InterWest Insurance Services

OCTOBER 31, 2024

A solution One solution is to offer voluntary benefits to workers. These include a menu of benefits, such as: Group life insurance Group disability insurance Long-term care insurance Critical illness coverage Often many of these benefits can be offered at little or no cost to the employer. To learn more, call us.

Disability Insurance 98

Disability Insurance Life Insurance Deductible Deductions 98

Employee Benefits

MAY 6, 2024

Credit: Achira22/Shutterstock What are off-the-shelf voluntary benefits packages? Voluntary benefits are additional benefits that employers can offer to their employees alongside their salary. They can then use that information to improve their benefits offering in the future. What are the cost implications?

Voluntary Benefits 59

Voluntary Benefits Benefits Package Net Pay Retail 59

Employee Benefits

MAY 17, 2023

Energy provider ScottishPower and technology business Siemens have been shortlisted for Best voluntary benefits at the Employee Benefits Awards 2023. The post ScottishPower and Siemens shortlisted for Best voluntary benefits appeared first on Employee Benefits.

Voluntary Benefits 52

Voluntary Benefits Entertainment Hospitality Employee Retention 52

InterWest Insurance Services

OCTOBER 17, 2024

The main driver in workers prioritizing benefits is the rapidly rising cost of group health insurance premiums and out-of-pocket costs, according to the study by Voya Financial. HSAs are accounts to which workers contribute with pre-tax funds and then reimburse themselves for out-of-pocket medical costs.

Out of Pocket Cost 98

Out of Pocket Cost Voluntary Benefits Health Insurance Health Savings Account 98

WEX Inc.

NOVEMBER 6, 2024

It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. The information in this blog post is for educational purposes only. WEX receives compensation from some of the merchants identified in its blog posts.

Voluntary Benefits 52

Voluntary Benefits Taxes Education Consulting 52

InterWest Insurance Services

JULY 4, 2024

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. Participation in HSAs and flexible spending accounts fell 20% from 2022 to 2024, indicating that employers are not doing enough to educate their staff about these tax-advantaged accounts.

Voluntary Benefits 97

Voluntary Benefits Flexible Spending Account Deductible Deductions 97

WEX Inc.

SEPTEMBER 25, 2023

Benefits are also not top of mind for many employees. Employees are often more focused on frequently used benefits such as vacation and paid off policies (PTO) rather than insurance, voluntary benefits and retirement plans. However, they’re most likely not communicated any differently than other benefit offerings.

Voluntary Benefits 98

Voluntary Benefits Health Savings Account PTO Retirement Plan 98

InterWest Insurance Services

MARCH 22, 2022

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Since the salary reductions are not received by the employee, they are not considered wages for income tax purposes. This is great since one size does not fit all in the world of employee benefits.

Flexible Spending Account 96

Flexible Spending Account 401(k) Flexible Spending Deductible 96

CorpStrat

DECEMBER 3, 2021

How frequently it will happen and that they’re pre-tax so they know they’re getting more bang for their buck. Offer Voluntary Benefits. More than ever, employers need to build a robust package that includes things like voluntary benefit programs.

Voluntary Benefits 98

Voluntary Benefits 401(k) Benefits Package Deductible 98

InterWest Insurance Services

FEBRUARY 20, 2024

HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses. They decide how much money they want to transfer to their HSA each pay period — funds that are not subject to taxes. Other voluntary benefits like critical illness insurance can fill in the gaps when employees have a high deductible.

Deductible 98

Deductible Deductions Out of Pocket Cost Health Savings Account 98

CorpStrat

AUGUST 5, 2024

EASE is a simple, easy-to-use, custom designed tool for each client portal/app that allows for benefit enrollment, benefit communication, premium elections, dependent eligibility, as well as purchasing various voluntary benefits.

Voluntary Benefits 98

Voluntary Benefits Payroll Human Resources Employee Benefits 98

Business Management Daily

JUNE 16, 2023

Out of the deceased employee’s final regular pay, deduct for all voluntary benefits (e.g., Wages and accrued benefits paid in the same calendar year as death are exempt from income tax withholding, but are subject to FICA and FUTA. The final check, therefore, will be net of FICA taxes.

Taxes 52

Taxes 401(k) Payroll Voluntary Benefits 52

HR Digest

MAY 21, 2023

The mandatory benefits form the foundation of all employee benefit packages. Payroll taxes 2. Health insurance Those benefits provide a baseline of employee expectations. Besides these core benefits, there are many perks and fringe benefits a company can offer to round out the benefits package.

Benefits Package 105

Benefits Package 401(k) Employee Benefits Disability Insurance 105

Employee Benefits

APRIL 1, 2024

Rebekah Haymes, head of digital solutions and delivery, health and benefits at Willis Towers Watson, says: “Transaction-based technology supports digital benefit enrolment, including scenarios where flexible or voluntary benefits are in place.

Technology 104

Technology Health and Welfare Voluntary Benefits Payroll System 104

InterWest Insurance Services

JANUARY 18, 2024

HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses. They decide how much money they want to transfer to their HSA each pay period — funds that are not subject to taxes. Other voluntary benefits like critical illness insurance can fill in the gaps when employees have a high deductible.

Out of Pocket Cost 83

Out of Pocket Cost Deductible Deductions Voluntary Benefits 83

WEX Inc.

APRIL 4, 2023

Personalized benefits guidance If your employees make poor benefits decisions, it could lead to significant financial costs for your company. A ben admin provider that prioritizes benefits education should offer personalized benefits guidance, from medical plan selection and HSA contribution to voluntary benefits and others.

Voluntary Benefits 98

Voluntary Benefits Taxes Education Consulting 98

Best Money Moves

DECEMBER 13, 2022

While those eligible for student loan forgiveness will not have to pay federal income tax on the amount that is forgiven (which the IRS treats as a gift), more than a dozen states may impose state income tax on the forgiven amount. An estimated 37 million Americans out of 45 million who hold student loan debt may be eligible.

Finance 122

Finance Retirement Plan Healthcare Voluntary Benefits 122

CorpStrat

AUGUST 11, 2022

Voluntary Benefits. Voluntary Benefits, commonly referred to as AFLAC, can help employees maintain their income by paying cash benefits directly to them. Employees can use these cash benefits to help cover rent, groceries, and other daily living expenses while they’re out of work. Life, Dental.

Voluntary Benefits 52

Voluntary Benefits Employee Benefits Benefits Package Medical 52

PeopleStrategy

JULY 8, 2019

Ancillary benefits : these types of benefits are in addition to standard health coverage, and can include dental, vision care, life insurance and short- or long-term disability coverage. As long as the funds are used to pay for medical expenses, they are not taxed, and employees can keep the accounts when they leave the organization.

Health Savings Account 82

Health Savings Account Deductible Deductions Healthcare 82

Business Management Daily

JUNE 12, 2020

taxes and garnishments) and for all voluntary benefits (e.g., The federal tax withholding on the final check differs, depending on when the accrued wages and other payments are paid. The federal tax withholding on the final check differs, depending on when the accrued wages and other payments are paid.

Voluntary Benefits 52

Voluntary Benefits Deductible Deductions Taxes 52

Employee Benefits

OCTOBER 6, 2023

Its Organisational and career wellbeing strategy , which polled employers across various industries on key trends and sentiments toward employee benefits and engagement, also found that flexible benefits have increased sharply compared to 2022, while private medical insurance usage has increased by 15%, with 52% of respondents now offering this.

Benefits Package 59

Benefits Package Employment Voluntary Benefits Consulting 59

Corporate Synergies

SEPTEMBER 10, 2018

Employers with multiple generations of workers must accommodate a wide range of health and welfare benefits needs. New laws (like the federal tax law) plus evolving regulations around benefits add more to HR’s already full plate. Keep New Benefit Options Simple. The same goes for voluntary benefits: keep them simple.

Health and Welfare 40

Health and Welfare Voluntary Benefits Flexible Spending Account Health Savings Account 40

Employee Benefits

OCTOBER 23, 2023

Health cash plans are available as either an employee- or employer-paid benefit. It can be offered to the employee as either a voluntary benefit, whereby the employer offers access to the scheme, but the cost lies with the individual; or as a corporate-sponsored product which the employer funds on behalf of the employee.

Voluntary Benefits 59

Voluntary Benefits Healthcare Taxes Retail 59

WEX Inc.

MAY 8, 2024

Finally, continuous support is essential throughout the year to ensure employees understand and optimize their benefits. Voluntary benefits have been trending, offering employees greater control over their benefits package. It is not legal or tax advice. But what incentives resonate most with employees?

Health Savings Account 52

Health Savings Account Benefits Package Healthcare Voluntary Benefits 52

Higginbotham

JANUARY 4, 2022

Ancillary benefits can also include benefits outside your medical insurance, such as dental, vision, life and disability insurance. Types of Ancillary Benefits. There are two main types of ancillary health insurance: voluntary benefits and employer contributory benefits. Benefits to Employers.

Health Insurance 52

Health Insurance Insurance Disability Insurance Life Insurance 52

Higginbotham

JANUARY 27, 2023

Although it may seem easier to boost wages and forget about employee benefits, due to potential tax breaks, offering health insurance can be a financially sound strategy. A benefits package can also boost your company’s bottom line by supporting a healthy workforce. You offer SHOP coverage to all of your full-time employees.

Health Insurance 52

Health Insurance Insurance Benefits Package Out of Pocket Cost 52

Corporate Synergies

APRIL 12, 2021

The addition of COVID-19 PPE to HSA- and FSA-eligible items presents a way to remind employees about their tax-advantaged health funds. The post Our Take: FSA-Eligible COVID-19 PPE Offers Employers a Benefits Touchpoint appeared first on Corporate Synergies. These expenses now qualify.

Employment 79

Employment Medical Taxes Voluntary Benefits 79

Employee Benefits

DECEMBER 7, 2023

Employers offer or plan to offer in the next two years, pay as you earn saving schemes such as help-to-save and opt-in payroll savings (34%), employee share plans (42%), tax free saving wrappers including ISAs (45%), and long-term incentive plans (54%). For more information, please see www.wealthatwork.co.uk/corporate/corporate-isa/

Voluntary Benefits 52

Voluntary Benefits Finance Education Payroll 52

Employee Benefits

AUGUST 8, 2023

As an employer, it’s your responsibility to contribute at least 8% towards an employee’s pension every month, typically split as: 3% from the employer 5% deducted from the employee’s pre-tax salary Paid Leave for Maternity, Paternity, and Adoption Paid leave for these life events is another statutory requirement.

Pension 52

Pension Paid Leave Parental Leave Voluntary Benefits 52

WEX Inc.

MARCH 30, 2023

WEX voluntary benefits is an additional benefit that employers can offer at a discounted group rate, with employees either fully or partially paying for the benefits through a payroll deduction. It is not legal or tax advice. Subscribe to our blog by submitting your email address in the form on the right side.

Voluntary Benefits 52

Voluntary Benefits Taxes Recruitment Deductible 52

Higginbotham

AUGUST 12, 2022

Employees want better compensation, and this includes both salary and wages and the benefits package. Although employers can simply decide to introduce pay raises, benefits can be a more cost-effective approach, especially when the benefits in question come with tax advantages. The same goes for voluntary benefits.

Benefits Package 52

Benefits Package Voluntary Benefits Employee Retention Pay Raise 52

Genesis HR Solutions

JULY 31, 2018

Because businesses of all size are finding it more necessary to gain efficiencies and manage appropriate taxing—and they don’t have the resources or expertise to do it alone. Businesses of all size are finding it more necessary to gain efficiencies and manage appropriate taxing—and they don’t have the resources or expertise to do it alone.

Payroll 40

Payroll Outsourcing Payroll IT Payroll System 40

Corporate Synergies

FEBRUARY 11, 2019

A flexible spending account (FSA), which can be used to cover childcare and medical costs tax-free. A health savings account (HSA), which can also be used to cover medical expenses tax-free. Employees need to understand taxes involved in childcare services, such as employing a nanny. RELATED TOPICS. Offer HDHP and HSAs?

Health Insurance 47

Health Insurance Insurance Insurance Carriers Out of Pocket Cost 47

Benefit Resource Inc.

DECEMBER 12, 2018

But, Commuter Benefits and HSAs actually share at least 3 common traits (in addition to the tax advantages) to make them powerhouse benefits. This is one of the most overlooked perks of Commuter Benefits and HSAs. But, an administrator, like Benefit Resource, will not ask you to provide a receipt.

Health Savings Account 40

Health Savings Account Voluntary Benefits Taxes Health Insurance 40

Corporate Synergies

JANUARY 2, 2019

Voluntary Benefits for the Multi-Generational Workforce, the first of a series of deep-dive, interactive SmartGuides. The company is also entering its second year as a publisher of the proprietary HealthDiscovery.org wellness and benefits literacy blog, which is directed at benefit plan participants.

Education 40

Education Health and Welfare Voluntary Benefits Employment 40

Employee Benefits

FEBRUARY 28, 2023

Organisations are also funding a range of employee benefits to help employees’ money to stretch further. This includes employer pension contributions above auto-enrolment minimum (88%), salary sacrifice plans (85%) and product discounts and voluntary benefits (84%).

Employment 52

Employment Voluntary Benefits Pension Education 52

Higginbotham

MARCH 2, 2023

Eligibility for Social Security Disability Insurance benefits is based on work history and payment of payroll taxes. Employers must also participate in the Social Security program via payroll taxes. There are different types of disability insurance programs: Social Security Disability Insurance is a federal program.

Disability Insurance 52

Disability Insurance Workers’ Compensation Insurance Benefits Package 52