self-employed workers can write off the deductible portion of their self-employment tax (calculated on Schedule SE), which will lower adjusted gross income (AGI), a trigger for many other taxes.

Employment 215

Employment Deductible Deductions Taxes 215

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?

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Health Insurance Deductible Deductions Gross Pay 79

BerniePortal

SEPTEMBER 23, 2021

As the time nears for organizations to renew their health plan , many employees may become concerned if their health insurance deductibles are also set to renew. If an employee is on the cusp of meeting their deductible when it comes time for their health insurance plan to reset, it can be an understandable worry.

Deductible 98

Deductible Deductions Insurance Health Insurance 98

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 98

Health Insurance Insurance Health Savings Account Deductible 98

PeopleKeep

DECEMBER 10, 2021

For most people, open enrollment is that time of year when choosing health insurance is crucial. It can be difficult to make sure you have the coverage you need without paying more than you have to.

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Deductible Deductions Health Insurance Insurance 98

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 Deductible Deductions 97

Business Management Daily

MARCH 3, 2023

Tax credits vs. tax deductions The end result of taking tax credits and tax deductions is basically the same: You will pay less tax. But there is a difference between the two: Tax deductions reduce your taxable income. Any item you take as a tax credit can’t be used again as a tax deduction. In 2023, this amount is $2.89

Deductible 98

Deductible Deductions Taxes Health Insurance 98

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 101

Health Insurance Insurance Insurance Carriers Education 101

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. Providers in an insurer’s network may charge vastly different rates for the same procedure.

Deductible 98

Deductible Deductions Out of Pocket Cost Health Savings Account 98

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.

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Health Insurance Insurance Employment Deductions 98

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 230

Medical Health Insurance Hospitality Insurance 230

Fringe Benefit Analysts

OCTOBER 17, 2024

 Small employers looking for ways to control their group health insurance costs are more closely examining what it means to be “ fully insured.” What Is a Fully Insured Health Plan? Fully insured” is what most people mean by “ insurance ” or group health insurance.

Insurance Carriers 98

Insurance Carriers Insurance Family and Medical Leave Act Employment 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.

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Employment Health Insurance Pension Deductible 162

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.

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Health Insurance Insurance Health Savings Account Hospitality 97

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.,

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Disability Insurance Taxes Health Insurance Pension 246

Higginbotham

MARCH 24, 2025

If you have qualified employer-sponsored health insurance, you may want to delay Medicare enrollment past age 65. 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 Deductible Deductions 52

HR Lineup

OCTOBER 18, 2023

This software is a comprehensive platform that allows HR professionals, benefits managers, and employees to efficiently manage, access, and make decisions regarding benefits such as health insurance, retirement plans, leave policies, and more. It offers automated benefits administration, including health insurance and retirement plans.

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Software Retirement Plan Health Insurance Payroll 246

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 182

Insurance Deductible Deductions Health Insurance 182

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.

Deductible 87

Deductible Deductions 401(k) Payroll 87

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

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 Deductible Deductions Insurance 52

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

InterWest Insurance Services

DECEMBER 10, 2024

increase in health insurance costs, even after implementing cost-reduction measures. The Mercer survey concluded that employers would have to balance two priorities: Focusing on health care affordability and ensuring that their staff can afford their copays, coinsurance and deductibles.

Employment 97

Employment Pharmaceutical Medical Health Insurance 97

Qandle

JANUARY 29, 2025

5 Streamlines Benefit Deductions Benefit deductions, such as healthcare premiums, retirement contributions, and other employee benefits, can be complex to calculate. Payroll software simplifies this process by automatically applying the correct deductions based on employee benefits selections.

Payroll Software 91

Payroll Software Software Payroll Overtime 91

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) 98

401(k) Health Insurance Insurance Voluntary Benefits 98

WEX Inc.

SEPTEMBER 4, 2024

Whether you’re transitioning from your parents’ insurance, landed your first full-time job, or are simply obtaining coverage for the first time, choosing health plans and employee benefits options can be overwhelming. For starters, let’s look at a few considerations when evaluating health plans for the first time.

Deductible 52

Deductible Deductions Flexible Spending Account Healthcare 52

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 98

Health Insurance Insurance Deductible Deductions 98

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.

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Deductible Deductions Health Savings Account Health Insurance 75

HR Lineup

MAY 28, 2024

They can range from traditional benefits like health insurance and retirement plans to more modern and creative offerings that cater to employees’ diverse needs and interests. Emergency Savings Programs: Facilitating automatic payroll deductions to build an emergency savings fund.

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Health and Welfare Retirement Plan Health Insurance Parental Leave 244

Best Money Moves

OCTOBER 1, 2024

However, Gen Z employees are particularly susceptible to a lack of education on insurance terms and policies. In fact, when surveyed by the National Association of Insurance Commissioners (NAIC), only about a quarter of Gen Z adults could define the terms “deductible” (27%) and “copay” (29%).

Insurance 59

Insurance Deductions Deductible Retirement Plan 59

WEX Inc.

JULY 24, 2024

These communication tactics can be especially useful if you’re updating major health insurance options, like switching to a high-deductible health plan (HDHP) or adding a health savings account (HSA) and want to measure the outcomes of these changes.

Health Savings Account 59

Health Savings Account Taxes Health Insurance Consulting 59