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Employeebenefits management has become increasingly complex in recent years, with professionals needing to navigate health plans, retirement packages, wellness programs, and various compliance regulations. Below are the top 10 employeebenefits certifications for professionals in 2024.
If you’ve never been asked if you would like to participate in an employeebenefitsaccount before, you might be asking yourself, “What are all these acronyms?” Exploring HSAs and FSAs HSAs and medical flexiblespendingaccounts (FSAs) let you save money because the funds you contribute to them are pre-tax.
As we approach the 2024 United States presidential election, Chris Byrd, senior vice president, health executive and, more broadly, head of Government Affairs at WEX, joined our Benefits Buzz podcast for an insightful conversation on how election years can influence employeebenefits.
Health and Wellness Programs: Offer wellness initiatives such as fitness memberships, mental health resources, and wellness challenges to support employees’ physical and mental well-being.
Pazcare is an innovative healthcare company that provides a comprehensive suite of digital healthcare solutions. The platform is designed to help medical professionals and patients manage healthcare needs more efficiently, utilizing technology to improve the overall healthcare experience.
7 basic rules of an HSA you need to know Maximize the potential of your health savings account (HSA) by mastering these 7 essential rules. Discover how to make smarter contributions, save on healthcare costs, and plan for a healthier financial future. Are you interested in staying up to date with the latest employeebenefits trends?
Top 10 employeebenefits for 2021. HR trends forecast the most desired employeebenefits for 2021 like financial wellness programs and flexible work arrangements. It’s time for employers to start planning their employeebenefits packages for 2021. Top 10 EmployeeBenefits for 2021. #1
Whether you’re transitioning from your parents’ insurance, landed your first full-time job, or are simply obtaining coverage for the first time, choosing health plans and employeebenefits options can be overwhelming. However, your eligibility for either account can be influenced by the health plan you choose.
Reconsidering your employeebenefits priorities. As your employees settle into their post-pandemic workflow, you’re probably noticing that they don’t want business-as-usual. After a year of unprecedented medical and personal experiences, employees can easily detect holes in their benefits plans. Adoption Benefits.
4 big employeebenefits trends for family planning. What you need to know about family-friendly employeebenefits like fertility services, paid maternity leave and childcare assistance. I expect we’ll see family-friendly benefits continue to grow as part of the larger trend of expanding work-life balance policies.’”.
Did you recently elect to participate in a medical flexiblespendingaccount (FSA) ? What is a medical flexiblespendingaccount (FSA)? A medical FSA is a tax-advantaged employeebenefit that gives participants the opportunity to save on out-of-pocket medical, dental, and vision eligible expenses.
Participating in a health savings account (HSA) or flexiblespendingaccount (FSA) is a great way to save money. Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. It is not legal or tax advice.
Pre-tax benefits savings Premiums aren’t the only way you can save on healthcare costs. Pre-tax employeebenefits plans, such as HSAs and flexiblespendingaccounts (FSAs) , let you save money by putting aside pre-tax dollars to pay for eligible medical, dental, vision and other expenses.
Whether you're transitioning from your parents' insurance, landed your first full-time job, or are simply obtaining coverage for the first time, choosing health plans and employeebenefits options can be overwhelming. However, your eligibility for either account can be influenced by the health plan you choose.
Most employees are about to have the opportunity to re-evaluate their benefits options during open enrollment. Flexiblespendingaccounts (FSAs) are a powerful tool for individuals and employers to save money on healthcare and dependent care expenses.
It’s your best chance to evaluate your healthcare needs and identify opportunities to better support yourself and your family. However, a whopping 92 percent of employees stick with the same elections they had the previous year, no matter what changes have taken place in their lives. Open enrollment comes just once a year.
As employers work to navigate these uncertain times, offering effective and comprehensive benefits packages have become a priority. Offering healthcare financial tools such as health savings accounts (HSAs) and flexiblespendingaccounts (FSAs) are an important part of any employee’s suite of employeebenefits.
If you’ve never been asked if you would like to participate in an employeebenefitsaccount before, you might be asking yourself, “What are all these acronyms?” Exploring HSAs and FSAs HSAs and medical flexiblespendingaccounts (FSAs) let you save money because the funds you contribute to them are pre-tax.
In the dynamic landscape of the modern workforce, employers and HR professionals are faced with the challenge of not only attracting top talent but also ensuring the well-being of their existing employees. These benefits not only enhance the overall compensation package but also provide financial relief to employees facing increased costs.
Employees are able to pair a health reimbursement arrangement with any group health plan. Those enrolled in an HSA or a medical flexiblespendingaccount (FSA) may also be able to enroll in certain types of HRAs. HSA funds can be invested in mutual funds as you would with a 401(k), which lets employees grow their dollars.
And just because you have an entire plan year ahead doesn’t mean you should wait until November or December to put time and energy into your employeebenefits. In fact, staying on top of your health savings account (HSA) , flexiblespendingaccount (FSA) , or any other plan you signed up for throughout the year can pay off for you.
One of the most underused employeebenefits available is the “cafeteria” plan ― which can benefit both the employer and the employee. Cafeteria plans enhance your employeebenefits package while boosting your margins. The plan offers a simple way to reduce the cost of their benefits.
In addition to cultivating a better work environment, according to the same Zippia study, 72% of employers saw a reduction in their healthcare costs after implementing these programs. Fitness classes and health education Encouraging your employees to exercise can positively impact both their physical and mental health.
You might be surprised to learn that your health savings account (HSA) and medical flexiblespendingaccount (FSA) can help you save on purchases of a variety of back-to-school, expenses, including: Thermometers. Are you preparing to send your kids back to school soon?
Reasons can vary, which is why wide-ranging fertility benefits can also improve the lives of any adult wanting to start a family. And did you know that a variety of fertility and infertility treatments are eligible for health savings account (HSA) and medical flexiblespendingaccount (FSA) funds?
And election of COBRA can affect your ability to use the reimbursement accounts in which you were participating prior to your COBRA eligibility. In this blog post, we outline some of the ways your ability to use your employeebenefits changes when you elect COBRA. Your HSA funds can be used to pay for COBRA premiums.
However, for participants of health savings accounts (HSAs) or medical flexiblespendingaccounts (FSAs) , there are ways to alleviate the financial burden associated with vision-related costs. Visual health is a vital component of overall well-being, and unexpected eye-related expenses can put a strain on your finances.
But before you sit down to enjoy your well-deserved feast, we wanted to take a moment to remind you of all the things you have to be thankful for at work – namely, your employeebenefits! Here are 5 reasons to give thanks for employeebenefits this Thanksgiving. Pre-tax benefits save you money.
On November 9th, the IRS announced additional inflation adjustments for 2024, including to the annual contribution and carryover limits for healthcareflexiblespendingaccounts and the monthly limit for qualified transportation fringe benefits. The new limits are set forth below.
A flexiblespendingaccount (FSA) carryover is one way you can provide flexibility to employees who participate in these accounts. Yes, employers do have the option of providing employees with an FSA carryover. We break down FSA carryovers below. Can FSA funds carry over to next year?
For instance, many benefits plans have employee assistance programs (EAPs) with financial wellness resources that cover legal services and caregiving services that can help alleviate financial stress. Review what services are already offered and build a strategy to increase employee engagement with them. ??
.” Cummins also offers its employees a pension scheme, medical, dental and life Insurance, a profit share scheme, healthcarebenefits, parental leave, adoption assistance, flexible-working arrangements, a flexiblespendingaccount and an employee share purchase scheme.
The IRS’ use-or-lose rule governs flexiblespendingaccounts (FSAs). This rule is one of the big differentiators between FSAs and other types of employeebenefits. These are designed to help participants save money on eligible out-of-pocket healthcare or childcare costs by reducing their taxable income.
Employees get to select a new plan for their health insurance and opt into other employeebenefits for the next year. Allow enough time for employees to evaluate their options, as most employees will need to discuss benefits such as healthcare, 401Ks, and FSAs with their families. Conduct a Survey.
On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcareflexiblespendingaccounts and the monthly limit for qualified transportation fringe benefits. The new limits are set forth below.
One of the biggest financial challenges people in the US are facing is whether or not they’re able to afford healthcare. Healthcare costs have risen faster than inflation. In 2023, having some money set aside to cover these out-of-pocket costs is critical for most employees. It’s no wonder that they’re struggling.
To kick off another year of providing you with the employeebenefits tips and information you need, we wanted to look back at your favorite blog posts from the last year. Fortunately, your health savings account (HSA) is an employee-owned account, so it stays with you, even when you switch employers.
Rising healthcare costs have led to innovative new ways of managing expenses. FlexibleSpendingAccounts (FSAs) have emerged as one solution. FSA programs can be a good fit for many employee health benefit programs, but before being able to decide, you may have some questions – for example, how do FSAs work?
Significant areas of focus are healthcare costs and pre-tax benefits. Offering pre-tax benefits First, if employeebenefits aren’t already offered, employers can help alleviate the financial burden of healthcare costs for their employees by providing pre-tax benefits.
HSA or FSA options Similar to the choice in health plans, many participants told us in the survey that they wanted to choose between either a health savings account (HSA) or a flexiblespendingaccount (FSA).
Flexiblespendingaccounts (FSAs) allow your employees to use pre-tax dollars to cover eligible out-of-pocket healthcare expenses, providing a tax-efficient way to manage medical costs and helping you and your employees save money. But how can you effectively communicate and offer FSAs to your employees?
When things change at lightspeed, it is imperative to have team members who understand what you need to do to stay in compliance, but also develop a detailed plan to execute, predict and account for downstream impacts. Do our employees understand and value their benefits?
Imagine a world where managing employeebenefits is no longer a daunting task but an empowering experience for HR teams and employees. With an innovative employeebenefits platform, that world becomes a reality. Importance of Having an EmployeeBenefits Platform in Place 1. Let's delve in.
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