HSA vs 401(k)
If your company has decided to offer a high deductible health plan, don’t worry, you are not alone. Recent studies show that an increasing number of employers have elected to offer high deductible health plans (HDHP) either to completely replace or be offered in conjunction with a more traditional Preferred Provider Organization (PPO) plan or Health Maintenance Organization (HMO) plan. When sponsoring a HDHP, employers typically offer their employees the ability to contribute to a Health Savings Account (HSA) to help offset the increased deductible associated with the HDHP. In 2017, 19 percent of all workers were enrolled in
a HDHP
with a HSA savings option. This is a dramatic rise since 2007 when just over 4 percent were covered under such plans.
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Tags:
Retirement Planning,
IRS,
401(k),
Healthcare,
HSA,
TPA,
tax savings,
financial planning
The United States now spends almost twice as much on healthcare as other advanced industrialized countries, even though just a few decades ago our healthcare spend was closely aligned to that of other countries. As a result of the rising cost of healthcare, changes to employment and benefits laws and the availability of new benefits options, the employee benefits landscape in the U.S. has also been dramatically altered. One in four Americans now report that the cost of healthcare is the biggest concern facing their family, according to a Monmouth University poll. This makes it more important than ever for employers to offer their employees the guidance and tools they need to manage their healthcare plans and costs. Here are three approaches to help employees manage their healthcare expenses:
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Tags:
FSA,
Healthcare,
HSA,
HDHP,
employees,
employers,
Employee Engagement,
cdhp,
consumer,
hra,
tax savings
Tax season is here! As we get closer to the deadline for filing (in 2018, it’s April 17 instead of the traditional April 15), we wanted to share three tips about Health Savings Accounts you’ll need to know before you file your return, along with a suggestion for using your refund.
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Tags:
Compliance,
Benefits Information,
Health Care,
Healthcare,
HSA,
HDHP,
TPA,
Benefit Administration,
savings,
third party administrator,
brokers,
Health Savings Accounts,
tax return,
taxes
Open enrollment is only a couple months away, and planning may be beginning now for 2018. As companies look to contain health care costs, more and more are considering a high deductible health plan (HDHP) with a health savings account (HSA) in addition to a traditional health plan or possibly in place of a traditional plan. Either case requires a new level of education and support to get everyone’s understanding of the value of this type of product.
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Tags:
Healthcare,
HSA,
HDHP,
TPA,
Benefit Administration