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Employees can deduct up to $300 per month in transit account contributions and $300 per month in parking account contributions. Although 529 contributions are not tax-deductible, this popular college savings plan has tax advantages. Parents who adopt can write off up to $15,950 from their federal income taxes. Commuter benefits.
One of the great features of the annual Association for FinancialCounseling 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. Also, the U.S.
The idea of “financial wellness” is catching on, and more employers are providing benefits that help employees save for college, address debt and plan for their financial futures. More ‘Consumer’ Benefits. In 2018, it will remain important for employers to stay up-to-date on any legislative changes. Increased Reliance on Technology.
The health plan cannot charge a higher deductible or copay for mental health and substance use disorder benefits, either. Just as with treatment for other medical issues, there may be copays and deductibles the policyholder needs to cover out-of-pocket. In some cases, EAPs may provide referrals. All these services are confidential.
Mental Health Coverage and Parity Under the Mental Health Parity and Addiction Equity Act , most group health plans and health insurance issuers are required to offer mental health benefits that are no more restrictive than medical and surgical benefits in terms of financial requirements and treatment limitations.
Employee assistance programs (EAPs) provide confidential counseling services to help employees navigate personal and work-related challenges. These programs often cover a range of issues, from stress management to financialcounseling.
Financial security and peace of mind Health insurance : Comprehensive health insurance plans remain a top priority for employees. Options for deductibles, copays, and specialist coverage all play a role in employee satisfaction.
Common health insurance terminology, even (especially for younger employees) the basics, like “premium,” “deductible,” and “out-of-pocket maximum.” How to participate in wellness program offerings, mental health benefits, financialcounseling, and other non-traditional benefits.
(When employees feel good about their finances, they are statistically happier — 84% vs. 55% — and more engaged — 78% vs. 53% — than their financially stressed counterparts. There are many ways to promote financial wellness in the workplace , such as offering free financialcounseling or access to budgeting apps.
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