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Options can include: Health insurance, Voluntarybenefits premiums (like vision and dental), Life insurance, 401(k), and. Flexiblespending account. Call us for more information on how you can set up a flexiblebenefit plan for your staff. Flexiblespending accounts.
Participation in HSAs and flexiblespending accounts fell 20% from 2022 to 2024, indicating that employers are not doing enough to educate their staff about these tax-advantaged accounts. You can tailor your employee benefits educational sessions to each generation.
Besides these core benefits, there are many perks and fringe benefits a company can offer to round out the benefits package. Voluntarybenefits are the opportunity to stand out from the competitors, reflect on the company’s priorities and values, and demonstrate its commitment to the employees.
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. The pieces that comprise healthcare and retirement plans, voluntarybenefits, and EAPs are connected.
Winston and ConnectYourCare are committed to easing the pain of setting up and using new voluntarybenefits. Flexiblespending accounts (FSAs) can be especially confusing. Luckily, thanks to our partnership with ConnectYourCare, we don’t just have answers — we have solutions.
Keep New Benefit Options Simple. After reviewing benefits and trends, you may find that adding a pre-tax benefit, such as a health savings account (HSA), flexiblespending account (FSA) or a health reimbursement account (HRA), can help the organization save money while giving employees a way to better plan their healthcare and finances.
Offer Choice and Flexibility Employees value choice and flexibility. Provide a range of benefit options to cater to different needs and preferences. Consider flexiblespending accounts, wellness programs, or additional voluntarybenefits that employees can choose based on their priorities.
Beyond typical medical and prescription drug benefit plans, there are a number of other benefits that can help cover medical care during pregnancy: Short-term disability, which covers maternity leave. A flexiblespending account (FSA), which can be used to cover childcare and medical costs tax-free. RELATED TOPICS.
If possible, boost communication around voluntary health benefits as well as any savings products such as Health Savings Accounts or FlexibleSpending Accounts employees can use to pay for health care.
USI’s employee benefits offerings are designed to meet the needs of a diverse workforce and support employers in creating a supportive and healthy work environment. USI’s benefits offerings include a comprehensive suite of health insurance options, including medical, dental, and vision insurance.
This is especially true if you are making changes to cost-sharing, introducing new plans, or offer voluntarybenefits, a wellness plan or health savings account or flexiblespending account. Communicate effectively Your task is to get employees out of cruise control and truly assess all of their options.
You can choose to pay all or part of the premium, and you can even offer some benefits, like pet insurance , on a voluntary basis so it’s available at an affordable group rate for employees to purchase if they are interested. Voluntarybenefits can be offered with little to no out-of-pocket expense to the employer.
Flexiblespending accounts (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. Check out our other compliance blog posts on HSAs , HRAs , LSAs , and voluntarybenefits.
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