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. ...
Does your health savings account (HSA) have enough funds to carry you through the second half of the year? If it does, is there more you could be doing to grow those funds? We’ve broken down how to know if you’re contributing enough to your HSA to cover costs for the entire year and whether...
In today’s world, employees seek more than just a paycheck. They desire benefits that cater to their unique needs and offer peace of mind. This is where benefits personalization technology comes into play. Let’s explore how modern technology is revolutionizing benefits personalization and how employers can leverage these advancements effectively. The Value of Personalized...
New survey results published during Mental Health Awareness Month indicate that a variety of financial and health factors are the top drivers influencing mental health in this country. Money was the top factor at 52%, with personal health and the health of family/friends also ranking among the top four. There are a variety of ways...
Supporting employees throughout their employment lifecycle is essential for improving engagement, loyalty and long-term satisfaction in the workplace. By optimizing employee benefits and creating a supportive environment, employers can enhance the employee experience at every stage of their journey, from onboarding to retirement. This comprehensive guide will help you understand and implement effective employee lifecycle...
May is Mental Health Awareness Month, an opportunity to raise awareness and reduce stigma surrounding mental health issues in the workplace. As an HR representative or benefits decision-maker, you have a responsibility to support your employees’ mental wellbeing. What can employees do to raise mental health awareness in the office, especially during Mental Health Awareness...
Key takeaways – 2025 HSA contribution limits 2025 HSA contribution limits will increase to $4,300 and $8,550 for self-only and family HSAs, respectively. 2025 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. Health savings account (HSA) contribution limits are on the rise again in 2025. The IRS announced that 2025 HSA contribution limits...
Testing and treatment for COVID-19 will now be covered by high-deductible health plans prior to those covered by such plans meeting their deductible, thanks to new guidance from the IRS. IRS Notice 2020-15 classifies coronavirus testing and treatment as qualified medical expenses for HDHPs, meaning that people can use their health savings account dollars to cover those expenses.
On March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. As a result of this national health emergency, the recently issued IRS notice also applies to HDHPs that provide other benefits covering coronavirus testing and treatment. It also applies to HDHPs whose deductibles are below the minimum requirement.
As concerns regarding transmission of coronavirus have intensified, the HSA Council has worked in conjunction with the United States Congress to get this measure passed quickly. Senator Steve Daines (R-MT) wrote to Treasury Secretary Steve Mnuchin to request approval, and Representatives Diana DeGette (D-CO) and Donna Shalala (D-FL) introduced H.R. 6173, which would “amend title XXVII the Public Health Service Act to require group health plans and health insurance issuers offering group or individual health insurance coverage to cover COVID-19 testing without cost sharing.” If H.R. 6173 is passed, testing for coronavirus will be added to the list of preventive care mandates. High-deductible health plans are required to cover items on the preventive care mandate list without cost-sharing.
Symptoms of COVID-19 include fever, cough, and shortness of breath, though these symptoms may take up to 14 days after exposure to appear. If you develop symptoms or if you have been exposed to COVID-19, call your doctor. Preventive measures include washing your hands with soap and water for at least 20 seconds; using hand sanitizer containing at least 60% alcohol; and social distancing. If you become sick, stay home and separate yourself from other people and animals.
For more information on COVID-19, see the Center for Disease Control and Prevention’s website.
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