This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Employee benefits management has become increasingly complex in recent years, with professionals needing to navigate health plans, retirement packages, wellness programs, and various compliance regulations. Key Benefits: Offers deep insights into benefits strategy, cost management, and vendor management.
As we celebrate the 20th anniversary of HealthSavingsAccounts (HSAs), it’s time to reflect on the transformative impact this financial tool has had on healthcare and personal finance. This unique combination provides individuals with a powerful tool to manage their healthcare costs while minimizing their tax liability.
AI and data-driven solutions Artificial intelligence (AI) and data-driven platforms significantly change how companies manage and administer benefits. Beyond the traditional 401(k) match , some employers are introducing student loan repayment matching , helping employees reduce debt while saving for retirement.
When it comes to managing employee benefits, employers are frequently turning to high-deductible health plans to help control costs. But managing – and keeping up with – HSA requirements has its difficulties.
One choice that sticks out in the ever-changing world of employee benefits for both employers and employees is a HealthSavingsAccount (HSA). Fostering Financial Wellness HSAs encourage responsible spending on healthcare by giving employees a personal stake in managing their medical expenses.
It’s the 19th birthday of HealthSavingsAccounts (HSAs), and they have been a game-changer in healthcare. They are one of the most powerful tools available to employers, employees, and their families when saving on healthcare costs. This makes managing an HSA much easier for everyone involved! Happy Birthday, HSA!
And check out our Benefits Buzz podcast episode below with Shannon Hernandez, manager of client services at WEX, below. With that in mind, let’s discuss how to create benefits enrollment experience goals that will help you strengthen the employee benefits experience and differentiate your business in today’s competitive labor market.
7 basic rules of an HSA you need to know Maximize the potential of your healthsavingsaccount (HSA) by mastering these 7 essential rules. Discover how to make smarter contributions, save on healthcare costs, and plan for a healthier financial future. What is a dependent care FSA? Do you have multiple HSAs open?
Targeted recommendations: By analyzing factors such as age, role, family status, and location, AI can suggest benefits options like healthsavingsaccounts (HSAs) , retirement plans, or wellness programs that are most relevant to each employee.
Many organizations provide a healthsavingsaccount (HSA) to their employees to offset rising healthcare costs. While HSAs are employee-owned accounts, many employers wonder if they can contribute to their employees’ HSAs, and—if so—how much. But employer contributions to HSA rules can be challenging to manage.
Health reimbursement arrangements (HRAs) and healthsavingsaccounts (HSAs) are great tools for you and your employees to save money, and for your employees to prepare for potential medical expenses. For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention.
Employees can further prepare for unexpected medical expenses and diagnoses by partnering with financial planning services that guide saving for medical emergencies. Encourage employees to set aside income to cover future medical costs through pre-tax income programs such as healthsavingsaccounts.
With new tax-free vehicles emerging, including account-based health plans (ABHPs), small employers now have multiple ways to increase employees’ benefits.
Healthsavingsaccounts (HSAs) and traditional health insurance plans are two common options for managing healthcare expenses, but they have some key differences. In this article, we'll go over how HSAs and health insurance compare. Healthcare costs can be a major concern for many employers and employees.
You must be enrolled in an HDHP to be eligible to participate in a healthsavingsaccount (HSA). PPOs are a common type of traditional health plan. ” Costs are more manageable when you use providers that are in your plan’s network. What’s a PPO?
PeopleKeep also provides flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), and healthsavingsaccounts (HSAs) to help employees save money on healthcare expenses. One of the key features of PeopleKeep is its ease of use.
USI’s benefits offerings include a comprehensive suite of health insurance options, including medical, dental, and vision insurance. The company also offers flexible spending accounts (FSAs) and healthsavingsaccounts (HSAs) to help employees save money on healthcare costs.
Employers who offer healthsavingsaccount-eligible high-deductible health plans (HDHPs) to employees can significantly expand pre-deductible coverage for certain drugs used to manage chronic conditions — with only a tiny effect on premiums. Improved disease management. Absenteeism. Overtime costs.
As healthcare costs continue to rise , small employers need a way to offer their employees a competitive health benefit to compete with larger organizations while still managing a limited budget.
And check out our Benefits podcast episode with Bridgit Moszer, regional sales director, direct sales at WEX and Jessica Shawn, senior manager, HR business partner at WEX, below. LSAs Lifestyle spending accounts (LSAs) can be customized by you to cover your employees’ pet-related expenses.
With a dedicated financial wellness program, you can help employees manage their finances reducing stress and improving productivity. This added stress can drastically affect an employees finances, especially if they do not have an adequate amount saved and now, companies are providing solutions.
If you are looking for a new way to manage your benefits this year, you might enjoy building it around an approach that factors in your existing organizational habits and your personality. Step one is going to be ditching paper account statements for electronic documents. It’s your secure accountmanagement center.
Healthsavingsaccounts (HSAs) and flexible spending accounts (FSAs) are often misunderstood, despite their significant financial advantages. It’s time to clarify the ins and outs of these tax-saving healthcare accounts and answer some HSA and FSA FAQs.
While decision support tools will be growing in prominence, the job projections for HR Managers over the next 8 years is 7%. (As Incorporating lifestyle components into pre-tax accounts. American Future Healthcare Act: Provides various enhancements to make healthsavingsaccounts more accessible and easier to use.
HSAs (HealthSavingsAccounts) are an excellent tool for controlling healthcare costs and setting up money for the future. It can become overwhelming, though, if you have to manage many HSAs as a result of job changes or shifting insurance companies. Why Should You Consolidate Your HSA Funds?
To help you prepare, here is a breakdown of three common retirement accounts: an HSA vs. a 401(k) vs. an IRA. An HSA is … A healthsavingsaccount (HSA) is a tax-advantage account that participants can pay for healthcare expenses, save for the future, and invest to build your savings.
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 healthsavingsaccounts (HSAs) to employees.
Highlight digital tools — Digital tools are growing in number, from apps and telehealth options to those that can help your employees manage chronic conditions. Many insurers and/or providers have apps to help people access care and manage their health. Funds are not taxed when withdrawn, either.
Health Insurance is especially useful for a multigenerational team because it’s applicable to individuals of all ages and situations, even those who are otherwise healthy individuals. . In addition to standard group health insurance, you might consider offering your team access to a healthsavingsaccount, or HSA.
.” With significant cost-shifting off the table for most employers, employers will have to get creative to meet the challenge of offering benefits that workers want and need, and health care they can afford, while also managing cost growth. Making larger healthsavingsaccount contributions to lower-paid employees.
In addition to a general retirement account, consider a HealthSavingsAccount (HSA). Making HSA investments enables you to grow this tax advantaged account at a greater rate long-term, while giving you a reliable source of funds to turn to for both emergency and everyday medical expenses.
This is especially true if you are making changes to cost-sharing, introducing new plans, introducing a wellness plan or healthsavingsaccounts or flexible spending accounts. If they cannot make a general meeting, you can invite them to come in to meet with your human resources manager if they have questions.
Employers who were surveyed for a new report expected that group health insurance premiums would increase 5.4% Employers are also taking different steps to make health insurance more affordable for their staff, particularly those at the lower end of the wage spectrum: 15% of employers offer free employee-only coverage in at least one plan.
Deductibles can be added to the plan to manage premium costs. Coverage can often be configured to be compatible with HDHPs using healthsavingsaccounts. Plans differ and employers may choose a variety of coverage options, including varied inpatient and outpatient benefits.
The Society for Human Resource Management, a national human resources employee organization, asks this question each year. Accident and Health Benefits . HealthSavingsAccounts. Flexible Spending Accounts: funded by salary reduction. What do employees want? Cafeteria Plan benefits often include.
The 20th anniversary of healthsavingsaccounts (HSAs) marks a significant milestone for these accounts, which have empowered tens of millions of Americans to save for both immediate and future medical expenses.
Fortunately, a number of health technology companies have come to the fore to help employees see better health outcomes, shop around for medical services, educate themselves about their health and disease management, and choose the health plan that is best for them. Chronic disease management tools.
Mental Health Resources: Ensure employees have access to mental health resources and counseling services to help manage the emotional challenges of the season. Leverage Pre-tax Benefits Pre-tax benefits are a valuable tool for promoting employee health and wellness during the winter months.
FSAstore.com’s Senior AccountManager Michael Lublanecki sat down with CEO Jason Hall to discuss the BRI & FSAstore.com partnership. This partnership provides participants with an easy way to use their pre-tax health dollars. FSA Calculator – Calculate yearly contributions and tax savings. baby care items.
If you have a tax-free account like a healthsavingsaccount, it might come in handy. While an HSA might not be the first thing to come to mind, this benefit account can actually help you fight stress from COVID-19 in a few ways. Here are five ways your healthsavingsaccount can help you reduce COVID stress.
Most large health carriers have adopted some form of telemedicine by either contracting with a tech provider to manage the interface or by purchasing a tech platform. This is good news for patients and employers, who may end up benefiting from lower plan costs, as well as lower out-of-pocket expenses for employees.
.” — Benefits executive at an insurance company Some of the interviewees said that funding ICHRAs and sending their workers to ACA exchanges would rob the company of the opportunity to help workers manage expensive health conditions.
As rising health insurance premiums and out-of-pocket costs for health care are burdening workers, more employers are looking for ways to help their staff put aside money for those expenses. While healthsavingsaccounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans.
HealthSavingsAccounts, Flexible Spending Accounts, and supplemental medical plans like accident, critical illness, and hospital indemnity insurance can be critical to help pay for out-of-pocket medical costs.
We organize all of the trending information in your field so you don't have to. Join 46,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content