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The healthcare industry presents unique challenges for HR professionals, from managing complex regulatory requirements to scheduling staff efficiently and ensuring seamless payroll and benefits administration. In 2025, several top-tier HR software solutions are tailored specifically for the healthcare sector.
Keeps professionals updated on changes in healthcare laws and compliance requirements. Certified Health Savings Adviser (CHSA®) The Certified Health Savings Adviser (CHSA®) is a specialized credential that focuses on Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and other consumer-driven healthcare options.
Understanding HSAs The number of health savings accounts (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. Savings potential: HSAs and FSAs establish a strong financial cushion for anticipated healthcare needs.
Many employees now prioritize flexibility in healthcare, retirement savings, and wellness programs. Additionally, health savings accounts (HSAs) continue to gain attention as a powerful tool for retirement planning, offering tax advantages and the ability to save for future healthcare costs.
Your financial wellness program is all about saving money, for example, while your wellness program and healthcare benefits can help employees gain control of their mental and physical wellbeing. April: Essential Money-Saving Tips April is tax season, and money will be on your employees’ minds.
Does my HSA have enough to cover upcoming healthcare costs? When determining your total healthcare budget, it may be helpful to look back at your medical spending history and categorize your healthcare costs: Routine: These are your anticipated healthcare expenses, even if they may fluctuate. The post It’s July.
Health savings accounts have a triple-tax advantage, meaning distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible. You won’t need to pay Social Security or Medicare tax on the funds going into the FSA. Your employer owns your FSA.
As healthcare costs continue to rise , more employers are seeking cost-effective ways to maintain competitive health benefits. With a QSEHRA, employees can buy their own individual health insurance policies and get tax-free reimbursements for their premiums and other medical costs.
Today’s reader question deals with that: I am trying to find out if employee discount programs that companies sign up for (to offer their employees discounts) have tax consequences for the employee and/or company when the discounts are redeemed. Traditional benefits include employer-offered healthcare, a 401(k) program, and vision benefits.
This article unpacks the fringe benefits definition, explores their types and examples, and offers a clear overviewincluding tax implications and practical guidance for employers navigating the IRS fringe benefits guide. In an era of rising healthcare costs, these benefits are non-negotiable for many workers.
Employer-funded healthcare trusts are an established, tax-efficient way to deliver the benefit of medical treatment to employees without having to buy employer-paid health insurance. Kevin Gude is a pensions and incentives partner at Keystone Law The post Kevin Gude: Why should employers consider a corporate healthcare trust?
For companies of all sizes, adhering to labor rules, tax laws, and industry standards is a major challenge. These laws may include tax regulations, labor laws, social security contributions, and employee benefits mandates. They can also change frequently due to updates in labor laws, tax codes, or social security policies.
They can be a more tax-effective way to save for retirement than an IRA for those who are able to max out contributions and pay for medical expenses with other funds.
Since the Affordable Care Act created premium tax credits in 2014, millions of low-income Americans were able to get more affordable access to health insurance premiums on the state and federal exchanges. Watch our video to learn more about how premium tax credits work across all HRA types.
But tips for saving money around healthcare can contribute to improved financial health. Second, the tax code can subsidize your medical costs. But even if you don’t, health savings accounts (HSAs) allow you to save money, tax free, to be spent on healthcare. Lots of places offer them free as flu season starts.
Are you a recent graduate with student loans, a new parent, or someone looking to enhance their healthcare coverage? It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. Keep in mind that these benefits often come with monthly premiums.
New regulations could affect everything from healthcare policies and labor laws to tax laws, all of which play a key role in benefits administration. These experts stay up to date on regulatory changeswhether its tax laws, healthcare reform, or state-specific mandatesensuring your benefits programs remain compliant.
The only thing growing at double-digit figures in Brazil are prices There are several reasons why prices are so high: poor infrastructure, red tape, high taxes, low productivity. I would single out two of these: high taxes and low worker productivity. High taxes are not in and of themselves a bad thing.
HIV and hepatitis), and increased healthcare costs. criminal justice and incarceration expenses and reduced income tax and FICA tax revenue). Global Financial Costs- Opioid abuse is estimated to cost the U.S. $33 33 billion a year in health care costs and $14.8 billion annually in criminal justice costs.
Assess your annual expenses Understanding your annual healthcare expenses is a fundamental step in selecting the right health plan. Think about your healthcare priorities, such as prescription medications, specialist visits, mental health services, or maternity coverage. Consider whether you typically have low or high medical expenses.
Since April is Stress Awareness Month, we’ve highlighted five pre-tax benefit services and resources to keep your stress levels low and your health levels high. But with price transparency tools like GoodRx and Healthcare Bluebook , you can find the product you need at a price that’s clear at the start.
By surveying employee preferences, leveraging tax-qualified accounts and exploring alternative funding, employers can offer valuable benefits while maintaining financial stability.
The software automates tasks related to contracts, payroll, and tax compliance, ensuring that organizations stay on top of their legal obligations. The software automates benefits enrollment, simplifying the often complex task of ensuring compliance with healthcare and other regulatory requirements.
Discover how to make smarter contributions, save on healthcare costs, and plan for a healthier financial future. A dependent care FSA allows employees to save up to 30% or more on childcare or elder care costs by using pre-tax dollars, lowering their taxable income. It is not legal or tax advice. What is a dependent care FSA?
If you’re in the 70% of people who have health-related goals for 2023, let’s take a look at how pre-tax benefits can help set goals and prioritize your health this year and beyond. Add In Pre-Tax Benefits. Plus, any interest earned on the account is tax free and the money is ALWAYS yours! Set SMART Goals.
Their tax advantages and investment potential can help employees reduce healthcare costs, save for retirement, and maximize tax refunds. Higher HSA enrollment and usage can take a bite out of your company’s FICA taxes. And by investing your HSA, you can actually make money tax-free. But the similarities end there.
Employers that have decided to offer their staff individual healthcare reimbursement accounts to purchase health insurance on their own have been encountering administrative headaches. Simply tracking whether workers in an ICHRA plan have secured coverage can be complicated, but employers need to contend with other compliance issues too.
Healthcare costs and employee financial burnout Many workers face especially high anxiety over healthcare costs. Younger generations are particularly vulnerable, with 72% unable to afford $1,000 in out-of-pocket healthcare costs. While 79% of employers think their teams understand healthcare costs, only 48% of employees agree.
Payroll Outsourcing: Payroll is a critical HR function that involves the calculation of employee salaries, tax deductions, and compliance with local labor laws. This type of outsourcing is particularly beneficial for organizations that require large-scale hiring or lack internal recruitment capabilities.
It’s your best chance to evaluate your healthcare needs and identify opportunities to better support yourself and your family. For example, do you have any new dependents who have healthcare needs and could be covered by a pre-tax benefits plan? Will anyone in your family have anticipated healthcare costs in the upcoming year?
The season for filing taxes is upon us once again. We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. Make sure your W-2 form shows HSA payroll contributions Provided by your employer, your W-2 shows the wages you earned and any taxes withheld.
federal government created the small business health care tax credit to help small businesses contribute to their employees’ health benefits. However, not all small businesses are eligible for a tax credit, and there are certain steps you need to take to ensure your organization qualifies. How much is the health care tax credit?
With the recent passage of the American Rescue Plan Act of 2021 , there’s been a lot of talk about the changes made to premium tax credits and lowering health insurance costs—but what exactly are premium tax credits, and what do they have to do with how much you pay for health insurance?
As year-end draws closer, countless employees unknowingly leave money on the tablemoney theyve set aside for healthcare through their Flexible Spending Accounts (FSAs). For employees, it means paying out of pocket for expenses that could have been purchased with pre-tax dollars.
Pazcare is an innovative healthcare company that provides a comprehensive suite of digital healthcare solutions. The platform is designed to help medical professionals and patients manage healthcare needs more efficiently, utilizing technology to improve the overall healthcare experience.
Credit: everydayplus/shutterstock What are healthcare trusts? Healthcare trusts enable employers to provide self-funded medical cover to employees. Unlike private medical insurance (PMI), healthcare benefits are paid for from a trust fund, set up with trust rules. Are there any tax or legal issues?
Pre-tax benefits savings Premiums aren’t the only way you can save on healthcare costs. Pre-tax employee benefits plans, such as HSAs and flexible spending accounts (FSAs) , let you save money by putting aside pre-tax dollars to pay for eligible medical, dental, vision and other expenses. It is not legal or tax advice.
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