InterWest Insurance Services

DECEMBER 5, 2024

New guidance issued by the IRS expands the types of preventive care benefits that high-deductible health plans are required to cover with no out-of-pocket costs on the part of plan enrollees. The changes are aimed at reducing out-of-pocket costs for diabetes-related expenses, certain cancer screenings and contraceptives.

Out of Pocket Cost 75

Out of Pocket Cost Health Savings Account Deductions Deductible 75

InterWest Insurance Services

OCTOBER 17, 2024

A new study has found three out of four U.S. 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.

Out of Pocket Cost 92

Out of Pocket Cost Voluntary Benefits Health Insurance Health Savings Account 92

InterWest Insurance Services

AUGUST 15, 2024

It’s also important that they understand how much of a certain drug their health plan will cover and what their estimated out-of-pocket costs will be, so that they can budget accordingly. These formularies also dictate copays and coinsurance — the patient’s out-of-pocket costs for each drug.

Out of Pocket Cost 87

Out of Pocket Cost Pharmaceutical Deductions Deductible 87

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. This is especially true with high deductible health plans (HDHPs) that require employees to pay a higher amount on their own before their insurance kicks in.

Out of Pocket Cost 98

Out of Pocket Cost Insurance Carriers Health Insurance Deductions 98

InterWest Insurance Services

AUGUST 1, 2023

Going out of network is discouraged with high out-of-pocket costs. Preferred provider organizations – PPOs contract with hospital and provider networks to help control costs. While they will cover services outside of the network, the cost is higher than going in-network.

Family and Medical Leave Act 93

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 93

Insperity

MAY 13, 2015

The main oversight: Ruling out HSA-qualified plans. 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). High-deductible health plans. Health Savings Accounts. The account holder (i.e.,

Health Insurance 84

Health Insurance Insurance Out of Pocket Cost Health Savings Account 84

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.

Deductions 52

Deductions Deductible Health Savings Account Health Insurance 52

InterWest Insurance Services

AUGUST 22, 2023

Going out of network is discouraged with high out-of-pocket costs. Preferred provider organizations – PPOs contract with hospital and provider networks to help control costs. While they will cover services outside of the network, the cost is higher than going in-network.

Family and Medical Leave Act 87

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 87

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 80

Out of Pocket Cost 401(k) Deductions Deductible 80

Insperity

OCTOBER 31, 2017

Be sure to provide each new hire with: A detailed, printed overview of available benefits and out-of-pocket costs, if any. Help employees truly understand their out-of-pocket costs. For instance, what costs are the employees responsible for (partial premiums, deductibles, etc.)?

Out of Pocket Cost 84

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

InterWest Insurance Services

OCTOBER 6, 2022

Explain the basics — Focus on your employees’ costs and coverage considerations: Their share of premium, Their deductible, copay or coinsurance, If their doctor is in the plan’s network, If there are any drugs they need for any ongoing health issues. Help them with the math — Many people have trouble grasping the math.

Out of Pocket Cost 74

Out of Pocket Cost Deductions Deductible Health Insurance 74

InterWest Insurance Services

DECEMBER 28, 2021

The worker can use this cash benefit for any purpose, including: Deductibles. But if you have an 80-20 plan, your worker is still responsible for her deductible (averaging over $1,600), plus 20% of that cost, or over $6,000. That leaves your worker exposed to a total out-of-pocket cost of over $7,600.

Voluntary Benefits 87

Voluntary Benefits Hospitality Insurance Out of Pocket Cost 87

Benefit Resource Inc.

JANUARY 4, 2023

The 2023 spending bill signed into law on December 29th includes extending pre-deductible telehealth services coverage. WHAT IS PRE-DEDUCTIBLE TELEHEALTH COVERAGE? Pre-deductible telehealth coverage allows HSAs-qualifying high-deductible health plans (HDHPs) to cover telehealth and remote-care services on a pre-deductible basis.

Deductions 40

Deductions Deductible Out of Pocket Cost Healthcare 40

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 80

Deductions Deductible Out of Pocket Cost Health Savings Account 80

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. Fortunately, there is another option: a health reimbursement arrangement (HRA). These expenses are: Health insurance premiums.

Medical 86

Medical Health Insurance Out of Pocket Cost Deductions 86

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 94

Out of Pocket Cost Health Savings Account Medical Health Insurance 94

InterWest Insurance Services

APRIL 27, 2023

While high-deductible health plan (HDHP) enrollment grew at an astounding 68% between 2021 and 2022, they only accounted for 6% of group health plan enrollment. Some employers have gravitated towards HDHPs to reduce their and their employees’ overall premium spend, but these plans come at a cost: more out-of-pocket costs for workers.

Health Insurance 80

Health Insurance Insurance Out of Pocket Cost Deductions 80

Total Employee Benefits

OCTOBER 15, 2021

Shifting to a new medical insurer may make significant changes to which providers are considered in-network and may force employees to change medical providers or incur higher out-of-pocket costs to stay with their current doctor. If the credits may not be transferred, this becomes another soft cost to making a change.

Out of Pocket Cost 93

Out of Pocket Cost Medical Deductions Deductible 93

InterWest Insurance Services

MARCH 16, 2023

For example, under IRS rules, employers may cover some drugs and services on a pre-deductible basis for workers who are enrolled in high-deductible health plans with attached health savings accounts. But likely the biggest reason for not taking the ICHRA leap is the effect on employee satisfaction.

Health Insurance 91

Health Insurance Employment Out of Pocket Cost Health Savings Account 91

Higginbotham

FEBRUARY 21, 2023

Cost Sharing in Insurance Although insurance companies take responsibility for many of the costs that arise, policyholders are also responsible for some out-of-pocket costs on top of the premium. This is called cost sharing, and it’s common in many types of insurance. What about the out-of-pocket maximum?

Health Insurance 52

Health Insurance Out of Pocket Cost Insurance Deductions 52

InterWest Insurance Services

MAY 2, 2024

However, there still may be a network, and your out-of-pocket costs may be lower if you see dentists from within these networks. You will still have to pay deductibles and copays, but the plan may reduce or waive them for dentists and clinics within the preferred network.

Insurance 63

Insurance Out of Pocket Cost Deductions Deductible 63

Benefit Resource Inc.

SEPTEMBER 22, 2020

You’ll also want to factor in your deductible. Your deductible is the amount of money you need to pay before insurance begins to cover costs. As a general rule, plans with a lower deductible require you to pay higher premium costs. And finally, number three… 3) What are my day-to-day healthcare costs?

Out of Pocket Cost 81

Out of Pocket Cost Deductions Deductible Healthcare 81

Business Management Daily

APRIL 29, 2024

HMO plans often have lower premiums and out-of-pocket costs compared to other plans. Preferred Provider Organization (PPO) : Employees can visit any doctor or specialist without a referral, both in and out of the plan’s network. PPO plans usually have higher premiums and out-of-pocket costs compared to HMO plans.

Out of Pocket Cost 84

Out of Pocket Cost PTO 401(k) Deductions 84

Best Money Moves

JULY 8, 2020

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 4 Paid Time Off.

Employee Benefits 112

Employee Benefits Out of Pocket Cost Flexible Spending Account Health Insurance 112

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

InterWest Insurance Services

JULY 13, 2023

39% offer a medical plan with no or a low deductible or cost-sharing (e.g., 6% make larger health savings account contributions to lower-wage staff to make their high-deductible health plan more affordable. 18% use salary-based contributions to premiums, with lower-wage workers paying less than their better paid colleagues.

Employment 85

Employment Out of Pocket Cost Health Insurance Health Savings Account 85

InterWest Insurance Services

JUNE 22, 2023

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. The moves come after the Inflation Reduction Act, signed into law in 2022, capped out-of-pocket insulin costs for seniors on Medicare at $35 per month.

Insurance 71

Insurance Out of Pocket Cost Pharmaceutical Deductions 71

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 57

Out of Pocket Cost Deductions Deductible Voluntary Benefits 57

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

InterWest Insurance Services

JANUARY 5, 2023

With Americans increasingly struggling to pay their health care bills, more employers are shying away from only offering their workers high-deductible health plans (HDHPs) that reduce premiums up front for higher out-of-pocket costs for workers. Cost-cutting. 24% are focusing on managing costs of specialty drugs.

Out of Pocket Cost 66

Out of Pocket Cost Employment Health Insurance Deductions 66

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

Genesis HR Solutions

SEPTEMBER 22, 2020

Using untaxed dollars in an HSA to pay for deductibles, copayments, coinsurance, and some other expenses can lower overall health care costs. An HSA can be used only if employees have a qualified High Deductible Health Plan (HDHP). Making sure payroll deductions are correct. An HSA may earn interest, which is not taxable.

401(k) 98

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

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

Winston Benefits

MARCH 2, 2017

Health savings accounts are growing in popularity as employees seek ways to cover out-of-pocket costs for high-deductible health plans and coverage gaps. With Congress putting forth proposals for HSA expansion, employers are going to face more demand to provide them as a workplace benefit.

Out of Pocket Cost 45

Out of Pocket Cost Health Savings Account Deductions Deductible 45

Higginbotham

NOVEMBER 28, 2022

To contribute to an HSA, you must enroll in a high-deductible health plan. If you have a high-deductible health plan, you must pay the deductible out-of-pocket before the plan starts covering its share of care costs – although the plan may cover certain preventative care costs before you meet the deductible.

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

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. Most large health carriers have adopted some form of telemedicine by either contracting with a tech provider to manage the interface or by purchasing a tech platform.

Insurance 71

Insurance Out of Pocket Cost Hospitality Health Savings Account 71

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