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Beyond the traditional 401(k) match , some employers are introducing student loan repayment matching , helping employees reduce debt while saving for retirement. Employers should prepare for potential changes in healthcare policy, retirementplans, and wage laws. It is not legal, tax or investment advice.
Understanding HSAs The number of healthsavingsaccounts (HSAs) has doubled nationwide in the last seven years , as more Americans turn to these accounts as a way to save on healthcare costs and prepare for retirement. Assess your ability to cover the deductible before choosing this plan.
Does your healthsavingsaccount (HSA) have enough funds to carry you through the second half of the year? By entering basic information, the My HSA Planner provides personalized contribution suggestions and projects your potential retirement balance. Perform your HSA midyear check! It is not legal or tax advice.
Fortunately, there’s an often overlooked way to help employees build wealth and prepare for retirement. And it’s a solution you might already be offering: the healthsavingsaccount. Why HSAs for retirementplanning? Click below to get your free HSA retirement white paper.
Studies have found that, when people identify with their future selves , they save more money for retirement. A psychological connectedness to future selves informs present behavior. A key take-away, especially for healthy individuals and their families, is that HSAs can be used as a quasi-retirementplan.
Targeted recommendations: By analyzing factors such as age, role, family status, and location, AI can suggest benefits options like healthsavingsaccounts (HSAs) , retirementplans, or wellness programs that are most relevant to each employee. The information in this blog post is for educational purposes only.
In a recent article for the Rutgers Cooperative Extension newsletter, VISIONS , I described key features of your tax return to review for future financial planning including income sources, tax write-offs, changes in tax filing status, tax rates and marginal tax brackets, tax withholding, retirementplan contributions, and capital gains and losses.
Utilize multiple channelsemail, intranet, video tutorials, and town hall meetingsto ensure employees understand: Key changes to the benefits plan Enrollment deadlines Tools available to help them make informed decisions Consider leveraging AI-driven communication tools to personalize messages and answer common questions in real time.
You must be enrolled in an HDHP to be eligible to participate in a healthsavingsaccount (HSA). PPOs are a common type of traditional healthplan. ” Costs are more manageable when you use providers that are in your plan’s network. Traditional HealthPlan Calculator today!
And just because you have an entire plan year ahead doesnt mean you should wait until November or December to put time and energy into your employee benefits. In fact, staying on top of your healthsavingsaccount (HSA) , flexible spending account (FSA) , or any other plan you signed up for throughout the year can pay off for you.
How is your HSA vs. your 401(k) vs. your IRA shaping up for retirementplanning? Retirementplanning is a lot easier when you imagine what you want it to be like. Will you retire in Florida, or at a cabin in the woods? Would you like to learn more about HSAs and retirementplanning?
HealthEquity is a unique company that administers HealthSavingsAccounts (HSAs) as its core product. Also, they have a range of other consumer-directed benefits that are all linked around health and wealth. To date, there are more than 12 million accounts at HealthEquity through a range of different employers.
Financial wellness programs offer customized resources that provide essential information regardless of age or income level. According to Mercers Survey on health & benefit strategies for 2025 , almost 70% of surveyed companies are or are planning to offer financial wellness programs in their benefits package next year.
With new deadlines and changing benefits compliance requirements each year, its vital to stay informed and organized. Action item: Stay informed about state laws and ensure your payroll systems align with contribution requirements. HIPAA privacy and security Protecting employees’ healthinformation is critical.
HDHPs can actually be a great healthcare saving option for employees of all ages. Along with paying a lower premium, HDHPs offer financial opportunities that PPOs do not because employees can enroll in a healthsavingsaccount (HSA) , but only if they’re also enrolled in an HSA-eligible HDHP.
The IRS has released the 2023 maximum contribution amounts for healthsavingsaccounts and flexible spending accounts. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirementaccounts. Retirementplan maximums.
There are a variety of ways you can promote mental health in the office , and one way is to provide benefits that support your employees' needs. For example, your employees can use their healthsavingsaccount (HSA) to improve their financial wellness and save money on a variety of mental health-related expenses.
Employees are often more focused on frequently used benefits such as vacation and paid off policies (PTO) rather than insurance, voluntary benefits and retirementplans. Open enrollment can often feel like a firehose of information, so drips of information to reinforce messaging throughout the year can help.
And just because you have an entire plan year ahead doesn’t mean you should wait until November or December to put time and energy into your employee benefits. In fact, staying on top of your healthsavingsaccount (HSA) , flexible spending account (FSA) , or any other plan you signed up for throughout the year can pay off for you.
Since the financial crisis of 2008, workers have become more aware and concerned about saving for retirement. As a result, employer-sponsored retirementplans are no longer an enticing perk, they’re an expectation. They want a plan they can brag about. So why would their retirementplan be an exception?
These benefits range from health insurance to retirementplans, paid time off (PTO), and wellness programs. Some of its key components include: Health insurance: Covers medical expenses. Retirementplans : Helps employees save for the future.
Retirementplans Basically, it is the retirementplans—401(k) or pension plans—through which an employee receives financial security during service years other than while serving. This category varies from different plans with several options that include PPOs, HMOs, and high-deductible healthplans.
The long-term financial wellness of the average American worker is at risk during this health and economic crisis. Where Tax Savings and Benefits Intersect. Healthsavingsaccounts (HSAs) are great medical savings and investment tools for employees, particularly those who won’t have a ton of medical expenses year to year.
As an employer or HR manager, you’re constantly seeking ways to enhance your employee benefits package, ensuring it not only attracts top talent but also supports their financial well-being throughout their careers and into retirement. One often-overlooked gem in the world of benefits is the HealthSavingsAccount (HSA).
A key player in the balance between health and wealth is the healthsavingsaccount (HSA). Understanding HSAs HealthSavingsAccounts are tax-advantaged savingsaccounts designed to help individuals and families with high-deductible healthplans (HDHPs) cover medical expenses.
On October 21, 2022, the Internal Revenue Service (IRS) released Notice 2022-55 , which sets forth the 2023 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirementplans. HDHP Minimum Deductible Limits. 1,400/$2,800. 1,500/$3,000. Out-of-pocket Expense Annual Maximum. 7,050/$14,100.
On November 1, 2023, the Internal Revenue Service (IRS) released Notice 2023-75 , which sets forth the 2024 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirementplans. The 2023 limits are provided for reference.
What Each Generation Typically Looks For Baby Boomers (born 1946-1964) are approaching retirement age, so their benefit preferences may focus more on retirementplans, health coverage, and financial security. Ask about their benefit priorities, and use the feedback to inform your benefit offerings.
If you have a pre-tax account and retirement is on the horizon, you’ll want to understand what happens to the funds in your account(s) once you retire. Depending on which pre-tax account you have, the treatment of your funds will vary. A few distinct advantages make HRA VEBAs an excellent retirement vehicle.
There are a variety of ways you can promote mental health in the office , and one way is to provide benefits that support your employees’ needs. For example, your employees can use their healthsavingsaccount (HSA) to improve their financial wellness and save money on a variety of mental health-related expenses.
Fringe benefits generally cover needs such as: Health and wellness Retirementplanning Time off and vacation Financial offerings Work-life balance Company-sponsored fixtures and events Professional development Let’s take a look at what’s included in each category. However, there are a few categories into which they usually fall.
Understanding HSAs The number of healthsavingsaccounts (HSAs) has doubled nationwide in the last seven years , as more Americans turn to these accounts as a way to save on healthcare costs and prepare for retirement. Assess your ability to cover the deductible before choosing this plan.
On October 26, 2020, the Internal Revenue Service (IRS) released Notice 2020-79 , which sets forth the 2021 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirementplans. The post Annual Limits on Qualified Plans for 2021 appeared first on Benefits Notes. 1,400/$2,800.
On November 4, 2021, the Internal Revenue Service (IRS) released Notice 2021-61 , which sets forth the 2022 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirementplans. The following chart summarizes the 2022 limits for benefit plans. HDHP Minimum Deductible Limits. no change).
1 And 66% of Baby Boomers are working past their retirement age for a variety of reasons: Some can’t afford to retire, particularly with the looming high costs of healthcare; others may choose to work longer to keep their brains active or because they fear the adjustment to a less structured lifestyle. One is retirement “back pay.”.
Retirementplans Employees want to be able to save for retirement and plan for their futures. The financial wellness of your workforce is especially critical given economic conditions, record-high inflation and high levels of household debt, leading many workers struggling to save enough money.
Fringe benefits can include: Cash bonuses Extra vacation time Paternity leave or extended maternity leave On-site amenities Childcare Wellness plansRetirementplanning services Monthly stipends for work expenses Unless they’re working in a highly competitive field, most employees expect employers to offer fringe benefits , at least on some level.
Virtual office visits thrived during the COVID-19 pandemic as people sought a safe, quick way to obtain medical information and evaluation. Retirementplans. While salary is usually considered the star of compensation packages, employees also realize retirementplans contribute to their overall financial well-being.
From personalized plan comparisons to easy enrollment and on-demand access to benefits information, this platform empowers employees to make informed decisions that align with their unique needs and lifestyles. Detailed descriptions of each platform highlight their standout features, helping readers make informed decisions.
Offer alternative healthcare plans , such as high-deductible healthplans (HDHPs) paired with healthsavingsaccounts (HSAs). These plans often provide employees with more control over their healthcare expenses and offer tax advantages.
By understanding the types of tax free benefits available, both employers and employees can make informed decisions that maximize their financial well-being. They can range from health insurance coverage to retirementplans, flexible spending accounts, transportation benefits, education assistance, and more.
For more information on this changing legislation, keep reading. In terms of retirement benefits, new regulations have been introduced that mandate more transparent communication about the investment options available in retirementplans and also the employer match percentages.
If you are, then you have a healthsavingsaccount (HSA). You’ve heard about its investment potential, and you’ve read that an HSA has retirement-planning perks that a 401(k) and IRA don’t have. And you’re investing to grow your funds so they increase at a much higher rate than they would in an HSA’s cash account.
Understanding the basic rules of a healthsavingsaccount (HSA) is critical in driving employee participation. And only half of those surveyed in our Paying for Healthcare in America report said that they understand the differences among the different health spending accounts.
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