InterWest Insurance Services

APRIL 27, 2023

A new report has found that small businesses that purchase their group health insurance online or through payroll vendors saw the largest premium hikes in 2022, significantly higher than those that went through brokers. Gap plans can help by providing coverage when employees have not met their health care deductible.

Health Insurance 93

Health Insurance Insurance Out of Pocket Cost Deductions 93

InterWest Insurance Services

OCTOBER 17, 2024

The main driver in workers prioritizing benefits is the rapidly rising cost of group health insurance premiums and out-of-pocket costs, according to the study by Voya Financial. 51% said that high health care costs were having a major or significant impact on their ability to save for retirement.

Out of Pocket Cost 98

Out of Pocket Cost Voluntary Benefits Health Insurance Health Savings Account 98

Insperity

MAY 13, 2015

If you’re shopping for group health insurance for your company the first or second time around, it can be hard to make a confident choice. Not to mention, the Affordable Care Act (ACA) has changed the group health insurance market considerably. The main oversight: Ruling out HSA-qualified plans. Health Savings Accounts.

Health Insurance 83

Health Insurance Insurance Out of Pocket Cost Health Savings Account 83

InterWest Insurance Services

AUGUST 15, 2024

As prescription drug costs continue growing and pricey new pharmaceuticals add to health plans’ cost burdens, some carriers are starting to reduce the number of medications they’ll cover and are imposing new barriers to accessing the most expensive ones. This is referred to as a pharmacy deductible.

Out of Pocket Cost 97

Out of Pocket Cost Pharmaceutical Deductions Deductible 97

InterWest Insurance Services

MAY 18, 2023

A new study has found that people enrolled in traditional PPOs and HMOs are more satisfied with their plans than those who are enrolled in high-deductible health plans. The sticker shock that comes with paying for those deductibles is likely partly responsible for those feelings. If enrolled three or more years, 55% were satisfied.

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Deductions Deductible 98

Best Money Moves

NOVEMBER 4, 2020

Managing employee healthcare costs in 2021. What the average health insurance premium costs and changes employers are making to health benefits offerings in the new year. More than 20 percent of employers plan to add voluntary benefits, such as critical illness insurance or a hospital indemnity plan.

Healthcare 111

Healthcare Out of Pocket Cost Voluntary Benefits Management 111

InterWest Insurance Services

MAY 2, 2024

These terms describe types of dental insurance plans. Both HMOs and DMOs attempt to save money and reduce expenses by restricting the number of care providers that the insurance company will allow in the plan. Indemnity plans If you have an indemnity plan, you can generally see any dentist who is willing to accept the insurance.

Insurance 74

Insurance Out of Pocket Cost Deductions Deductible 74

InterWest Insurance Services

JUNE 22, 2023

market, in March 2023 announced that they will cap the cost of insulin for people with private insurance plans. The changes mean some or many of your employees will see significant reductions in their pharmaceutical outlays, particularly if they have high copays or deductibles. for a single vial and $139.71

Insurance 85

Insurance Out of Pocket Cost Pharmaceutical Deductions 85

PeopleKeep

JANUARY 18, 2022

For many employers offering a group health insurance plan, adding a supplemental benefit in addition to the group plan can help offset your employees’ out-of-pocket costs. One way to supplement your group health insurance plan is through an integrated HRA, also known as a group coverage HRA (GCHRA).

Out of Pocket Cost 98

Out of Pocket Cost Insurance Carriers Health Insurance Deductions 98

InterWest Insurance Services

JULY 6, 2023

More and more insurers are expanding the use of telemedicine, just as a new study shows promising cost savings of up to 25% from virtual care when implemented properly. This is good news for patients and employers, who may end up benefiting from lower plan costs, as well as lower out-of-pocket expenses for employees.

Insurance 85

Insurance Out of Pocket Cost Hospitality Health Savings Account 85

InterWest Insurance Services

AUGUST 1, 2023

If you are running a business, you need to get an early start on preparations for your small group health plan open enrollment, particularly now as so much confusion abounds about the state of health insurance in the country. Going out of network is discouraged with high out-of-pocket costs.

Family and Medical Leave Act 98

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 98

InterWest Insurance Services

AUGUST 22, 2023

If you are running a business, you need to get an early start on preparations for your small group health plan open enrollment, particularly now as so much confusion abounds about the state of health insurance in the country. Going out of network is discouraged with high out-of-pocket costs.

Family and Medical Leave Act 97

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 97

InterWest Insurance Services

JANUARY 27, 2023

Even if you are providing them with a robust plan, there are often out-of-pocket cost-sharing and deductibles to contend with. For employees in high-deductible health plans, the costs can be steep. Many preventative services are covered with no out-of-pocket cost-sharing, but checkups usually are not.

Out of Pocket Cost 93

Out of Pocket Cost 401(k) Deductions Deductible 93

InterWest Insurance Services

OCTOBER 6, 2022

Most importantly, you want to reach those employees who didn’t sign up last year and stress the importance of health insurance. They may look at a low premium without considering the cost on the back end in terms of a higher deductible and/or other out-of-pocket expenses. Dispensing sage advice.

Out of Pocket Cost 89

Out of Pocket Cost Deductions Deductible Health Insurance 89

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. Employers fund these accounts, which reimburse your staff for qualified medical expenses and, in some cases, insurance premiums.

Medical 97

Medical Health Insurance Out of Pocket Cost Deductions 97

InterWest Insurance Services

MARCH 16, 2023

The poll of 26 health benefits decision-makers at large firms, carried out by The Commonwealth Fund and the Employee Benefits Research Institute (EBRI), found that despite rising premium and health care costs, they felt obligated to offer health insurance instead of shunting employees to exchanges.

Health Insurance 98

Health Insurance Employment Out of Pocket Cost Health Savings Account 98

Insperity

OCTOBER 31, 2017

From employer-sponsored health insurance to retirement savings plans, an attractive benefits package can help you hire the best employees and ensure you retain them for many years to come. Be sure to provide each new hire with: A detailed, printed overview of available benefits and out-of-pocket costs, if any.

Out of Pocket Cost 84

Out of Pocket Cost Disability Insurance Health Insurance Flexible Spending Account 84

Higginbotham

FEBRUARY 21, 2023

You’re reading your health insurance policy and come across a coinsurance clause. Here’s what you need to know about this common insurance term. This is called cost sharing, and it’s common in many types of insurance. Cost sharing helps insurance companies and policyholders achieve certain goals.

Health Insurance 52

Health Insurance Out of Pocket Cost Insurance Deductions 52

InterWest Insurance Services

JULY 13, 2023

Employers who were surveyed for a new report expected that group health insurance premiums would increase 5.4% this year and at a faster clip in 2024 as inflation hits medical costs. With all that in mind, the report advises that employers will have to prepare for higher premium outlays and be creative in how they try to control costs.

Employment 96

Employment Out of Pocket Cost Health Insurance Health Savings Account 96

Higginbotham

SEPTEMBER 16, 2024

Are you offering your employees health insurance options that work for their budgets? 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. By opting for a higher deductible, employees can secure lower monthly premiums.

Deductions 52

Deductions Deductible Health Savings Account Health Insurance 52

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. That’s why training is essential to ensure that your employees understand how these plans work and how to get the most out of them.

Out of Pocket Cost 64

Out of Pocket Cost Deductions Deductible Voluntary Benefits 64

Total Employee Benefits

OCTOBER 15, 2021

A solid benefits broker can help you navigate this transition smoothly by providing expert advice on managing soft costs and making thoughtful decisions when selecting a new benefits provider. The shadow price of a benefit is the opportunity cost associated with that service. What are the soft costs of changing your group medical plan?

Out of Pocket Cost 93

Out of Pocket Cost Medical Deductions Deductible 93

InterWest Insurance Services

JANUARY 5, 2023

Despite group health insurance costs expected to rise 5.4% this year, the tight labor market is forcing employers to prioritize enhancing benefits over cost-cutting measures, according to a new report by Mercer. The expected health insurance cost growth of 5.4% Cost-cutting. What employers are doing.

Out of Pocket Cost 78

Out of Pocket Cost Employment Health Insurance Deductions 78

InterWest Insurance Services

DECEMBER 29, 2023

Moreover, 25% of workers at small firms pay over $12,000 yearly for family coverage, excluding deductibles that are also often higher. Some 34% of workers in small firms have a family-plan deductible of at least $5,000, and it may be higher if multiple family members have to spend towards the deductible during the plan year.

Deductions 93

Deductions Deductible Out of Pocket Cost Health Savings Account 93

InterWest Insurance Services

JUNE 2, 2023

For the most part, people use their funds in FSAs and HSAs to reimburse themselves for out-of-pocket costs like copays, health insurance deductibles and the cost of prescription medications.

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Medical Health Insurance 98

Genesis HR Solutions

SEPTEMBER 22, 2020

There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Medical Insurance. Medical insurance is likely a no-brainer— it’s one of four major types of benefits most employers offer. Dental Insurance. Vision Insurance.

401(k) 98

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

Higginbotham

JUNE 28, 2024

Homeowners’ insurance can help protect your house from perils like theft or fire, but what about flood water that enters your home? Do I need flood insurance? Flood insurance isn’t a niche product for the select few; it’s a valuable safeguard for homeowners, renters and business owners across the country.

Insurance 52

Insurance Insurance Carriers Out of Pocket Cost Deductions 52

Benefit Resource Inc.

SEPTEMBER 22, 2020

An out of pocket expense is the amount you have to pay after insurance has covered a service. Check out this blog on redefining jargon.). Determining out of pocket expenses can be a bit more difficult. As a starting point, look at your current benefits to determine any co-pay or co-insurance amounts.

Out of Pocket Cost 81

Out of Pocket Cost Deductions Deductible Healthcare 81

Best Money Moves

JULY 8, 2020

3 Health Insurance Benefits. Nearly 60 percent said they wouldn’t have been able to afford the cost of care otherwise. Other programs employers offer include undergraduate or graduate tuition assistance, 529 plan payroll deductions, scholarships for members of employees’ families and employer contribution or matches to 529 plans. #9

Employee Benefits 111

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

Business Management Daily

APRIL 29, 2024

Different benefits appeal to different teams, but what matters most is providing more than just the bare minimum—health insurance, workers’ compensation, and a competitive salary. Health & wellness Insurance plans are expensive, especially in the U.S. Matching or exceeding funds for an employee’s HSA is also a fringe benefit.

Out of Pocket Cost 84

Out of Pocket Cost PTO 401(k) Deductions 84

Benefit Resource Inc.

APRIL 20, 2023

If you have a high deductible health plan, which can be paired with an HSA (Health Savings Account), talk to your insurer or employer about any available discounts or incentive programs that may reduce your out-of-pocket costs.

Out of Pocket Cost 83

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

Insperity

MAY 13, 2015

If you’re shopping for group health insurance for your company the first or second time around, it can be hard to make a confident choice. Not to mention, the Affordable Care Act (ACA) has changed the group health insurance market considerably. The main oversight: Ruling out HSA-qualified plans. High-deductible health plans.

Health Insurance 42

Health Insurance Insurance Out of Pocket Cost Health Savings Account 42

WEX Inc.

APRIL 25, 2024

High-deductible health plans (HDHPs) have become increasingly popular over the last few years by offering unique features and benefits that appeal to many individuals and families. An HDHP is a type of health plan characterized by its higher deductibles and typically lower premiums compared to traditional health plans.

Health Savings Account 52

Health Savings Account Deductions Deductible Out of Pocket Cost 52

PeopleKeep

OCTOBER 29, 2021

Employers offering a high deductible health plan (HDHP) have several ways to offset the higher out-of-pocket costs and make the benefit more meaningful for employees. One way is to offer a health savings account (HSA) alongside the HDHP.

Out of Pocket Cost 52

Out of Pocket Cost Health Savings Account Health Insurance Deductions 52

PeopleKeep

NOVEMBER 12, 2021

If you’re looking to supplement your organization’s group health insurance plan to help cover your employees’ out-of-pocket costs, you have two main options: Section 105 plans , such as the group coverage HRAs (GCHRAs), and Section 125 cafeteria plans , such as health savings accounts (HSAs).

Health Savings Account 52

Health Savings Account Out of Pocket Cost Health Insurance Deductions 52

Business Management Daily

NOVEMBER 15, 2021

They may also be questioning whether they have a need for an FSA and if so, how much they should choose to have deducted each month. Here is what you need to know to figure out if an expense is FSA eligible. Limited Purpose FSA: An FSA that covers out-of-pocket costs for dental and vision care, but not standard medical care.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Medical Healthcare 98

Benefit Resource Inc.

JUNE 6, 2019

Screening mammograms are free through almost every insurance plan. From ACA marketplace insurance, to private and group health insurance. So it is subject to the typical insurance plan red tape. If you haven’t met your deductible, you will have to pay a portion of the cost-sharing based on your plan.

Out of Pocket Cost 61

Out of Pocket Cost Health Savings Account Mining Healthcare 61