The Rise of Voluntary Benefits As healthcare costs increase, so does the demand for voluntary benefits. These optional benefits allow employees to select and pay for additional perks to meet their individual needs, especially in today’s diverse workforce. They’re also a valuable supplement to health insurance, particularly as healthcare expenses rise and affordability becomes a […]
Category: Employee Benefits
HDHP Enrollment Fell Below 50% in 2023 Enrollment in high deductible health plans (HDHPs) fell in plan year 2023, marking the second consecutive year of decline. The ValuePenguin study findings show that 49.7% of private-sector employees were enrolled in HDHPs in 2023, down from 53.6% in 2022. ValuePenguin reported enrollment reached its highest at 55.7% […]
Life sometimes throws you a curveball. You might sprain an ankle playing soccer, need surgery, or experience a difficult pregnancy. These situations can temporarily prevent you from working and earning an income. That’s where short-term disability insurance comes in. It acts as a financial safety net, providing income replacement while you recover and get back […]
Most organizations treat employee benefits like a seasonal event. Open enrollment brings a flurry of activity – emails, seminars, and even benefits fairs. However, communication often dwindles after this initial push, leaving employees confused and underutilizing their valuable benefits. This is a missed opportunity. Research shows that employees crave more benefits education, spending hours researching […]
New to a Health Savings Account (HSA)? Here’s What You Need to Know As the name suggests, a Health Savings Account(HSA) is a special savings account used to pay for healthcare-related expenses. An HSA has potential financial benefits for now and later. Not only can you save pre-tax dollars in this account to pay for qualified […]
Employee benefits are the indirect and non-cash compensation paid to an employee. These benefits are given to employees over their salaries and wages. As we look ahead to 2025, companies are increasingly exploring innovative solutions to address the evolving needs of their workforce. Driven by shifts in work environments, economic challenges, and technological progress, the […]
Many employee benefits are subject to annual dollar limits that are adjusted for inflation. For 2025, most of these limits have increased. Key Benefit Limits for 2025: Health Savings Account (HSA) Contributions Single Coverage: $4,300 (up $150 from 2024) Family Coverage: $8,550 (up $250 from 2024) Catch-up Contributions: $1,000 HDHP Minimum Deductible Single Coverage: $1,650 […]
As the year comes to an end, a crucial compliance deadline looms for employers with health plans. Under the Consolidated Appropriations Act (CAA), health plans and insurance issuers must submit a Gag Clause Compliance Attestation by December 31, 2024. Since its enactment in 2020, this regulation prohibits health plans from including gag clauses—provisions that limit […]
Employee benefits can be a complex landscape, filled with acronyms and unfamiliar terms. In fact, more than 50% of American adults report that they don’t have a clear understanding of their health insurance. Many people are confused because they reach adulthood without ever learning the basics of health insurance terminology. Illiteracy about health insurance is […]
When it comes to health insurance, there is a lot of jargon and plenty of acronyms. Many people have heard of FSAs, but may not actually know — what is a flexible spending account, exactly? If you have an employer-sponsored health plan, a flexible spending account (FSA) is often available as part of the benefits […]
