Have you recently changed employers? Or are you considering making a change? Fortunately, when you participate in a health savings account (HSA) through your employer, your HSA stays with you. There are plenty of myths about HSAs, so let’s tackle what really happens to your HSA when you change employers. You Have Options HSA...
As we enter another season of open enrollment, one crucial topic is top of mind for many employees: HSA and FSA compliance. Health savings accounts (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 HSA...
When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. In this blog we explore all the unknown voluntary benefits terms and bring clarity of information to first-time...
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If you’re an employer, is your in-house benefits administration team struggling to juggle the multitude of complexities behind running a successful benefits administration program? Are you spending too much time and resources trying to keep up to date with compliance changes and providing the technology and services your employees need for a positive benefits experience?...
Whether you’re transitioning from your parents’ insurance, landed your first full-time job or are simply obtaining coverage for the first time, choosing health plans and employee benefits can be overwhelming. You’ll likely hear a lot of terms and acronyms that you’ve never heard before. For starters, let’s look at a few considerations when evaluating health...
According to the Bureau of Labor Statistics, employers typically pay around 80% of traditional employer-sponsored healthcare plans on behalf of employees. With rising healthcare costs, your business is most likely struggling to solve this key problem: how to maintain financial stability while providing robust benefits to your employees. But what solutions can actually provide benefits...
The concept of work-life balance has become more than just a buzzword; it’s a necessity for employee satisfaction and retention. According to WorkLife.news, employers are increasingly recognizing the importance of providing ample time off to their employees with more than 80% of U.S. employers planning to change their leave policies over the next two years....
Did you know employers can enhance their benefits offerings by incorporating voluntary benefits? What exactly are voluntary benefits and how can employers design an effective plan? We sat down with Hugh McDaniel, manager of channel partnerships at WEX, to get his insights on crafting voluntary benefits plans that meet the diverse needs of employees. ...
During open enrollment, your health plan is a big factor when you are making decisions. A big change in health plan trends that has come up is that employers are offering their employees health plan options. Does your employer offer different options for your health plan? If they do, consider these four factors when choosing between an HDHP (a high-deductible health plan) or a PPO (preferred provider organization).
Family and Personal Expenses
During open enrollment, table or charts may show up on your available plans’ premiums, deductibles, and/or out-of-pocket responsibility. Once you have those numbers, you can compare them with your family costs from things like doctor visits and/or prescriptions. This is the critical first step when weighing your health plan options.
If you don’t think you or your family will need a lot of medical care in the foreseeable future, participation in an HDHP plan makes the most sense. You will save money by paying less in premiums.
Pre-Tax Benefits Savings
Pre-tax employee benefits plans, such as a health savings account or a flexible spending account, let you save money by putting it aside to pay for eligible expenses. These expenses can deal with medical, dental, vision and more. The unspent fund will roll over year after year, which allows you to build tax-free savings for your future.
If you want to take advantage of the savings and investment potential of an HAS, you have to be enrolled in an HDHP. If you have both an HDHP and an HAS, you can pair them with a limited FSA for even more savings.
Employer Contributions
Wouldn’t it be nice to earn free money? Employers can contribute to their employees’ HSAs! These contributions will help you cover the cost if you have a higher deductible when you choose an HDHP versus a PPO.
Planning for Retirement
During the first six years of retirement, the biggest reason that household expenses increase is because of healthcare costs. If you feel an HDHP is right for you, then an HAS can be part of your retirement planning-strategy. All HAS funds carry over year to year so the funds that you don’t spend can be used later in life. The investment capability of these accounts rivals a 401 (k) or an IRA, meaning you get to grow your funds even faster than simply using interest. Once you turn 65 years old, HAS funds can be spent an ineligible expense without getting a tax penalty.
Do you want to compare an HDHP versus PPO or other type of health plan? Use this Calculator to calculate the differences! https://www.wexinc.com/insights/benefits-toolkit/hdhp-hsa-vs-traditional-health-plan/
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