Are employees getting fed up with high-deductible health plans?
Employee Benefit News
APRIL 11, 2024
According to a report by LendingTree's ValuePenguin, high-deductible health plan enrollment dropped for the first time since 2013.
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Employee Benefit News
APRIL 11, 2024
According to a report by LendingTree's ValuePenguin, high-deductible health plan enrollment dropped for the first time since 2013.
Employee Benefit News
SEPTEMBER 12, 2024
Curative, a healthcare services firm, is working to slash costs and encourage workers to seek treatment earlier.
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Employee Benefit News
NOVEMBER 17, 2023
Fred Turner, CEO of Curative, explains why employers need to break away from traditional health plans.
Employee Benefit News
NOVEMBER 1, 2023
Jeri Hawthorne, CHRO at Aflac, breaks down the gap between employer-provided benefits and employees' needs.
Employee Benefit News
APRIL 17, 2023
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Employee Benefit News
OCTOBER 23, 2024
From the lowest number of hospital beds to the highest average deductibles, see which states have the worst healthcare.
PayrollOrg
MAY 10, 2024
The IRS announced the 2025 maximum contribution levels for health savings accounts (HSAs) and out-of-pocket spending limits and deductible minimums for high deductible health plans that must be used in conjunction with HSAs.
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.
Money Talk
MAY 18, 2022
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+).
HR Lineup
MARCH 23, 2025
Benefits tracking with automated enrollment and deduction calculations. Payroll & Benefits Administration Automated payroll processing with real-time tax calculations. Multi-currency support for global payroll management. Workforce Planning & Succession Management Predictive analytics to identify future leadership potential.
Employee Benefit News
MARCH 25, 2024
The IRS standard rate influences tax deductions, business operations, compliance requirements, financial planning and employee compensation strategies.
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.
McDermott Will & Emery Employee Benefits
MAY 9, 2024
The Internal Revenue Service (IRS) recently announced (see Revenue Procedure 2024-25) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2025.
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.
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.
PayrollOrg
MAY 24, 2024
The Connecticut Department of Labor has issued earned wage access (EWA) guidance for employers that includes information about wage deductions for fees.
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. Other voluntary benefits like critical illness insurance can fill in the gaps when employees have a high deductible.
InterWest Insurance Services
OCTOBER 31, 2024
But many employers cap life insurance benefits at $50,000 — the maximum figure that allows employers to deduct premiums as a workplace benefit under IRC 7702. Premium costs are simply deducted from the worker’s wages and forwarded to the insurance company via payroll deduction.
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.
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.
Money Talk
OCTOBER 27, 2022
History - In the early 1980s, federal legislation created a tax-deductible IRA for anyone with earned income. Significant changes in 1986 established income limits for participants in an employer-sponsored retirement plan that eliminated the tax deductibility of traditional IRA contributions for some people.
HR Lineup
MARCH 13, 2022
However, the tax deduction is limited to a maximum of 25% of the total salary of the employees in this qualified employee benefit plan. As an employer, your contributions towards a qualified plan are tax-deductible. The employer then accumulates the resulting total over a specified period as part of the employee’s retirement.
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.
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.
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.
InterWest Insurance Services
FEBRUARY 18, 2025
It could also mean that drivers are choosing not to report damage that may fall below or slightly above their deductibles, which policyholders have been increasing to reduce their premiums. Between January 2019 and July 2024, the average first-party deductible grew by 47% in the U.S. We can help you think through these decisions.
Money Talk
JANUARY 18, 2023
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). Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based.
HR Lineup
MARCH 10, 2022
Note that with both plans, tax accumulates, and the IRS will deduct employees during retirement as if they were ordinary income. . An employer deducts a specific amount of money from the employees’ salaries to fund their retirement. For example, consider your financial circumstances, such as the amount of tax deducted when claiming it.
HR Lineup
JULY 4, 2024
Payroll Deductions: Employers deduct the elected pre-tax amount from employees’ paychecks each pay period. These deductions are then used to pay for the chosen commuter benefits. Employer: Jane’s employer deducts $150 from her pre-tax income each month and provides her with a transit pass.
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.
Money Talk
JUNE 16, 2023
Of course, policy deductibles (e.g., $500) All policies have very specific language about types of losses that are covered (e.g., hurricane damage) and those that are not (e.g., flood damage and business use of a home). 500) apply before any damage claims are paid. Learn the Claims Process - Write down the steps to file a claim.
HR Lineup
SEPTEMBER 24, 2024
Key Features: Automated payroll processing: Technology ensures timely and accurate payments by automating payroll tasks such as salary calculations, tax deductions, and overtime. By streamlining these operations, organizations can reduce errors and enhance employee satisfaction.
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).
Money Talk
AUGUST 8, 2024
Otherwise, you could overlook valuable tax deductions (e.g., Consider accelerating deductions (e.g., bunching itemized deductions in one year) when you realize large capital gains, have a high-earning year, or are near “tripwires” for tax on Social Security, IRMAA Medicare premiums, and the net investment income tax.
Money Talk
SEPTEMBER 30, 2022
A letter from the Social Security Administration (SSA) notifies beneficiaries of their expected benefit, including IRMAA deductions, if any. Three IRMAA Action Steps ¨ Reduce MAGI- MAGI is based on adjusted gross income (AGI) plus tax-exempt interest income and certain deductions that are added back.
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.
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.,
Flimp Communications
OCTOBER 30, 2024
About half of American employers offer HSAs — coupled with high-deductible health plans (HDHPs) — but, according to one study , 69% of employees don’t understand their benefits or uses. Not only are HSA contributions tax deductible, but investment growth and funds used for qualified medical expenses are also protected.
Best Money Moves
SEPTEMBER 25, 2024
copay or deductible). Having health insurance does not guarantee access to healthcare or the ability to afford it. Employees often pay out-of-pocket for a portion of their healthcare costs (e.g., And after multiple visits or treatments, healthcare costs can rack up fast.
HR Lineup
APRIL 4, 2024
Process Efficiency: Manual Payroll: Involves manual entry of employee work hours, wage rates, deductions, and tax withholdings. Calculations, including taxes and deductions, are automated, reducing the potential for errors. This process is time-consuming and prone to errors.
Higginbotham
MARCH 24, 2025
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. What happens to your HSA once you enroll in Medicare? Can you contribute to HSAs after 65?
Fringe Benefit Analysts
OCTOBER 17, 2024
Insurance carriers can still charge more by age, but a sick 61-year-old and a healthy 61-year-old would pay the same amount for coverage with the same deductibles and out-of-pocket maximums.
WEX Inc.
SEPTEMBER 4, 2024
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.
Money Talk
DECEMBER 22, 2021
Other tax numbers that get indexed are the standard deduction, certain tax credits, and the deduction for business-related and medical mileage. The IRS publishes tables with the income ranges for four filing status categories and seven tax rates that currently range from 10% to 37%.
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