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Which voluntarybenefit options are right for your employees? This 4-step voluntarybenefits checkup will help you decide. As the cost of medical plans rises, employers are offering high-deductible health plans (HDHPs) and healthsavingsaccounts (HSAs) as part of their employee benefit plans.
Study findings The trend of more Gen Z workers gravitating to HDHPs makes sense, since these plans are best suited for younger individuals who are generally healthier and have fewer health problems than their older counterparts — Gen Xers and Baby Boomers.
Co-pay: the fixed cost an employee must pay for each visit to a medical doctor or mental health professional’s office, urgent-care center or hospital emergency room. As long as the funds are used to pay for medical expenses, they are not taxed, and employees can keep the accounts when they leave the organization.
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.
A flexible spending account (FSA), which can be used to cover childcare and medical costs tax-free. A healthsavingsaccount (HSA), which can also be used to cover medical expenses tax-free. Follow this 4-step VoluntaryBenefits Checkup. Help employees review provider bills carefully. RELATED TOPICS.
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