Genesis HR Solutions

SEPTEMBER 22, 2020

There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Medical Insurance. Medical insurance is likely a no-brainer— it’s one of four major types of benefits most employers offer. Dental Insurance. Vision Insurance.

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InterWest Insurance Services

JUNE 27, 2024

The bulletin focuses on medical savings accounts that employers will often sponsor, including flexible spending accounts (FSAs), health reimbursement arrangements (HRAs) and health savings accounts (HSAs), which are funded by employees’ untaxed earnings.

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Benefit Resource Inc.

APRIL 20, 2023

While dusting, vacuuming, and packing away winter clothes may be on the top of your spring cleaning list, have you considered reviewing your eligible expenses and utilizing your Flexible Spending Account (FSA)? While doing your spring cleaning, don’t forget to look at your FSA.

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Business Management Daily

NOVEMBER 15, 2021

Flexible Spending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. Here is what you need to know to figure out if an expense is FSA eligible. Copays, co-insurance, and deductibles for medical care. Health insurance premiums including COBRA premiums.

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Best Money Moves

JULY 8, 2020

3 Health Insurance Benefits. Employers who don’t offer health insurance might want to reconsider and employers who do should audit their healthcare offerings to determine the out of pocket costs of deductibles, prescriptions, copays and then work with benefits brokers to provide better coverage. . 4 Paid Time Off.

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Insperity

MAY 13, 2015

If you’re shopping for group health insurance for your company the first or second time around, it can be hard to make a confident choice. Not to mention, the Affordable Care Act (ACA) has changed the group health insurance market considerably. The main oversight: Ruling out HSA-qualified plans. High-deductible health plans.

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Higginbotham

JANUARY 27, 2023

Although some small business owners may feel overwhelmed by the prospect of offering health insurance and other benefits, the many advantages can make the effort worthwhile. However, many small employers decide to offer health insurance anyway. Health insurance matters to employees. Census Bureau says that 54.3

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Corporate Synergies

FEBRUARY 11, 2019

A new father outlines requirements with his Baby Health Insurance Playbook. The same can be said for insuring a new dependent. To plan for newborn healthcare benefits, parents need a baby health insurance playbook. Patient financial responsibility is on the rise—average out-of-pocket costs rose 11% in 2017 alone.

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CorpStrat

FEBRUARY 22, 2023

People are already struggling to pay for the insurance premiums but on top of that, they’re afraid deductibles, prescriptions, and co-insurance might push them into the red. 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.

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Higginbotham

JULY 12, 2022

This may be a good option for employers that want to simplify their health plan administration while giving employees flexibility. Even with health insurance, dental insurance and vision insurance, employees tend to end up with some out-of-pocket costs that aren’t covered by their various plans.

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Higginbotham

OCTOBER 14, 2022

Health Insurance for Small Business. Under the ACA, small employers with fewer than 50 full-time equivalent employees are not required to offer health insurance or subject to the employer shared responsibility provisions. However, many small business owners offer health insurance coverage anyway. Dental and Vision Insurance.

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Benefit Resource Inc.

JUNE 6, 2019

Screening mammograms are free through almost every insurance plan. From ACA marketplace insurance, to private and group health insurance. So it is subject to the typical insurance plan red tape. If you haven’t met your deductible, you will have to pay a portion of the cost-sharing based on your plan.

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Higginbotham

NOVEMBER 28, 2022

Unlike Flexible Spending Accounts (FSAs), which are owned by employers, individuals own HSAs. Even when you have health insurance, out-of-pocket expenses can be significant. HSAs provide a tax-advantaged way to cover these costs. The study attributed this to a lack of education and health insurance literacy.

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Benefit Resource Inc.

OCTOBER 24, 2019

But for those who don’t live in a daily world of healthcare jargon, what are out of pocket expenses? An out-of-pocket expense, according to HealthCare.gov , is “Your expenses for medical care that aren’t reimbursed by insurance. Type of Insurance Plan. Co-pay or co-insurance health plan.

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Higginbotham

SEPTEMBER 16, 2024

Are you offering your employees health insurance options that work for their budgets? High-Deductible Health Plans (HDHPs) Explained A high-deductible health plan is a health insurance plan with a higher-than-normal deductible. Employees must pay the deductible out of pocket before the plan contributes to covered care costs.

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HR Professionals Magazine

MARCH 2, 2022

Insurance ID Cards – Insurance ID cards must include in-network and out-of-network deductibles, out-of-pocket maximums and a telephone number and website address for assistance. In many cases, it will be necessary and appropriate for vendors to assist with compliance.

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Benefit Resource Inc.

DECEMBER 20, 2018

If you have insurance and an employer-provided benefit that expires at the end of the year, you’ll be feeling the pressure from both sides. One of the most common employer-provided benefits is a Flexible Spending Account (FSA). (Or maximizing benefits, as my father would say). Need to use up your FSA money?

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Benefit Resource Inc.

JANUARY 8, 2019

But, here are a few tips to help you navigate eligibility: Co-pays, deductible expenses and co-insurance are a good bet. If the expense is applied against your insurance deductible, you are likely in the clear (although documentation might be requested). (The FSA Store probably is the closest you will get.)

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Benefit Resource Inc.

NOVEMBER 8, 2018

A Limited FSA in place of dental insurance. According to CostHelper , employees without insurance typically pay between $3,000 and $7,000 out-of-pocket for metal braces. The average out-of-pocket average amounts to $4,930. For employees with insurance , the average out-of-pocket cost drops to $3,400.

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InterWest Insurance Services

SEPTEMBER 27, 2023

It’s almost time for group health insurance open enrollment and your top priority should be to drive participation by helping your employees make informed decisions about their options. Typically, the higher the premium on a plan, the lower the employee’s out-of-pocket costs are.

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Business Management Daily

FEBRUARY 10, 2022

Group health plans are required to cover the cost of over-the-counter covid test kits, up to eight tests per 30-day period, by arranging for employees to walk into their local CVS or Walgreens and pick them up at no cost or reimbursing them for 100% of the cost. Additional clarity on free COVID tests.

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Benefit Resource Inc.

MAY 9, 2019

They were able to go on the honeymoon knowing that if anything happened and the new family plan couldn’t cover it, they would be able to pay for out-of-pocket costs with their HSA for two. In the illustration above , Meghan was eligible for a new HSA maximum due to the change in insurance coverage.

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Flimp Communications

MARCH 11, 2025

Here are the five most common misconceptions about health savings accounts: Myth #1: An HSA Is Just Another Healthcare Headache For better or worse, getting a health insurance claim paid can often involve jumping through a series of administrative hoops verifying coverage, securing referrals, requesting pre-approval, and so on.

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InterWest Insurance Services

JANUARY 26, 2022

It stressed two main points: High deductibles — The report found one of the main drivers of stress was high deductibles and other out-of-pocket costs. That highlights the need for employees to set aside funds for health care expenses through health savings accounts, flexible spending accounts and health reimbursement accounts.

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McNees

JANUARY 19, 2021

Here is what you should know: Temporary Special Rules for Health and Dependent Care Flexible Spending Arrangements. Mid-Year Election Changes: The Act permits plans to allow employees to prospectively change their health or dependent care flexible spending arrangement elections without a change in status at any time in 2021.

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Benefit Resource Inc.

NOVEMBER 17, 2020

Which pre-tax account you can enroll in depends on what kind of health insurance you have. FSA Pros: No specific insurance is required to enroll. You can have any insurance when you enroll in an FSA. Your deductible is just the amount you have to pay towards your insurance before your insurance actually kicks in.).

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