article thumbnail

Four High Deductible Health Plan Mistakes to Avoid

InterWest Insurance Services

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.

article thumbnail

From deductibles to wellness: Why benefits options matter

WEX Inc.

In the first post of this year’s open enrollment series, we break down some of the common feedback we received from those who said their benefits options were lacking so you can build the best benefits package going into your open enrollment. Specific responses included: “A lower deductible or copay options would be an improvement.”

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

6 Key HSA Benefits to Communicate to Employees

Flimp Communications

And yet, that’s not how most employees understand them — if they understand them at all. 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. Very few savings accounts offer similar benefits.

article thumbnail

10 Best Benefits Administration Software in 2023

HR Lineup

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 246
article thumbnail

4 HDHP trends you don't want to miss

WEX Inc.

More employees are enrolling in a high-deductible health plan (HDHP) each year, including more than half of U.S. But there are still misunderstandings that exist among employees about the significant value of an HDHP (or HSA-eligible health plan) and how it compares to a traditional health plan.

article thumbnail

What is a High-Deductible Health Plan (HDHP)?

Higginbotham

While not ideal for everyone, a high-deductible health plan can be very appealing to some workers, especially when it’s paired with a health savings account. Offering a high-deductible health plan as part of an employee benefits package, therefore, may be a strategic option for your organization.

article thumbnail

Disney Education Program Cuts and Funding Caps Revealed

HR Digest

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.