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Mid-Year Financial Tweaks and Tasks

Money Talk

Consider completing the paperwork needed to save more money from July to December in your employer’s tax-deferred retirement savings plan. Even 1% more of pay in savings adds up over time. Health Savings Account (HSA) Tweak - By mid-year, you know what you already spent for health care services through June.

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Study: HSA Utilization Differs By Race, Gender, Ethnicity, And Income

Wellable

Health Savings Accounts (HSAs), which allow individuals to store and withdraw funds for certain qualified medical expenses, are frequently offered as part of an employer’s benefits package. According to one report , nearly 40% of companies offered an HSA-qualified health option in 2021.

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Utilizing Pre-Tax Benefits to Prioritize Health in 2023

Benefit Resource Inc.

The money set aside in your FSA is deducted from your paycheck each month before taxes are taken out so you get an immediate tax savings on every dollar contributed. A Health Savings Account (HSA) is a type of savings account that allows you to save pre-tax dollars for future medical expenses.

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Top 10 Employee Benefits Priorities for Employers as the Year Ends

CorpStrat

Pairing high-deductible health plans (HDHPs) with Health Savings Accounts (HSAs) or adding wellness programs can help employees offset costs while staying engaged in their health. Better utilization can lead to better outcomes for your employees. Are some benefits underutilized?

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Streamlining HR processes with AI

WEX Inc.

Targeted recommendations: By analyzing factors such as age, role, family status, and location, AI can suggest benefits options like health savings accounts (HSAs) , retirement plans, or wellness programs that are most relevant to each employee.

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New benefits plan year tips for HR

WEX Inc.

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.

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Looking Ahead to Your 2024 Tax Return

Money Talk

For example, you can hold investments for a year and a day or longer to qualify for lower long-term capital gains tax rates or consider tax-free investment vehicles such as Roth accounts and municipal bonds. Consult a Tax Professional - Consider consulting with a tax professional or financial advisor for personalized guidance and advice.

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