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?

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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?

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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.

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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/

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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.

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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.

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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.

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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?

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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.

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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.

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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%).

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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.

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Enjoy Benefits

FEBRUARY 18, 2024

Employee Benefits in a Changing Landscape Because businesses need to stay agile in competitive markets, outsourcing important elements to experts makes good sense. At Enjoy Benefits, we are chosen by thousands of businesses around the UK to manage salary sacrifice benefits, voluntary benefits and employer support.

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Empuls

SEPTEMBER 28, 2023

In this blog, we have described everything from the best employee benefits in the UK to the way an employee benefits package can be designed for employees, the legal regulations, tax compliance and other nuances with regard to the subject. Tax relief is also added to the pension as a contribution from the government.

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Empuls

FEBRUARY 26, 2024

These plans often provide employees with more control over their healthcare expenses and offer tax advantages. Personalizing perks to employee needs will be in demand Recognizing the diverse needs and preferences of their workforce, modern employers are placing increased emphasis on lifestyle and voluntary benefits. 

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PeopleStrategy

SEPTEMBER 24, 2019

A full-service broker, PeopleStrategy works with clients to identify competitive benefits packages to meet the needs of employees, their families and the company’s financial obligations. Learn more at peoplestrategy.com. Follow PeopleStrategy. . Contact Information.

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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.

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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.

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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.

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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.

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