InterWest Insurance Services

MARCH 7, 2024

HSAs allow your employees to put away funds to pay for future medical expenses. Usually, these accounts are funded with pre-tax deductions from your employees’ paychecks, but if they didn’t max out their contributions last year, they still can do so up until the tax-filing deadline.

401(k) 85

401(k) Health Savings Account Pharmaceutical Deductions 85

InterWest Insurance Services

JANUARY 18, 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.

Out of Pocket Cost 58

Out of Pocket Cost Deductions Deductible Voluntary Benefits 58

InterWest Insurance Services

JANUARY 20, 2022

One of the health insurance trends that went largely unnoticed in 2021 was that employers halted cost-shifting to their employees by reducing or holding steady workers’ deductibles and other cost-sharing. in 2021, employers did not increase employee’s share of premiums significantly.

Employment 88

Employment Deductions Deductible Employee Enrollments 88

BerniePortal

JUNE 23, 2021

If an employee enrolls in a high-deductible health plan (HDHP) mid-year, how does that affect the amount they can contribute to their health savings account (HSA)? Changing life events in the middle of the year usually means changes to your health insurance plan.

Health Savings Account 64

Health Savings Account Employee Enrollments Health Insurance Deductions 64

Higginbotham

AUGUST 13, 2024

And, for most hospital indemnity plans, there are no deductibles, provider networks or other complications to worry about. Your employees may use their hospital indemnity insurance benefits to cover deductibles, copays, out-of-network costs and other expenses associated with a hospital stay. However, education is key.

Hospitality 52

Hospitality Insurance Voluntary Benefits Benefits Package 52

InterWest Insurance Services

DECEMBER 9, 2021

As we enter 2022, there are a number of changes on the horizon that plan sponsors need to be aware of as they will affect group health plans as well as employees enrolled in those plans. 1, 2022, HDHPs must charge enrollees for telehealth services if they have not yet met their deductible. . That comes to an end Dec.

Health Insurance 83

Health Insurance Insurance Insurance Carriers Deductions 83

HR Digest

SEPTEMBER 12, 2024

The tax benefits allow employers to deduct the stated $5,250 annually per employee as a business expense if spent on education assistance programs but any amount spent beyond that is taxable. This cap is the same as the IRS limit on tax-free benefits for educational assistance programs and is commonly followed by many organizations.

Education 52

Education Employee Enrollments Taxes Deductions 52

HR Digest

MARCH 28, 2023

It allows employees to save a portion of their pre-tax income for retirement. Here’s how it works: When an employee enrolls in a 401(k) plan, they choose a percentage of their salary to contribute to the plan, up to a certain limit set by the Internal Revenue Service (IRS). How does 401(k) work?

401(k) 64

401(k) roth 401(k) Retirement Plan IT 64

Benefit Resource Inc.

JUNE 1, 2023

” Although rising premium rates are an on-going challenge for employers, a primary (and popular) method to overcome this is to implement a high-deductible health plan (HDHP). Overcoming the Challenge Implement an HDHP with Complementary Accounts A growing number of employers have implemented an HDHP as a choice for employees.

Flexible Spending Account 52

Flexible Spending Account Healthcare Health Savings Account Deductions 52

InterWest Insurance Services

JANUARY 17, 2023

If your firm has fewer than 20 employees, workers who are 65 or older can no longer contribute to an HSA as they are not compatible with Medicare. Employees who are 65 or older should stop making contributions to their HSA six months before they enroll in Medicare or before they apply for Social Security benefits if they are still working.

Health Insurance 78

Health Insurance Insurance Health Savings Account Hospitality 78

Business Management Daily

SEPTEMBER 9, 2021

FSAs are primarily funded by employees through pretax deductions, although employers may make contributions. Tax advantage: Employees’ and employers’ contributions are excluded from employees’ wages and aren’t subject to income or FICA taxes. Employees usually contribute to HSAs on a pretax basis.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Employment Flexible Spending 52

InterWest Insurance Services

NOVEMBER 10, 2022

One of the most difficult aspects of annual open enrollment is reaching workers who are disengaged from the process and never bother signing up for your group health plan and other benefits they could take advantage of. Also consider that one in three employees are uncertain about their ability to cover future health care expenses.

401(k) 76

401(k) Health Savings Account Health Insurance Insurance 76

HR Professionals Magazine

APRIL 4, 2022

This means if you change an employee from hourly to salary in the ben admin platform, the payroll system would not be updated. Similarly, you’ll want to know if deduction information flows in both directions, or if it only flows from the ben admin system to the payroll system via the API.

Payroll 52

Payroll Payroll System Deductions Deductible 52

HR Lineup

OCTOBER 18, 2023

This central repository allows HR teams to efficiently manage and update benefits information, making it easily accessible to employees. Enrollment and Plan Selection: Employees can use the software to enroll in benefits, review available plans, and make selections that best suit their needs.

Software 82

Software Retirement Plan Health Insurance Payroll 82

Business Management Daily

SEPTEMBER 27, 2019

An ounce of prevention may be worth a pound of cure, but up until this point, high-deductible health plans have been boxed in regarding tax-free reimbursements for most preventive care services or items. Reason: With certain exceptions, HDHPs can’t start reimbursing employees until they meet those high deductibles.

Health Savings Account 40

Health Savings Account Deductions Deductible Flexible Spending Account 40

Higginbotham

JULY 12, 2022

Employees may face uncovered costs in numerous ways: They have to pay a share of the premium for insurance. They have to pay a deductible. HSAs: These accounts are owned by the employee; so the employee can keep the account when switching jobs or retiring. Manage enrollment. HRAs are owned by the employer.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 52

HR Digest

APRIL 2, 2024

Health-related expenses are regulated by the Affordable Care Act (ACA), and they need to be integrated into a high-deductible health plan (HDHP) to be considered valid. Only employees enrolled in the HDHP can benefit from the HSA, making it a more complicated program to follow. HSAs can be funded by both employer and employee.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Medical Flexible Spending 52

Fringe Benefit Analysts

AUGUST 15, 2022

Small businesses with fewer than 50 employees are not required to provide health care coverage, but any business with more than 50 employees is required to do so. How To Enroll. For employees, enrolling in a group health insurance plan may occur during a specific period. Benefits for Employers.

Insurance 52

Insurance Health Insurance IT Deductions 52

HR Digest

DECEMBER 17, 2019

Health Insurance: The workers will be entitled to enroll with the comprehensive health plan which will help them overcome the future financial assistance that may arise due to an unknown event or accident that harms their health or body. The benefits will be equitably offered to all the employees.

Paid Vacation 64

Paid Vacation Overtime Health Insurance Insurance 64

Business Management Daily

NOVEMBER 15, 2021

Many employees are coming to the end of the year and realizing that they still have a lot of money in their FSA accounts that they need to spend. They may also be questioning whether they have a need for an FSA and if so, how much they should choose to have deducted each month. Copays, co-insurance, and deductibles for medical care.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Medical Healthcare 98

Business Management Daily

NOVEMBER 30, 2021

Reimbursements from a healthcare FSA can only be paid to reimburse the employee for qualified medical expenses incurred during the period of coverage. While FSA funds are deducted by the employer during payroll , the benefits vendor administering the FSA is responsible for verifying the receipts rather than the employee.

Retail 52

Retail Healthcare Medical Flexible Spending Account 52

Corporate Synergies

AUGUST 6, 2018

Health savings accounts can be a good deal for employees. High deductible health plans (HDHPs) are on the rise as a growing number of employers turn to consumer-directed health plans to try to curb costs—the portion of employees enrolled in HDHPs rose from 26.3% But do they really understand HSA value? in 2011 to 39.3%

401(k) 40

401(k) Health Savings Account Retirement Plan Deductions 40

Benefit Resource Inc.

DECEMBER 10, 2021

One of the biggest time sucks for an HR department is payroll and employee benefits. Compensation & Benefits Administration. and so much more. That’s a LOT!

Payroll 40

Payroll Employee Enrollments Deductions Deductible 40

Winston Benefits

MARCH 8, 2018

If employees requested more communication or decision-support tools on your enrollment portal, they might be disappointed and discouraged if they don’t see any updates. Even just updating your enrollment booklet online and adding new FAQs can be a tremendous help to your employee population. What If We Add New Benefits?

Technology 45

Technology Health Savings Account Voluntary Benefits Employee Enrollments 45

Winston Benefits

FEBRUARY 21, 2018

Your employees make a lot of decisions during their work day, but one of the most important decisions they’ll make comes once a year: what to do about their employee benefits. That can lead to distraction, frustration and disillusionment with their benefits — and can spill over into their job as well.

Life Insurance 45

Life Insurance Employee Enrollments Deductions Deductible 45

Winston Benefits

MAY 15, 2018

If you plan to use the platform to communicate with employees, make sure it can host communication materials and videos. Consider enrollment windows as well. Employees may be likely to pick the plan with the lowest price, but by asking questions about risk factors, you can prompt them to think more carefully about the right choice.

Technology 45

Technology Employee Enrollments Deductions Deductible 45

PeopleStrategy

NOVEMBER 12, 2019

Assessing open enrollment and employees’ overall involvement in benefit offerings should be a big part of any year-end HR checklist. Obviously you and the providers you select for your benefit offerings need to know how many employees enroll in each plan.

Overtime 56

Overtime Payroll Employee Enrollments Deductions 56

Insperity

NOVEMBER 24, 2014

A side-by-side comparison of premiums, contributions and/or deductibles for each option. An explanation of any changes from the previous year and any actions your employees may need to take. From there, create a communication schedule to remind employees of the benefits enrollment period.

Insurance 78

Insurance Employee Enrollments Hospitality Deductions 78

Insperity

NOVEMBER 24, 2014

A side-by-side comparison of premiums, contributions and/or deductibles for each option. An explanation of any changes from the previous year and any actions your employees may need to take. From there, create a communication schedule to remind employees of the benefits enrollment period.

Insurance 40

Insurance Employee Enrollments Hospitality Deductions 40

InterWest Insurance Services

MARCH 1, 2024

How voluntary benefits work Voluntary benefits are arranged by employers but either paid for by staff via payroll deduction or by the employers themselves. The employer deducts any fees or premiums for these benefits from employee paychecks and forwards them in a single batch to the benefit vendors.

Voluntary Benefits 93

Voluntary Benefits Disability Insurance Deductions Deductible 93

HR Professionals Magazine

MAY 4, 2023

A 2022 Harris poll found that 72% of employees said “they wish someone would tell them what the best health insurance for their unique situation is.” AI Enabled Benefits Education According to a recent study by the Hartford, “76% of employers say educating employees about benefits” remains challenging.

Technology 52

Technology Utilities Payroll Deductions 52

InterWest Insurance Services

MAY 23, 2024

The good news for employers is that they often can reimburse their employees in full for Part B and D, as well as Medicare Supplement, and still pay less than they would pay in group employee premiums alone.

Employment 85

Employment Medical Employee Enrollments Health Insurance 85