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.

Deductions 98

Deductions Deductible Out of Pocket Cost Health Savings Account 98

HR Lineup

JULY 4, 2024

Communication and Education: Employers must inform employees about the available commuter benefits, how they work, and the enrollment process. 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.

Transportation 246

Transportation Taxes Deductions Deductible 246

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 20, 2023

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.

Deductions 75

Deductions Deductible Flexible Spending Account Health Savings Account 75

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 Deductions Deductible Health Insurance 182

Money Talk

NOVEMBER 9, 2023

traveling, volunteering, and working) between high school and post-secondary education or college graduation and graduate school. Another way that some people proactively plan is to postpone deductible expenses until RMDs begin as a way to offset higher taxable income. Think Malia Obama and Elon Musk.

Pension 191

Pension Taxes Deductions Deductible 191

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.

Deductions 52

Deductions Deductible Health Savings Account Flexible Spending Account 52

Money Talk

JULY 25, 2024

As a financial education solopreneur who works from home, I was happy join a group of kindred spirits to share information about each other’s products and services. Contributions to non-Roth accounts are often tax-deductible, thereby reducing adjusted gross and, ultimately taxable, income. We are not alone. of net business income.

Employment 162

Employment Health Insurance Pension Deductions 162

Flimp Communications

FEBRUARY 25, 2025

Educate About Tax-Advantaged HSAs (And Similar Benefits) As you know, health savings accounts (HSAs) are triple tax-advantaged. 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. Sign up for our webinar.

Taxes 69

Taxes Deductions Deductible Flexible Spending Account 69

WEX Inc.

JULY 24, 2024

For example, WEX benefits administration clients can take advantage of our custom communication workshops where we consult with key stakeholders to create a campaign, creative theme, and point of focus around a specific enrollment goal, or particular benefit offering for employee education outreach. It is not legal or tax advice.

Health Savings Account 59

Health Savings Account Taxes Health Insurance Consulting 59

Money Talk

AUGUST 15, 2024

One of the great features of the annual Association for Financial Counseling and Planning Education (AFCPE) Symposium is that AFCPE now makes video recordings of all of the breakout sessions and makes them available to attendees for a year. Example: The amount provided by mortgage interest deductions is three times that of housing subsidies.

Financial Counseling 140

Financial Counseling Education Finance Deductions 140

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.

Deductions 52

Deductions Deductible Flexible Spending Account Healthcare 52

Money Talk

JANUARY 11, 2023

The easiest way to “pay yourself first” is to have savings deducted automatically from your paycheck through a 401(k) or other workplace savings plan. Pay Yourself First (PYF)- PYF treats savings with the same high priority as a mortgage, rent, or car loan payment. and the “Ballpark Estimate” calculator on the Web site www.asec.org.

401(k) 185

401(k) Finance Insurance Deductions 185

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.

Payroll 181

Payroll Payroll System Deductions Deductible 181

WEX Inc.

MAY 10, 2024

2025 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. 2025 high-deductible health plan (HDHP) amounts and expense limits also increased. The 2025 HDHP minimum deductible is $1,650 for self-only coverage and $3,300 for family coverage. It is not legal or tax advice.

Health Savings Account 105

Health Savings Account Deductions Deductible Taxes 105

Higginbotham

APRIL 8, 2025

When paired with the recent federal budget cuts to education, the drastic rise and fall of funds within these pools is reshaping the landscape of public sector budgets. Rising premiums, increased deductibles and mounting prescription drug costs can quickly erode health care budgets.

Health Insurance 52

Health Insurance Out of Pocket Cost Deductions Deductible 52

HR Lineup

JUNE 18, 2024

Understanding Recruitment Scam Notices A recruitment scam notice is essentially a public service announcement aimed at educating job seekers about the prevalence of fraudulent recruitment activities. Legitimate employers typically cover these costs or deduct them from the employee’s salary after hiring.

Recruitment 245

Recruitment IT Banking Media 245

InterWest Insurance Services

JULY 25, 2024

But you can help them avoid leaving money on the table by educating them with helpful materials and a process that lets them find the plan that is best for their life circumstances. To help your staff choose the plan that best fits them requires an educational effort and outreach, but it should not consume all of your time.

Deductions 98

Deductions Deductible Voluntary Benefits Medical 98

CorpStrat

DECEMBER 4, 2024

Pairing high-deductible health plans (HDHPs) with Health Savings Accounts (HSAs) or adding wellness programs can help employees offset costs while staying engaged in their health. Develop a year-long communication strategy that educates employees about their benefits, keeps them engaged, and ensures they make the most of your offerings.

Employee Benefits 52

Employee Benefits Employment Disability Insurance Health Savings Account 52

InterWest Insurance Services

JANUARY 28, 2025

The average cost of an ER visit with insurance in 2024 was around$400-$650, with the typical copay after meeting the deductible being around $412 nationwide, based on US Department of Health information. But some visits can go into the thousands of dollars for serious cases.

Health Insurance 59

Health Insurance Insurance Retail Education 59

WEX Inc.

JANUARY 9, 2025

Use this data to identify gaps in communication or areas where employees may need additional education. Common topics include: Clarification of coverage details Questions about deductibles, copays, or reimbursement processes. Providing ongoing education through newsletters, webinars, or workshops. It is not legal or tax advice.

Employee Benefits 52

Employee Benefits Health Savings Account Taxes Education 52

Achievers

APRIL 19, 2016

Have you considered paying some of your workers’ tuition to continue their education? The opportunity to subsidize your employees to further their education requires careful decision-making. In an era where employee engagement is a top priority for businesses, tuition assistance is a much-sought-after company benefit.

Employee Loyalty 134

Employee Loyalty Deductions Deductible Taxes 134

WEX Inc.

MAY 8, 2023

More employees are enrolling in a high-deductible health plan (HDHP) each year, including more than half of U.S. HDHP vs. PPO deductible Nearly two-thirds of large employers provide their employees with the choice of an HDHP and a traditional health plan , such as a preferred provider organization (PPO). It is not legal or tax advice.

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

InterWest Insurance Services

MARCH 3, 2023

A new study has found that individuals enrolled in high-deductible health plans (HDHPs) are more engaged than their traditional plan counterparts during open enrollment, spending more time on choosing plans and using employer-provided tools to help them make their choices. workers were enrolled in them.

Insurance Carriers 98

Insurance Carriers Deductions Deductible Education 98

InterWest Insurance Services

JULY 4, 2024

workers choosing high-deductible health plans has leveled off during the last two years, uptake has been growing rapidly among one segment of the working population: Gen Z employees. HDHPs feature higher deductibles and more out-of-pocket expenses in exchange for lower premiums upfront. While the number of U.S.

Voluntary Benefits 97

Voluntary Benefits Flexible Spending Account Deductions Deductible 97

WEX Inc.

OCTOBER 15, 2024

WEX is excited to use HSA Day to educate employers and employees about the value of HSAs.” Employers’ contributions to employees’ HSAs are tax deductible. The information in this post is for educational purposes only. In addition, employees’ contributions to their own accounts reduce employers’ payroll taxes.

401(k) 52

401(k) Health Savings Account Flexible Spending Account Taxes 52

WEX Inc.

MAY 17, 2023

2024 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. 2024 high-deductible health plan (HDHP) amounts and expense limits also increased. The 2024 HDHP minimum deductible is $1,600 for self-only coverage and $3,200 for family coverage. Be bold in support of your employees' retirement needs!

Health Savings Account 98

Health Savings Account Deductions Deductible Taxes 98

InterWest Insurance Services

NOVEMBER 7, 2024

The findings in the study underscore the importance for continuing education and outreach on their benefits and providing your workers the opportunity to ask questions in a private setting. How you can help Employers can help their employees make smart health plan decisions by: Not inundating them with lengthy educational materials.

Deductions 96

Deductions Deductible Education Media 96

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. A huge deductible before receiving coverage year after year can be a barrier to receiving 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. A huge deductible before receiving coverage year after year can be a barrier to receiving care.

401(k) 96

401(k) Deductions Deductible Health Savings Account 96

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. state income tax and local property tax) every so often (e.g.,

Flexible Spending Account 187

Flexible Spending Account Taxes Pension Deductions 187

InterWest Insurance Services

DECEMBER 14, 2021

Employers looking for ways to decrease their group health insurance outlays over the past decade have been turning to high-deductible health plans as they offer lower up-front premiums. It means getting the deductible amounts right and educating them on how to best use these plans. Lack of education. Too-high deductibles.

Deductions 97

Deductions Deductible Health Savings Account Medical 97

HR Bartender

JULY 30, 2015

Our main mission is really research and education. We support students and professionals in their lifelong learning by awarding more than $150,000 in education and certification scholarships annually. So if you do find the resources useful, consider making a tax-deductible donation at shrmfoundation.org/donate.

Human Resources 145

Human Resources Education Deductions Deductible 145

WEX Inc.

SEPTEMBER 18, 2024

Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. An informative blog , educational videos and savings and goal calculators make it easy for you to determine your plan elections.

401(k) 52

401(k) Health Savings Account Flexible Spending Account Healthcare 52

InterWest Insurance Services

JUNE 22, 2022

Many employees choose pricey plans with low deductibles, which force them to spend more up front on premiums to save just a few hundred dollars on their deductible. Study 1: The deductible angle. As a result, workers paid an extra $528 in premiums for the year to keep their deductible at $750 instead of $1,000.

Deductions 98

Deductions Deductible Pharmaceutical Health Savings Account 98

InterWest Insurance Services

APRIL 27, 2022

The study reflects the increasing burden that health insurers’ policies for out-of-network care and higher deductibles are having on Americans, particularly those who are the most recent entrants to the job market.

Health Insurance 98

Health Insurance Insurance Health Savings Account Deductions 98

Employee Benefits

FEBRUARY 29, 2024

Financial education + money management tools = reduced employees financial stress and anxiety. Of those, 57% expressed an interest in their employer providing them with financial education and advice. Education is an impactful way to enhance employee financial wellbeing, creating financial resilience amongst your workforce.

IT 111

IT Salary Deductions Deductible 111