Do I Have a Good Benefits Package?
Do I Have a Good Benefits Package? Benefits play a significant role in employee stability, happiness and retention. The best benefit packages attract top talent and increase retention rates, which translates into success for the company and employees. What Benefits Should You Look for in a Job? Research shows that 82% of employees would feel a […]
Read MoreHow Section 125 Plans Work
Section 125 plans let employers offer employees non-taxable benefits that contribute toward healthcare expenses. These plans provide significant tax savings, so they’re beneficial to both employers and employees. They also help reduce the burden of rising healthcare costs, allowing businesses to take care of their teams’ financial, mental and physical health. Doing so can result […]
Read MoreCOBRA Subsidy: Who’s Eligible, How it’s Funded, and How to Deliver Notices to Employees
COBRA Subsidy: Eligibility, Funding and Notice Requirements The federal government initiated several programs to address the challenges posed by the coronavirus outbreak. One of these programs was the Consolidated Omnibus Budget Reconciliation Act (COBRA) subsidy, which excluded qualified individuals from paying premiums for a specified duration. Although the program has ended, insurance brokers continue to […]
Read MoreWhich Benefits Do Millennial and Gen Z Employees Value Most?
Top Employee Benefits for Millennials and Gen Z Hiring top talent drives innovation, improves productivity and ultimately puts businesses ahead of the competition. By curating an appealing set of benefits, businesses are more likely to attract hard-working employees and experience these qualities within their operations. As the average cost of employee turnover equates to a third […]
Read MoreWhat are PCORI Fees?
Understanding PCORI Fees for Self-Insured Health Plans 2024 PCORI (Patient-Centered Outcomes Research Institute) Fees The applicable dollar amount for plan years ending on or after October 1, 2023, and before October 1, 2024, the tax is equal to $3.22. This is a .22 increase from the $3.00 rate in 2023. Fees are reported and paid […]
Read MoreThe Most Popular Benefits to Offer in 2024
Most Popular Employee Benefits to Offer in 2024 Employee benefits are indicative of a workplace that values and supports its employees. A comprehensive employment package is vital in today’s competitive job market. As individuals become increasingly aware of the norm in employment benefits, what you add to your offer will showcase a well-rounded work environment […]
Read More2023 End-of-Year Checklist for Employee Benefits
As another year draws to a close, human resources representatives have a prime opportunity to manage and review employee benefits, verifying they remain compliant with local and state regulations while being up to date. To ensure a smooth transition into 2024, start by confirming beneficiary information, double-checking the payroll and tax checklist, ensuring you understand […]
Read MoreHigh vs. Low Deductible Health Plans: How to Choose
Request a proposal and Learn More Choosing the right health insurance plan can be overwhelming. We get it — that’s why we created this quick guide to high deductible vs. low deductible health plans. The Difference Between High and Low Deductible Health Insurance Let’s break down some key terms before we really dive in: Deductible: What […]
Read MoreFully Insured vs. Self-Funded Health Plans for Employers
Employers can choose between fully-insured and self-insured health plans when deciding on a health insurance option. Both can help employers meet their employees’ healthcare needs but have two distinct structures, one of which may work better than the other. Choosing the right health plan can help reduce plan costs and mitigate risk. We’ll outline these […]
Read MoreAre Health and Wellness Services Considered Covered Medical Expenses by the IRS?
The IRS releases updated FAQs addressing covered expenses under HSAs, FSAs and HRAs On March 17, 2023, the IRS posted answers to frequently asked questions regarding whether certain costs related to nutrition, wellness, and general health are medical expenses that can be paid or reimbursed under a health savings account (HSA), health flexible spending arrangement […]
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