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This is especially true if you are making changes to cost-sharing, introducing new plans, introducing a wellness plan or healthsavingsaccounts or flexible spending accounts. You can also invite them to view any electronic material you may post online, like the aforementioned videos.
Employees who use the tool rave about it, particularly how it helps them negotiate medical costs and provides them with advance knowledge that can help them save thousands of dollars in health care expenses. But tools like the above can go a long way towards educating them about their health and health benefits.
March 31, 2025: Electronic filing deadline for 1095-C forms. Flexible spending accounts (FSA) Flexible spending accounts (FSAs) offer a valuable tax-advantaged benefit, but the IRS use-or-lose rule can result in forfeited funds if employees dont use their balances by the deadline.
Step one is going to be ditching paper account statements for electronic documents. You can opt-in to these handy (and free) notifications through your online account or the mobile app. You like sticking it to the man: The more money you put into your tax-free account, the less goes into the pocket of the IRS.
Applicable Large Employers with 250 or more returns must file electronically by March 31, 2018. If possible, boost communication around voluntary health benefits as well as any savings products such as HealthSavingsAccounts or Flexible Spending Accounts employees can use to pay for health care.
A HealthSavingsAccount (HSA) is a savingsaccount that provides tax-free contributions and potential tax deductions for qualified medical expenses incurred by the holder. A paper statement fee applies (see your HSA account holder agreement).
Let’s get into these areas that deserve another look before the new year starts: healthsavingsaccounts, overtime, retirement, remote employment, and the Affordable Care Act. HSA Compliance Healthsavingsaccounts (HSAs) have become commonplace in the last several years as a way to offset high deductible health plans.
Finally, RobustHR allows for electronic signatures, interacts well with other programs, and provides flexible price plans to make it affordable for any business. Therefore, OnPay offers electronic tax filing and payment to save administrative burdens. How does RobustHR stand apart from the competition?
What are lifestyle spending accounts? While many employers are familiar with healthsavingsaccounts (HSAs) and flexible spending accounts (FSAs), lifestyle spending accounts (LSAs) are an emerging benefit that can provide flexible and personalized support to employees.
5 Source Features Health, dental, and vision insurance Life and disability insurance 401(k) retirement plans Healthsavingsaccounts Flexible spending accounts Workers’ compensation insurance Commuter benefits, gym memberships, and mental health assistance.
For example, some employers are adopting health plans that cover, or at least provide some reimbursement for, reproductive health. Add healthsavingsaccounts and flexible spending accounts. Provide coverage for mental health care services.
This is especially true if you are making changes to cost-sharing, introducing new plans, or offer voluntary benefits, a wellness plan or healthsavingsaccount or flexible spending account. You may also invite them to view any electronic material you may post online, like the aforementioned videos.
While we have focused a lot on changes to electronic reporting under the Affordable Care Act (ACA) recently, there are many additional areas to consider. Working with a trusted benefits administrator can be a big help in staying compliant when it comes to benefits.
While insurance is often the primary safety net, flexible spending accounts (FSAs) , healthsavingsaccounts (HSAs) , lifestyle spending accounts (LSAs) , and emergency funds can also play an important role in recovery. Critical home repairs : Cover immediate repairs to ensure your home is safe and secure.
Doing this reduces their taxable income by $7,500 and potentially saves hundreds or thousands of dollars on their tax bill. These are a few pre-tax benefits to promote: 401(k) and 403(b) contributions have the double benefit of lowering taxable income while saving for retirement. Employees should track and file 1099 forms correctly.
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