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 98

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Benefit Resource Inc.

AUGUST 13, 2019

The term “high deductible health plan” has often carried with it a negative connotation for employees. According to a recent article from SHRM covering research from the Employees Benefit Research Institute (EBRI), enrollment in an HDHP promotes more conscious health care purchase decisions. Like this blog?

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Deductible Deductions Health Savings Account Employee Enrollments 45

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. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

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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.

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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.

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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?

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Business Management Daily

NOVEMBER 15, 2021

Flexible Spending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. These funds are placed in an FSA account that employees can use to pay for eligible expenses. The maximum that an employee may contribute to a healthcare FSA is $2,750. Healthcare FSA.

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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.

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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.

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Flexible Spending Account Healthcare Health Savings Account Deductible 52

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 are designed to work with high deductible health plans, and both the employer and the employee may contribute up to the annual contribution limit. Funds do not expire.

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Out of Pocket Cost Flexible Spending Account Medical Deductible 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%

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401(k) Health Savings Account Retirement Plan Deductible 40

Fringe Benefit Analysts

AUGUST 15, 2022

Businesses must also meet certain criteria to be able to offer group health insurance to their employees. They must have at least one full-time employee who works at least 30 hours per week, and they must pay payroll taxes. How To Enroll. The biggest benefit of group health insurance for employees is lower premiums.

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Business Management Daily

NOVEMBER 30, 2021

Flexible spending accounts (FSAs) are employer-established accounts that allow you to put aside pre-tax dollars from your paycheck into a special account to be used for eligible health or dependent care expenses. The patient does not have to be the employee. Health care provider’s name. Dependent care FSA receipt requirements.

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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.

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Health Savings Account Deductible Deductions Flexible Spending Account 40

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. Some platforms can integrate with payroll, talent-management platforms and other systems — and even simplify tax credit applications. Customization. Integration.

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Technology Employee Enrollments Deductible Deductions 45

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.

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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. Payroll compliance checks.

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Benefit Resource Inc.

DECEMBER 10, 2021

and so much more. That’s a LOT! Factoring in all of the time and effort it takes to handle all of the above, it makes sense for most organizations to partner with trusted third-party payroll and benefits administrators who can do the heavy lifting.

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Business Management Daily

AUGUST 30, 2024

The cafeteria-plan rules require employees to designate their pretax deductions before the start of the plan year. For calendar-year plans, employees will be making changes very soon for the 2025 plan year. Employees enroll their kids in a new, state-of-the-art day care center. A day care center raises it rates.

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