This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
The platform streamlines HR processes and benefits administration by offering a single, centralized platform for employees to access and manage their benefits, from health insurance and retirement plans to time-off tracking and more. One of the key benefits of GoCo is its ease of use.
About half of American employers offer HSAs — coupled with high-deductible health plans (HDHPs) — but, according to one study , 69% of employees don’t understand their benefits or uses. When given the option, nearly two-thirds of employeesenroll in an HSA-eligible health plan — a sign of progress! HSAs are savings accounts.
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 flexiblespending account (FSA). However, not all employees are offered these benefits. Would you like to see more findings from our participant survey?
Open enrollment is underway for many companies right now and one benefits offering that may be on the menu this year is an FSA. FlexibleSpending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. Wherever you fall, we have answers for you. Invisalign.
As we enter 2022, there are a number of changes on the horizon that plan sponsors need to be aware of as they will affect group health plans as well as employeesenrolled in those plans. Some of the changes concern temporary rules that were implemented during the COVID-19 pandemic. That’s a change from the prior threshold of 250.
Almost all health plans offer add-on accounts — health flexiblespending accounts, health savings accounts, or health reimbursement accounts. You need to know how these accounts differ so you can communicate about them to employees. Health flexiblespending accounts. Here are the basics.
Here are the main updates employees should know about. Even apart from COVID-19, HSAs are fairly flexible when it comes to making changes. Money savvy employeesenrolled in these accounts are probably aware that one of the benefits of the account (apart from the tax savings) is the ability to make election changes throughout the year.
An additional tool can be pairing an HSA-HDHP with a Limited FlexibleSpending Account (or Limited FSA). Employees can use two tax-advantaged accounts to cover many primary eligible expenses. Employees can use two tax-advantaged accounts to cover many primary eligible expenses.
If you’re unfamiliar with the concept of a lifestyle spending account you’re not alone in your confusion. Employees can then expand those funds on a selected category and reap the benefits of working at a generous organization. Image: Pexels What Is a Lifestyle Spending Account? HSAs can be funded by both employer and employee.
In the simplest terms, a medical expense reimbursement plan refunds employees for covered medical costs. If an employee or a member of the employee’s family experiences a medical emergency, the costs can add up quickly. Make sure employees know about the plan and remind them to use their benefits. Manage enrollment.
By opting for a higher deductible, employees can secure lower monthly premiums. Let’s say an employeeenrolls in a high-deductible health plan providing self-only coverage with an annual deductible of $2,000. Employers, employees or both can contribute funds to an HSA in the same year.
New preventive treatments and services are covered for employees who’ve been diagnosed with congestive heart failure, diabetes, coronary artery disease, osteoporosis and/or osteopenia, hypertension, asthma, liver disease and/or bleeding disorders and depression. And those dollar amounts may discourage employees from signing on.
Flexiblespending accounts (FSAs) are employer-established accounts that allow you to put aside pre-tax dollars from your paycheck into a special account to be used for eligible health or dependent care expenses. Some employers do choose to offer a grace period where employees can spend their unused FSA balance without forfeiting it.
High deductible health plans (HDHPs) are on the rise as a growing number of employers turn to consumer-directed health plans to try to curb costs—the portion of employeesenrolled in HDHPs rose from 26.3% Your Employees Still Don’t Understand HDHP and HSA Value. Popular HDHPs Create Plenty of Challenges for Employees.
We organize all of the trending information in your field so you don't have to. Join 46,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content