Why this insurer designed health plans with no deductibles or copays
Employee Benefit News
NOVEMBER 17, 2023
Fred Turner, CEO of Curative, explains why employers need to break away from traditional health plans.
Fully Insured vs Self-Insured vs Level-Funded: What Does It All Mean To The Small Employer?
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? These individuals or employers are then free to accept the new premium rates or shop around with other insurance carriers. What Is Pooling?
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Trends Pushing Auto Insurance Rates Higher
InterWest Insurance Services
FEBRUARY 18, 2025
Automobile insurance companies are struggling to keep up with the rising cost of collision insurance claims, and that’s forcing them to raise rates at a steady clip. Insurers have responded by hiking collision insurance premiums and becoming more selective about the drivers and businesses they will insure.
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Auto Insurance: Strategies to Save
Money Talk
NOVEMBER 15, 2022
One of the largest items in household budgets is car insurance. According to Bankrate, the average annual cost of car insurance in June 2022 was $1,771 per year ($148 per month) for full coverage and $545 for just the minimum coverage required by state law. Do you want to save money on car insurance without sacrificing needed coverage?
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Are Your Benefits Enough to See Employees Through a Crisis?
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.
4 considerations when choosing employee benefits for the first time
WEX Inc.
OCTOBER 2, 2024
To take advantage of an HSA, you need to participate in an HSA-eligible health plan (or high-deductible health plan). HSA-eligible health plans typically have lower premiums but higher deductibles. Assess your ability to cover the deductible before choosing this plan.
Here Are The 4 Important Insurance Terms Gen Z Employees Need To Know
Best Money Moves
OCTOBER 1, 2024
The 4 Important Insurance Terms Gen Z Employees Need To Know. Gen Z employees often struggle to understand common insurance terms. Insurance is a complex topic, no matter how experienced you are. However, Gen Z employees are particularly susceptible to a lack of education on insurance terms and policies.
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Insurance Deductible Reset: End of Year Tips
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.
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Higher deductibles, premiums and co-pays: Aflac previews healthcare in 2024
Employee Benefit News
NOVEMBER 1, 2023
Jeri Hawthorne, CHRO at Aflac, breaks down the gap between employer-provided benefits and employees' needs.
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IRS Loosens Preventive Care Coverage Rules
InterWest Insurance Services
DECEMBER 5, 2024
New guidance issued by the IRS expands the types of preventive care benefits that high-deductible health plans are required to cover with no out-of-pocket costs on the part of plan enrollees. Benefits under HDHPs typically do not kick in until the enrollee has met their deductible.
How Can Companies Contain Health Insurance Costs?
Pacific Prime
MARCH 12, 2025
There are many ways companies can handle skyrocketing health insurance costs while maintaining competitive benefits packages such as considering copayment and deductibles, encouraging preventative care, or removing overpriced providers from their provider lists. The post How Can Companies Contain Health Insurance Costs?
How to Create a Pay Stub for Employees?
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.
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The Employee Healthcare Crisis: This is How To Help
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. Having health insurance does not guarantee access to healthcare or the ability to afford it.
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What is Hire-to-Retire (HTR)?
HR Lineup
SEPTEMBER 24, 2024
Benefits Administration: Offering competitive benefits such as health insurance, retirement plans, paid time off, and wellness programs. Key Features: Automated payroll processing: Technology ensures timely and accurate payments by automating payroll tasks such as salary calculations, tax deductions, and overtime.
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Coping With the Aftermath of a Disaster
Money Talk
JUNE 16, 2023
Of course, policy deductibles (e.g., $500) If you have material you would like to remove immediately, because it could be a health hazard, ask your insurance agent for instruction. Keep copies of information provided to the insurance company. Reach Out for Help - Review the settlement process outlined in your insurance policy.
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Four High Deductible Health Plan Mistakes to Avoid
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.
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What to do if your zero-deductible health plan goes away
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. One of the biggest factors is how high your out-of-pocket costs will be.
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Windstorm insurance for homes: Are you covered?
Higginbotham
OCTOBER 30, 2024
Does your homeowners’ insurance provide adequate coverage for hurricanes and other windstorms? If it is missing from your home insurance policy, you may still be able to add windstorm coverage. Is windstorm insurance the same as hurricane insurance? For this reason, the term “hurricane insurance” can cause confusion.
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Choosing between a low- or high-deductible health plan
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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Thirteen Tax Topics for Older Adults
Money Talk
MARCH 4, 2022
Increased Standard Deduction - Taxpayers age 65+ (and those who are blind) get an increased standard deduction on federal income taxes. For singles in 2022, the standard deduction is $14,700 ($12,950 + $1,750 additional for age 65+). of AGI can be deducted on Schedule A.
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Ten Benefits of Self-Employment in Later Life
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.
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Small business tax credits and deductions you should know about
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
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HSA vs. FSA: See how you’ll save with each
WEX Inc.
NOVEMBER 14, 2024
You must be enrolled in a high-deductible health plan (HDHP) to be eligible, which lowers you insurance premiums. Health savings accounts have a triple-tax advantage, meaning distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible.
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More Employers Cover Weight-Loss Drugs: Survey
InterWest Insurance Services
DECEMBER 10, 2024
That requires clinical coordination between clinicians, pharmacy benefit managers and insurers. increase in health insurance costs, even after implementing cost-reduction measures. Employers are also increasingly covering in vitro fertilization. 70% of organizations with more than 20,000 employees, up from 47%.
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Ten Upsides of Inflation
Money Talk
JANUARY 18, 2023
Not surprisingly, much of the news was negative; e.g., soaring prices for food, gas, utilities, cars, insurance, and more. Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g., for couples filing jointly, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022).
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2022 Health Insurance Outlook, Changes
InterWest Insurance Services
DECEMBER 9, 2021
In addition, new rulemaking is likely to be introduced in 2022 that will affect health plans, including non-discrimination rules for wellness plans and new rules governing what must be included on insurance plan ID cards. 1, 2022, HDHPs must charge enrollees for telehealth services if they have not yet met their deductible. .
Most Workers Make Bad Health Insurance Decisions
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. The study shows just how little many people know about their health insurance coverage. What you can do.
Smallest Firms See Largest Health Insurance Hikes
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.
Commercial Property Insurance Gets Scarce in At-Risk Areas
InterWest Insurance Services
JULY 11, 2023
Commercial property insurance rates remain stubbornly high in California for businesses with properties that are susceptible to wildfire risks. To make matters worse, more insurers are either scaling back or ceasing to cover businesses in these areas, resulting in many companies scrambling to find replacement coverage.
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Hospital Indemnity Insurance a Key Voluntary Benefit
InterWest Insurance Services
DECEMBER 28, 2021
For example, even with insurance, treating a broken leg or undergoing emergency appendicitis surgery can mean thousands of dollars in out-of-pocket medical costs. Fortunately, employers can help by offering their workers voluntary hospital indemnity insurance that can provide peace of mind in case they have a serious medical episode.
Mid-Year Financial Tweaks and Tasks
Money Talk
JUNE 28, 2023
Use this information to adjust payroll deductions for a health care FSA (up or down). Search for banks that offer attractive rates and FDIC insurance and consider moving your money. Another cash equivalent asset to consider is FDIC-insured certificates of deposit (CDs) sold by online banks and brokerage firms.
Tax Planning Tools and Techniques
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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Congress Reopens Door For HSA With No-Deductible Telehealth, But With a Hole
Proskauer's Employee Benefits & Executive Compensa
MARCH 22, 2022
Effective April 1, 2022, high-deductible health plans can once again offer first-dollar coverage for telehealth and other remote services without making participants ineligible for health savings account (“HSA”) contributions.
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Waiving HDHP Deductibles Has Little Effect on Premiums, Study Says
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%.
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What Workers Need to Know About Group Life Insurance
InterWest Insurance Services
AUGUST 22, 2024
Voluntary group life insurance is offered to employees as an optional benefit, and often employers will pay the small premium as an employee retention tool and to provide workers some peace of mind for their families. Internal Revenue Code Section 79 governs the taxation of this employer-provided life insurance.
Financial Planning Tips for Self-Employed Older Adults
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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OASDI Tax: Old-Age, Survivors, and Disability Insurance (OASDI) Tax Deductions
Patriot Software
JUNE 18, 2024
One of the taxes you must withhold from employee wages is the Old-Age, Survivors, and Disability Insurance (OASDI) tax. Tax withholding is an essential piece of the payroll puzzle. You must also contribute an employer portion of the OASDI tax. OASDI tax is more commonly referred to as Social Security tax.
How to Cut Health Care Costs
Money Talk
DECEMBER 16, 2021
This includes expenses for health insurance as well as deductibles, copayments, and coinsurance when medical bills occur. Find an App- Use an app to get information about the cost of various medical procedures for people with different types of insurance in different parts of the country.
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Top 8 Health Insurance Terms To Know
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. Some age groups have more health plan terminology knowledge than others.
Gen Z, Millennials Grow Disillusioned with Their Health Insurance
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.
Not Knowing Legal vs. Illegal Payroll Deductions Can Cost You Big Time
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.
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Commercial Auto Insurance Rates Spiking
InterWest Insurance Services
JULY 18, 2023
Skyrocketing claims costs and higher accident rates are pressuring the commercial auto insurance market, as insurers impose increasingly larger rate hikes and more are pulling out of the market or restricting who they will cover. According to the National Insurance Crime Bureau , there were 64,000 such theft claims in the U.S.
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Delays, Higher Insurance Costs Burden Owners, Contractors
InterWest Insurance Services
DECEMBER 14, 2021
Increasing construction project delays are combining with a hardening market for builder’s risk and liability insurance to create headaches for project owners and contractors. Owners need to understand the insurance marketplace and take steps in advance to keep insurance issues from throwing a monkey wrench into a project.
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Considerations when choosing a health plan for the first time
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. Learn more about HSA-eligible health plans (or high-deductible health plans ) in our graphic below.
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