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Offer HDHP and HSAs? Follow this 4-step Voluntary Benefits Checkup

Corporate Synergies

Which voluntary benefit options are right for your employees? This 4-step voluntary benefits checkup will help you decide. As the cost of medical plans rises, employers are offering high-deductible health plans (HDHPs) and health savings accounts (HSAs) as part of their employee benefit plans.

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Four High Deductible Health Plan Mistakes to Avoid

InterWest Insurance Services

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

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Gen Z Workers Go for HDHPs, but Don’t Forget Your Other Employees

InterWest Insurance Services

The report notes 84% of employers offer both HDHPs and traditional health plans to ensure that they can met the needs of a multi-generational workforce. The plans are typically tied to a health savings account (HSA), which employees can fund with pre-tax dollars to reimburse for health-related expenses.

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Tips to refine your OE communication strategy and availability

WEX Inc.

While much of the work in the last months has been focused on rate renewals and designing your benefit offerings, the focus must now shift to the open enrollment communication plan. Why don’t employees understand their benefits? Benefits can be complicated and for some the options overwhelming. It is not legal or tax advice.

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Four Ways to Ensure Your Group HDHP Will Fail

InterWest Insurance Services

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

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Smallest Firms See Largest Health Insurance Hikes

InterWest Insurance Services

Meanwhile, employees’ share of premiums increased at a slower rate overall of 4.15% between 2021 and 2022, meaning that employers were not passing on the full increases in group health plan premiums to their staff. Plans differ and employers may choose a variety of coverage options, including varied inpatient and outpatient benefits.

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3 major benefits challenges for HR and how to solve them

WEX Inc.

But it’s not just fear and inconvenience at play; health and financial literacy also plays a role. Understanding medical jargon, navigating insurance plans, and deciphering benefits can be difficult for many. It’s all about benefits choice and customization. So, what’s the solution?