Money Talk

DECEMBER 29, 2021

Insurance- COBRA premium assistance for health insurance was provided under the American Rescue Plan Act and Medicaid enrollment surpassed 80 million. There were also large premium increases nationwide for homeowners and flood insurance. The final moratorium ended on 8/26/21 with a Supreme Court ruling.

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PeopleKeep

OCTOBER 23, 2024

Thankfully, there’s an alternative: the qualified small employer health reimbursement arrangement (QSEHRA). With a QSEHRA, employees can buy their own individual health insurance policies and get tax-free reimbursements for their premiums and other medical costs.

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HR Lineup

JANUARY 29, 2024

A pay stub not only serves as a record of an employee’s earnings but also provides crucial information about deductions, taxes, and other financial details. Deductions: Federal and state taxes Social Security and Medicare contributions Health insurance premiums Retirement contributions 4. Deductions and Taxes 1.

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PeopleKeep

OCTOBER 4, 2024

Group health insurance remains a popular employer-sponsored benefit in the United States. But traditional group health plans are too costly for many employers. With this type of HRA, employers can reimburse employees tax-free for their individual health insurance premiums and other qualified out-of-pocket costs.

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PeopleKeep

AUGUST 19, 2020

Individual health insurance is more affordable than group health insurance. Also, under the Affordable Care Act, individual health plans must cover all individuals regardless of health , which was not previously the case. Tax credits are also available for qualifying employees.

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Employee Benefit News

DECEMBER 9, 2024

Justworks surveyed over 2,000 workers about their open enrollment experience, and many of the respondents aren't happy.

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PeopleKeep

OCTOBER 21, 2020

Under IRS rules , employers can reimburse employees for their health insurance in a tax-advantaged way. The most prominent vehicle for doing so is a health reimbursement arrangement (HRA).

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PeopleKeep

MAY 14, 2024

Instead of offering a costly group health plan, one tactic they may consider is offering to pay employees' individual health insurance costs. While it may seem like a generous and attractive perk for employees, employers need to consider several factors before deciding to pay for individual health insurance plans.

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PeopleKeep

JULY 8, 2021

More and more employers today are adopting reimbursement models for their employees’ healthcare, empowering employees to choose their own individual health insurance plan and get reimbursed, tax-free, for their premium.

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Money Talk

AUGUST 10, 2022

Tax on Social Security Benefits - Income from unretiring may push older taxpayers into the income range where tax is due on a portion of Social Security benefits. Tax Withholding Adjustments - Adding income from employment to what could be multiple streams of income in later life (e.g., food, gas, utilities, housing, etc.)

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Money Talk

OCTOBER 11, 2023

Tax Write-Off for Self-Employment Tax - On line 15 of Schedule 2 (for a 1040 form), self-employed workers can write off the deductible portion of their self-employment tax (calculated on Schedule SE), which will lower adjusted gross income (AGI), a trigger for many other taxes.

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InterWest Insurance Services

OCTOBER 31, 2024

Simple health insurance is insufficient to carry the load. Over 80% of middle-market respondents report that they got their health insurance, disability insurance and retirement plan all through their employer. Meanwhile, six in 10 have no life insurance in place outside of the workplace.

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HR Digest

SEPTEMBER 14, 2020

Under the Affordable Care Act, there is a subsidy available for small businesses that provide health insurance to their employees. To qualify, the startup must have fewer than 25 full-time equivalent employees, pay average annual wages below $50,000 and contribute 50% or more toward employees’ self-only health insurance premiums.

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Employee Benefits

NOVEMBER 2, 2023

More than four million people are now covered by health insurance through their employer, according to data from the Association of British Insurers (ABI). The number of employees benefitting from health insurance increased by 8% from four million in 2021 to 4.4 million in 2022. The post 4.4

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PeopleKeep

SEPTEMBER 9, 2021

While group health insurance plans have traditionally been a popular choice for employer-sponsored health benefits, more and more employers are embracing reimbursement models, like health reimbursement arrangements (HRAs). New to signing up for individual health insurance?

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PeopleKeep

DECEMBER 7, 2020

Health insurance increases are almost as reliable as death and taxes. In 2020, group health insurance premium costs increased 4% to $21,342 for an average family plan. Following is a concise summary of eight key trends driving the rising costs of health insurance in America today.

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InterWest Insurance Services

SEPTEMBER 9, 2022

Even though the majority of workers receive health insurance coverage on the job, a new survey has found that many of them understand surprisingly little about their health plans and are leaving money on the table. Most health plans do not cover out-of-network care. Most health plans do not cover out-of-network care.

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PeopleKeep

FEBRUARY 12, 2020

A common question among employees is does my employer have to provide health insurance? The health care reform law, called the Affordable Care Act (ACA) , requires certain employers to purchase health insurance or else pay a tax penalty. The answer? Not necessarily.

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HR Digest

MARCH 12, 2025

This article unpacks the fringe benefits definition, explores their types and examples, and offers a clear overviewincluding tax implications and practical guidance for employers navigating the IRS fringe benefits guide. The Tax Angle: Taxable Fringe Benefits and IRS Guidance Not all employee perks are tax-free.

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InterWest Insurance Services

DECEMBER 9, 2021

Here are the rules that will sunset at the end of 2021: Allowing employees who had declined group health insurance for the 2021 plan year to sign up for coverage. The CAA created a number of new requirements that affect health insurance and coverage. That’s a change from the prior threshold of 250. 1, 2022.

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PeopleKeep

JULY 12, 2021

As a small business owner, it’s likely that you, your family, and your employees are covered by individual health insurance policies. You like your network of doctors, the policy is affordable, and you may even be receiving premium tax credits. New to offering health benefits?

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Money Talk

APRIL 20, 2023

health insurance). Individual Retirement Account (IRA)- There are two types: traditional (funded with before-tax dollars) and Roth (funded with after-tax dollars). Individual Retirement Account (IRA)- There are two types: traditional (funded with before-tax dollars) and Roth (funded with after-tax dollars).

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Patriot Software

JUNE 21, 2021

Providing health insurance benefits to your employees can leave you with a lot of questions. But, are payroll deductions for health insurance pre-tax? If you have your employees contribute to their premiums, you have to know how to deduct the cost from their gross pay.

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PeopleKeep

MARCH 15, 2021

With the recent passage of the American Rescue Plan Act of 2021 , there’s been a lot of talk about the changes made to premium tax credits and lowering health insurance costs—but what exactly are premium tax credits, and what do they have to do with how much you pay for health insurance?

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Money Talk

MARCH 24, 2022

. ¨ Retirement Spending - Expenses likely to increase in later life include medical/dental expenses, health insurance premiums (e.g., Depending on household income/assets and lifestyle decisions, income taxes and housing costs may increase or decrease. 401(k)s), tax-deferred accounts (e.g.,

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PeopleKeep

MARCH 17, 2022

Many employers are transitioning away from traditional group health insurance by offering more flexible health benefits such as a health reimbursement arrangement (HRA) or health stipend. At the same time, many employees are taking advantage of health insurance subsidies, such as premium tax credits.

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PeopleKeep

JULY 2, 2021

Since the Affordable Care Act created premium tax credits in 2014, millions of low-income Americans were able to get more affordable access to health insurance premiums on the state and federal exchanges. Watch our video to learn more about how premium tax credits work across all HRA types.

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Money Talk

JULY 25, 2024

Set aside a portion of self-employment income to send to the IRS for quarterly estimated tax payments (and/or over-withhold on a pension or Social Security) to ensure compliance with tax regulations. Contributions to non-Roth accounts are often tax-deductible, thereby reducing adjusted gross and, ultimately taxable, income.

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InterWest Insurance Services

JANUARY 17, 2023

If you decide to keep them on the company’s plan, how you handle their insurance depends on your size: Fewer than 20 employees — Employees who work for these firms will need to enroll in Medicare when they turn 65. Medicare will be the primary payer of health insurance claims for these workers under the law.

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Business Management Daily

MARCH 3, 2023

Congress routinely showers small businesses with tax preferences. And now is the time to think about them, since the tax-filing deadlines for calendar-year corporate returns are fast approaching—March 15 for S corps and April 18 for C corps. But there is a difference between the two: Tax deductions reduce your taxable income.

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PeopleKeep

DECEMBER 11, 2023

Starting in 2024, Indiana employers will have a new tax credit available if they decide to offer their employees a health reimbursement arrangement (HRA) instead of group health insurance. This will allow small businesses and nonprofits to offer affordable and personalized health benefits in The Hoosier State.

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PeopleKeep

JUNE 24, 2021

One of the most valuable features of a health reimbursement arrangement (HRA) is its ability to reimburse employees for individual health insurance policies tax-free.

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Qandle

JANUARY 29, 2025

For companies of all sizes, adhering to labor rules, tax laws, and industry standards is a major challenge. These laws may include tax regulations, labor laws, social security contributions, and employee benefits mandates. They can also change frequently due to updates in labor laws, tax codes, or social security policies.

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Money Talk

SEPTEMBER 12, 2024

In addition, less food is needed and the cost of the deceased’s health insurance ends. Tax Considerations - Income taxes often increase for the surviving spouse, who will be filing a tax return as an individual instead of as a married couple filing jointly.

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PeopleKeep

NOVEMBER 30, 2020

Health reimbursement arrangements ( HRAs ), also known as Section 105 plans , have long been used by small and mid sized employers to offer employees an affordable, quality health benefit.

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WEX Inc.

FEBRUARY 12, 2025

New regulations could affect everything from healthcare policies and labor laws to tax laws, all of which play a key role in benefits administration. Staying updated will help employers adjust their health insurance offerings, ensuring they remain compliant with any new federal or state regulations. With the 2024 U.S.

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WEX Inc.

JULY 24, 2024

These communication tactics can be especially useful if you’re updating major health insurance options, like switching to a high-deductible health plan (HDHP) or adding a health savings account (HSA) and want to measure the outcomes of these changes. It is not legal or tax advice.

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