Remove Deductions Remove Flexible Spending Account Remove Presentation
article thumbnail

3 Email Templates for Health Insurance Explainers

Flimp Communications

25% can’t define terms such as “deductible” or “copay.” These stats might be discouraging, but they also present an opportunity. A health savings account (HSA) or flexible spending account (FSA) will let you pay your drug copays with pre-tax dollars. 30% don’t know what they will owe out-of-pocket.

article thumbnail

Identify Your Workers’ Needs, Consider Costs before Open Enrollment

InterWest Insurance Services

Employees have a right to understand the costs they’ll be facing in each plan, including: Their share of the premium, Their deductible, Their copays or coinsurance, and Other out-of-pocket expenses. The lower the premium on the plan, the higher the deductibles and copays. Get an early start If your plan year starts Jan.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Top 10 Employee Benefits for 2021

Best Money Moves

HR trends forecast the most desired employee benefits for 2021 like financial wellness programs and flexible work arrangements. The coronavirus pandemic has presented significant challenges for employers and highlighted the unprecedented levels of stress employees face in their everyday lives. But what can employers do to help?

article thumbnail

3 ideas from psychology to communicate about HSAs

Benefit Resource Inc.

Now that you’ve explained (again) how insurance works, you get to begin the real work of teaching employees the difference between Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs). If you are presented with information that doesn’t have an existing bucket, it will take longer to store.

401(k) 78
article thumbnail

Finding the sweet spot for your FSA election

Benefit Resource Inc.

If you have a Flexible Spending Account (FSA), you know that every year during Open Enrollment (OE), you choose how much to put aside in the account, otherwise known as your election. Annual deductible. Option 2 — Use your deductible and past experience as a benchmark. Do you meet your deductible every year?

article thumbnail

What We’ve Learned About Pre-Tax Benefits This Year

Benefit Resource Inc.

DIFFERENT WAYS TO SPEND DEPENDENT CARE FUNDS. Dependent Care often presents a unique challenge for busy families. Choosing between a Health Savings Account (HSA) and a Flexible Spending Account (FSA) can be overwhelming. To learn more about FSAs and HSAs, view our account comparison chart.

Taxes 75
article thumbnail

Tips for the Early Plan Year

Benefit Resource Inc.

From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. Know Your Pre-Tax Benefit Options Flexible spending accounts (FSAs): An FSA allows you to set aside pre-tax dollars for eligible healthcare expenses.