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Flexible Benefit Plans Give Employees More Options

InterWest Insurance Services

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Options can include: Health insurance, Voluntary benefits premiums (like vision and dental), Life insurance, 401(k), and. Flexible spending account.

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If You’re Paid Biweekly, You’ll Probably Get an Extra Paycheck in 2020

HR Digest

For example, if you make $50,000 a year, your biweekly gross pay over 26 pay periods is $1,923.07, minus any deductions like health insurance, 401(k) contributions and taxes. But in a year with 27 pay periods, your biweekly gross pay would be $1,851.85 – a reduction of $71.22 (3.7%) per pay period.

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Increase Your Financial Well-Being Through Medical Savings

Benefit Resource Inc.

The HSA is combined with an HSA-qualified health plan (also referred to as a high deductible health plan). The health plan is designed to provide comprehensive coverage once the deductible and out-of-pocket maximum is met. The HSA provides a savings mechanism to pay for out-of-pocket expenses.

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What is a cafeteria plan? (Hint: It’s not related to lunch)

Benefit Resource Inc.

Types of expenses the FSA can pay for include co-pays, deductibles, and even some vision and dental expenses. A POP Plan gives employees the chance to set aside pre-tax money from their paycheck (like an FSA) but it pays for the premium costs associated with employer-provided health insurance.

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What is a cafeteria plan? (Hint: It’s not related to lunch)

Benefit Resource Inc.

Types of expenses the FSA can pay for include co-pays, deductibles, and even some vision and dental expenses. A POP Plan gives employees the chance to set aside pre-tax money from their paycheck (like an FSA) but it pays for the premium costs associated with employer-provided health insurance.

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Understanding the cost of employee benefits & what it means for your company

Genesis HR Solutions

Insurance types: Medical, dental, vision, disability, and life insurance plans. Deductions must be set up in payroll and carrier invoices must be paid each month. When deductions aren’t added to employees’ paychecks in time, the employer assumes all the additional cost. How much of an employee’s salary is made up of benefits.