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Flexible Spending Account Contribution Limit Climbs

InterWest Insurance Services

Also, employees will be able to carry over up to $640 next year into 2025 if they have funds left over in their account, if their employer allows it (it’s optional). Employees are not taxed on withdrawals from their account. That’s up $30 from this year. Up to $640 of the balance is rolled over to the next plan year.

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Open Enrollment Prep: Identify Workers’ Needs, Consider Costs to Plan Benefits

InterWest Insurance Services

It’s almost time for year-end small group open enrollment and you need to drive engagement so that your employees can make informed decisions about their health insurance options. Provide employees with a breakdown of medical and pharmaceutical cost increases to avoid sticker shock. Avoid holding meetings in December.

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Employers Use Variety of Strategies to Provide Competitive and Cost-Effective Health Care Benefits

InterWest Insurance Services

Here’s what the report found: Offering more plans To combat rising costs, many employers (80%) offer more than one health plan. A growing share of employers offer high-deductible health plans (HDHPs) and health savings accounts (HSAs) to employees. Prior authorization before approving their use.

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Many Employees Choosing the Wrong Health Plans

InterWest Insurance Services

The study examined the health plan choices that 23,894 employees at one large U.S. They were able to choose from 48 different combinations of deductibles, pharmaceutical copayments, co-insurance and maximum out-of-pocket expenses. employer made. All of the plans offered the same network of doctors and hospitals. Strategies.

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8 Ways Employers and Employees Can Save On Prescription Medications

Griffin Benefits

While these higher deductibles are offset by cheaper monthly medical premiums and often by employer contributions to Health Savings Accounts (HSA), HDHP plans are nevertheless structured in such a way as to promote heightened "healthcare consumerism.". Pharmaceutical Company & State Drug Assistance Programs.

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What employees expect from benefits packages

Business Management Daily

To aid in the decision-making process, though, here’s a closer look at various types of employee benefits : Health insurance. companies with 50 or more full-time employees must provide health insurance. Small businesses (those with fewer than 50 employees) are not obligated by law to offer health insurance.