InterWest Insurance Services

OCTOBER 27, 2022

The plans benefit employers, as well. Since the pre-tax benefits aren’t subject to federal social security withholding taxes, employers don’t have to pay FICA or workers’ comp premiums on those payments. A cafeteria plan can save employers an average of almost $115 per participant in FICA payroll taxes.

Flexible Spending Account 97

Flexible Spending Account Employment Flexible Spending Deductible 97

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.

Deductible 52

Deductible Deductions Taxes Flexible Spending Account 52

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. This is your best opportunity to discuss available plans with your employer and learn what has changed from the previous year. Open enrollment comes just once a year.

401(k) 52

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

Money Talk

JUNE 29, 2022

In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status. This is a great time to increase emergency savings or automatic deposits into an employer retirement savings plan (e.g., 401(k) or 403(b) plan).

401(k) 189

401(k) Out of Pocket Cost Finance Flexible Spending Account 189

WEX Inc.

OCTOBER 4, 2023

Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. Your employer owns your FSA.

401(k) 98

401(k) Flexible Spending Account Health Savings Account Flexible Spending 98

InterWest Insurance Services

MARCH 22, 2022

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Flexible spending account. Section 125 plans offer a number of tax-saving benefits for employers. Remember: Flexible benefit plans are not without their drawbacks.

Flexible Spending Account 96

Flexible Spending Account 401(k) Flexible Spending Deductible 96

Flimp Communications

FEBRUARY 25, 2025

For employers, the period following tax season is one of the best times to communicate with employees about improving their financial health, especially as it relates to taxes. Employees can deduct up to $300 per month in transit account contributions and $300 per month in parking account contributions. Money is on their minds.

Taxes 52

Taxes Deductible Deductions Flexible Spending Account 52

Benefit Resource Inc.

NOVEMBER 8, 2023

If you’re wondering what the difference is between a Medical Flexible Spending Account (Medical FSA) and a Dependent Care Flexible Spending Account (DC FSA), you are not alone. If your employer offers both plans during your benefits enrollment, you’ll want to be familiar with what each plan covers.

Medical 98

Medical Flexible Spending Account Flexible Spending Deductible 98

WEX Inc.

OCTOBER 15, 2024

Today, to commemorate National Health Savings Account Awareness Day (HSA Day) celebrated annually on October 15, WEX is highlighting available resources to help employers and employees better understand the impressive value of HSAs for both wellbeing and wallets. Employers’ contributions to employees’ HSAs are tax deductible.

401(k) 52

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

Business Management Daily

SEPTEMBER 22, 2021

Some employers start as early as September. Most employees elect coverage through their employer, but some may be eligible for marketplace coverage as well. Most employers have an open enrollment period of at least 2 to 4 weeks. Eligibility for HSAs is generally limited to people enrolled in High Deductible Health Plan (HDHP).

Employment 90

Employment Deductible Deductions Benefit Providers 90

HR Lineup

JULY 10, 2023

The platform automates the entire payroll process, from calculating earnings and deductions to generating pay stubs and tax forms. It simplifies the enrollment and management of employee benefits programs, such as health insurance, retirement plans, and flexible spending accounts.

Flexible Spending Account 130

Flexible Spending Account Payroll Flexible Spending Retirement Plan 130

Higginbotham

SEPTEMBER 16, 2024

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.

Deductible 52

Deductible Deductions Health Savings Account Health Insurance 52

WEX Inc.

AUGUST 2, 2023

A flexible spending account (FSA) allows participants to save money by setting aside pre-tax dollars to pay for eligible medical, dental , vision and dependent care expenses incurred by you, your spouse, or your eligible dependents. FSAs are an employer-owned account , and the IRS sets limits on annual FSA contributions.

Flexible Spending Account 98

Flexible Spending Account Deductible Deductions Health 98

InterWest Insurance Services

JANUARY 26, 2022

Mental health issues have come to the fore during the COVID-19 pandemic, spurring employers to expect their group health plans to do more for their workers in this area. workers are increasingly having difficulties in paying for health care, particularly due to high copays, deductibles and other health plan cost-sharing elements.

Out of Pocket Cost 98

Out of Pocket Cost Deductible Deductions Flexible Spending Account 98

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. 7,750 for family coverage (up $450). The takeaway.

401(k) 98

401(k) Deductible Deductions Flexible Spending Account 98

WEX Inc.

MAY 2, 2024

For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. Health reimbursement arrangement An HRA is an employer-funded benefits plan that employees use to save pre-tax dollars on medical costs. Also, employees do not pay federal income tax or employment taxes on contributions to the account.

Health Savings Account 98

Health Savings Account 401(k) Flexible Spending Account Taxes 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. The report notes 84% of employers offer both HDHPs and traditional health plans to ensure that they can met the needs of a multi-generational workforce.

Voluntary Benefits 97

Voluntary Benefits Flexible Spending Account Deductible Deductions 97

InterWest Insurance Services

SEPTEMBER 23, 2024

One of the most underused employee benefits available is the “cafeteria” plan ― which can benefit both the employer and the employee. The benefits are free from federal and state income taxes, employees’ taxable income is reduced and that means that employers don’t have to pay FICA on those dollars.

Flexible Spending Account 94

Flexible Spending Account Benefits Package Deductible Deductions 94

WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? What is a medical flexible spending account (FSA)? They are employer-owned accounts. How a medical FSA works After you’ve enrolled in a medical FSA through your employer, you then chose how much to contribute to your FSA.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

Genesis HR Solutions

JANUARY 24, 2023

Handbooks help manage your employees and keep your business compliant with the ever-growing list of employment rules and regulations. Notice and disclaimer / Acknowledgement of Receipt A notice and disclaimer indicates the handbook is not a contract of employment and that the handbook is subject to change.

Family and Medical Leave Act 98

Family and Medical Leave Act Overtime Parental Leave Health and Welfare 98

InterWest Insurance Services

MARCH 4, 2022

As rising health insurance premiums and out-of-pocket costs for health care are burdening workers, more employers are looking for ways to help their staff put aside money for those expenses. While health savings accounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans.

Medical 98

Medical Health Insurance Out of Pocket Cost Deductible 98

McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

On November 9, 2023, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain health and welfare plan benefits, including those for health flexible spending arrangements and commuter benefit plans, among other important updates.

Health and Welfare 105

Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 105

InterWest Insurance Services

DECEMBER 9, 2021

HDHP telehealth services — The CARES Act, signed into law in 2020 after the pandemic started, temporarily allowed high-deductible health plans to pay for telehealth services before an enrollee had met their deductible. 1, 2022, HDHPs must charge enrollees for telehealth services if they have not yet met their deductible. .

Health Insurance 98

Health Insurance Insurance Insurance Carriers Deductible 98

InterWest Insurance Services

JULY 20, 2022

Keep in mind that the ritual of choosing a benefits package is a brand-new experience for people who are new to the workforce, and you should prepare to educate new employees on how to effectively choose and use their new coverages, as well as all the details like premiums, deductibles and out-of-pocket expenses. Financial wellness.

Education 98

Education 401(k) Deductible Deductions 98

Qandle

JUNE 20, 2023

This includes employee details such as names, addresses, social security numbers, tax withholding information, bank account details for direct deposit, and any changes in employment status or compensation. This includes tax regulations, employment laws, minimum wage requirements, and any changes in payroll-related legislation.

Payroll 98

Payroll Flexible Spending Account Overtime Payroll Software 98

Benefit Resource Inc.

JANUARY 3, 2023

With a Flexible Spending Account (FSA), you can set aside up to $3,050 in pre-tax dollars per calendar year to pay for eligible medical expenses like doctor visits, hospitalizations, and prescription medications. HRAs can be designed by an employer to fit a variety of needs and program designs. How Employers Can Help.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

Winston Benefits

JULY 5, 2017

These low-premium, high-deductible health insurance plans can help control employer costs and put more control in the hands of employees. They are often paired with Health Savings Accounts (HSAs) or flexible spending arrangements that employers contribute to.

Health Savings Account 56

Health Savings Account Employment Flexible Spending Health Insurance 56

PeopleKeep

APRIL 30, 2020

There are a few different types of medical reimbursement plans including: Health Reimbursement Arrangements (HRAs), Healthcare Reimbursement Plans (HRPs), Health Savings Accounts (HSAs), and Health Flexible Spending Accounts (FSAs). An employer usually offers an HSA-qualified high-deductible health plan and an HSA.

Medical 72

Medical Flexible Spending Account Health Savings Account Health Insurance 72

Genesis HR Solutions

SEPTEMBER 22, 2020

At the end of this article, we’ll explain how a professional employer organization (PEO) can help you select, negotiate, and administer best possible benefits for your company. There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans.

401(k) 98

401(k) Employee Benefits roth 401(k) Disability Insurance 98

WEX Inc.

OCTOBER 9, 2024

Health savings accounts (HSAs) and flexible spending accounts (FSAs) are often misunderstood, despite their significant financial advantages. FSA : This is an employer-owned account where funds must generally be used within the plan year. Contributions are tied to enrollment in a high-deductible health plan (HDHP).

Flexible Spending Account 95

Flexible Spending Account Health Savings Account Flexible Spending Taxes 95

Business Management Daily

NOVEMBER 15, 2021

Employers are constantly looking for ways to remain competitive in their benefits offerings, and an FSA is a great add-on to your benefits package. Flexible Spending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. Wherever you fall, we have answers for you.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Medical Healthcare 98

Best Money Moves

JULY 8, 2020

HR trends forecast the most desired employee benefits for 2021 like financial wellness programs and flexible work arrangements. It’s time for employers to start planning their employee benefits packages for 2021. But what can employers do to help? 4 Paid Time Off. 4 Paid Time Off. 5 Mental Health Benefits .

Employee Benefits 111

Employee Benefits Out of Pocket Cost Flexible Spending Account Health Insurance 111

WEX Inc.

SEPTEMBER 14, 2023

Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. This is your best opportunity to discuss available plans with your employer and learn what has changed from the previous year. Open enrollment comes just once a year.

401(k) 98

401(k) Health Savings Account Flexible Spending Account Healthcare 98

Business Management Daily

SEPTEMBER 9, 2021

Almost all health plans offer add-on accounts — health flexible spending accounts, health savings accounts, or health reimbursement accounts. Health flexible spending accounts. Health flexible spending accounts (FSAs) are probably the most common add-on accounts. Here are the basics. Health savings accounts.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Employment Flexible Spending 52

Business Management Daily

DECEMBER 1, 2019

Hourly-paid nonexempts are impacted only to the extent of withholding and deductions. Lastly, check employment contracts and engagement letters to determine whether employees were promised a set annual salary. Employees’ benefits deductions and allowances (e.g., Do nothing. Digging deeper. Accruals for vacation and sick pay.

Payroll 83

Payroll 401(k) Deductible Deductions 83

Insperity

MAY 13, 2015

First and second time group health insurance buyers usually miss the opportunity to buy a health savings account (HSA)-qualified high-deductible health plan (HDHP). the employee) can contribute to the account, as can any other person or entity, including the employer. High-deductible health plans. Health Savings Accounts.

Health Insurance 84

Health Insurance Insurance Out of Pocket Cost Health Savings Account 84

Benefit Resource Inc.

APRIL 20, 2023

While dusting, vacuuming, and packing away winter clothes may be on the top of your spring cleaning list, have you considered reviewing your eligible expenses and utilizing your Flexible Spending Account (FSA)? While doing your spring cleaning, don’t forget to look at your FSA.

Out of Pocket Cost 83

Out of Pocket Cost Flexible Spending Account Flexible Spending Health Savings Account 83