Benefit Resource Inc.

APRIL 1, 2020

This includes employees’ work benefits, particularly pre-tax accounts. For employees with an HSA, Dependent Care FSA, and/or commuter plan, there may be the opportunity to make changes to their accounts. Changes to Medical FSAs are currently not permitted). Here are the main updates employees should know about.

Taxes 75

Taxes Employee Enrollments Medical Employment 75

Business Management Daily

SEPTEMBER 9, 2021

FSAs are primarily funded by employees through pretax deductions, although employers may make contributions. Tax advantage: Employees’ and employers’ contributions are excluded from employees’ wages and aren’t subject to income or FICA taxes. Eligibility: FSAs are generally available only to current employees.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Employment Flexible Spending 52

Higginbotham

JULY 12, 2022

In the simplest terms, a medical expense reimbursement plan refunds employees for covered medical costs. For example: In an individual coverage health reimbursement arrangement, the health reimbursement arrangement is offered in place of a group health plan, allowing employees to purchase a health plan on their own.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 52

Business Management Daily

NOVEMBER 30, 2021

Flexible spending 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. This means that employees do not have to wait to use their health FSA funds. The patient does not have to be the employee.

Retail 52

Retail Healthcare Medical Flexible Spending Account 52

Benefit Resource Inc.

AUGUST 13, 2019

According to a recent article from SHRM covering research from the Employees Benefit Research Institute (EBRI), enrollment in an HDHP promotes more conscious health care purchase decisions. For example, 55% of employees enrolled in an HDHP checked whether their health plan would cover their care or medication.

Deductible 45

Deductible Deductions Health Savings Account Employee Enrollments 45

Fringe Benefit Analysts

AUGUST 15, 2022

Without insurance coverage, it can be difficult to pay for medical expenses, whether or not they are expected. Employers who do not offer coverage can have a more difficult time attracting recruits and retaining employees. Group health insurance may cover a range of health care needs, including medical, vision or dental.

Insurance 52

Insurance Health Insurance IT Deductions 52

Corporate Synergies

AUGUST 6, 2018

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 employees enrolled in HDHPs rose from 26.3% In addition, employers can contribute tax-free dollars if they choose—all of which is employee money.

401(k) 40

401(k) Health Savings Account Retirement Plan Deductible 40

Business Management Daily

SEPTEMBER 27, 2019

An ounce of prevention may be worth a pound of cure, but up until this point, high-deductible health plans have been boxed in regarding tax-free reimbursements for most preventive care services or items. Reason: With certain exceptions, HDHPs can’t start reimbursing employees until they meet those high deductibles.

Health Savings Account 40

Health Savings Account Deductible Deductions Flexible Spending Account 40

Flimp Communications

OCTOBER 30, 2024

Their tax advantages and investment potential can help employees reduce healthcare costs, save for retirement, and maximize tax refunds. And yet, that’s not how most employees understand them — if they understand them at all. In short, your employees are missing out, and so is your organization.

Deductions 52

Deductions Deductible Taxes Flexible Spending Account 52

HR Professionals Magazine

MAY 4, 2023

A 2022 Harris poll found that 72% of employees said “they wish someone would tell them what the best health insurance for their unique situation is.” However, the way in which employees comprehend benefit information varies greatly based on their current stage in life. Be mindful that not all decision support tools are created equal.

Technology 52

Technology Utilities Payroll Deductions 52

Higginbotham

SEPTEMBER 16, 2024

By opting for a higher deductible, employees can secure lower monthly premiums. Let’s say an employee enrolls 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.

Deductible 52

Deductible Deductions Health Savings Account Health Insurance 52

InterWest Insurance Services

NOVEMBER 10, 2022

One of the most difficult aspects of annual open enrollment is reaching workers who are disengaged from the process and never bother signing up for your group health plan and other benefits they could take advantage of. Savers — This group doesn’t touch their HSA balances, even for current medical expenses.

401(k) 97

401(k) Health Savings Account Health Insurance Insurance 97

Business Management Daily

AUGUST 30, 2024

For dependent-care benefits, employees may change their pretax deductions if: The safety or quality of their current day care provider raises concerns. The day care provider has age cutoffs and won’t take infants, and employees don’t want to split up their kids at different providers. A day care center raises it rates.

Deductible 52

Deductible Deductions Employee Enrollments Medical 52