If you’re a first-time medical FSA participant, you may not be familiar with FSA definitions and rules. We’ve provided a list of the top things a first-time medical FSA participant should be aware of in order to take full advantage of their FSA. What is a Medical Flexible Spending Account (FSA)? A medical FSA...
A dependent care flexible spending account (FSA) lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping individuals save 30 percent or more (based on their tax rate) on dependent care costs. Dependent Care...
The season for filing taxes is upon us once again. We’re getting closer to the deadline for filing for 2023. We wanted to share a few tips and reminders about health savings accounts (HSA) you’ll need for your tax return. HSA Tax Prep Checklist Check your W-2 for HSA payroll contributions Get your 1099-SA form...
Health savings accounts (HSAs) have become increasingly popular but they often come with misconceptions. To help employees make informed decisions, let’s debunk common HSA myths and shed light on the HSA facts that matter. HSA Fact #1: HSAs are Employee-Owned While employers may choose to contribute to an employees’ HSA, it’s important for employees...
Expanded public transit. The rise and rebound of ridesharing. Increased work-from-home arrangements. The work commute has changed a lot recently, as lawmakers and civic officials grapple with how to effectively support people traveling to and through ever-growing cities. New York City, Washington, D.C., Chicago, Philadelphia and Seattle are among cities that have enacted laws and...
What are pre-tax savings and post-tax savings? Understanding taxes relating to health savings accounts (HSAs), flexible spending accounts (FSAs) and other benefits plans can be time-consuming and difficult to explain. Pre-tax savings are tied directly to FICA taxes. You may be wondering what FICA is and how does pre-tax savings work for HSAs and FSAs?...
In 2023, mental health became a top priority for employees and employers. According to a SHRM study, 41% of U.S. employees said they would likely or would very likely leave their current job if they were offered a new position with significantly improved mental health benefits. While many companies offer employee assistance programs (EAPs), it’s...
Welcome to 2024! As we get ready for another year of sharing the latest benefits trends and practical tips to enhance you and your employees’ benefits experience, let’s look back at our most popular blog posts from 2023. Get the Best Results from Your Benefit Budget Conversations Benefits are critical for attracting and retaining...
As we age, the importance of maintaining safe mobility within our home becomes critical. It is crucial to understand how to save money on common at-home expenses with health savings accounts (HSA) and flexible spending accounts (FSA). From home modifications to adaptive equipment, creating an environment that not only nurtures a person’s well-being but also...
Benefits can be a deciding factor on whether an employee stays within a company or decides to move on. In order to stay competitive, more and more companies are looking for ways to expand their benefits package. According to a survey by Business Wire, 76% of employees say that offering voluntary benefits would persuade them to stay with their current company. Voluntary benefits are extra perks that employers can offer employees at discounted prices. Employers will often offer employees the option to pay for voluntary benefits via payroll deductions.
Examples of voluntary benefits include:
Additional Health Benefits
Signing up for voluntary health benefits could help cover expenses that an employee’s health insurance policy does not cover. There are a variety of options to choose from such as critical illness insurance, accident insurance as well as added vision and dental benefits. Employee wellness options can include telehealth services and discounted gym memberships.
Financial Benefits
Financial planning is important to many people. Employers can offer financial planning assistance, investment guidance and student loan repayment programs. Doing so will help employees with financial literacy set financial goals and plan for their future.
Security Benefits
In an ever-changing technology fueled world, offering security benefits can offer some assurance that employees will be protected from potential threats. Examples of security benefits include identity theft protection, life insurance and legal benefits. Additionally, offering discounted home security systems/installation and homeowners’ insurance will help homeowners feel safe and secure in their own home.
Personal and Miscellaneous Benefits
In a post-pandemic world, employees are searching for employers and benefits that fit their needs, wants and lifestyles. Employers can attract and retain talent by offering competitive benefits that are unique and affordable. In addition to health insurance options and retirement plans, employers can offer voluntary benefits such as pet insurance, car insurance, travel insurance, employee assistance programs (EAPs) and flexible or remote work policies to meet employee needs.
The information in this blog post is for educational purposes only. It is not investment, legal or tax advice. For legal or tax advice, you should consult your own counsel. To stay up to date on benefits trends and insights, subscribe to our blog.
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