Employers are increasingly turning to high-deductible health plans to control their benefit costs. In 2014, 20 percent of people covered by an employer-sponsored plan had an HDHP, and 27 percent of large employers offered this type of plan. Plan Structure Many plan sponsors offer high-deductible health plans (HDHPs) designed to work with a tax-advantaged health...
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Save Money with a COBRA Audit
Despite reports to the contrary, COBRA is alive and well…and costing you money. A COBRA audit can help you trim your rolls of ineligible beneficiaries. The health provisions of COBRA, the Consolidated Omnibus Budget Reconciliation Act, require most group health plans to offer continuation coverage to beneficiaries who would otherwise lose coverage due to specific...
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How to Be a Better Benefits Buyer
Employers spend thousands per employee on health insurance plans. Yet few check the quality of their plan before buying. When you want to buy a car or appliance or hire a contractor, you can check Consumer Reports and Angie’s List for quality ratings. Few would argue that using rating services such as these can save...
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Basic COBRA Administration, Part 1
COBRA, the Consolidated Omnibus Budget Reconciliation Act of 1985, allows qualifying people formerly covered by an employer’s group plan and their dependents to temporarily continue health coverage at group rates. Employers who don’t understand basic COBRA administration and their obligations can face penalties. Certain employer-sponsored health plans must offer COBRA continuation coverage to employees who...
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“Skinny Plans” Loophole To Close
Proposed IRS regulations would close a loophole that allowed certain employers to skirt the Affordable Care Act’s minimum value requirement, creating so-called “skinny plans.”. Background The Affordable Care Act applies to employers with 50 or more full-time equivalent employees. It requires them to offer their full-time employees coverage that: Is affordable. The employee’s share of...
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No Reimbursements for Individual Insurance
The U.S. Departments of Labor, Health and Human Services and Treasury issued guidance that draws a bright line delineating employer group health coverage from individual coverage sold to those who aren’t covered by government or employer-sponsored health plans. Under the guidance issued November 6, employers cannot reimburse employees to cover individual policy premiums. “If the...
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How to Insure Your Part-Time Workers at No Cost
Part-time and variable-hour employees are more likely to lack employer-provided benefits than other workers. Voluntary benefits let employers provide benefits to these workers at no cost. In October 2014, more than 7 million U.S. workers worked part-time due to “financial reasons.” Although they’d prefer to work full-time, these individuals work only part-time due to slack...
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Why Offer Employees Group Life Insurance ?
Today, 57 percent of all workers in private industry have access to employer-provided life insurance. An employee’s status makes a big difference, though—72 percent of full-time workers have access to life benefits, while only 13 percent of part-timers do. If You Offer It, They Will Take It Employees appreciate the value of group life insurance,...
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How to Give Employees More Buying Power
If early season trends continue, Americans could spend more this holiday season than they have in several years. Employee purchasing plans can help employees avoid a post-holiday financial hangover. Earlier this fall, experts predicted that holiday season retail spending could increase more than 4 percent over 2013’s figures. Unfortunately, that holiday cheer can often result...
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Do Christmas bonuses get taxed?
At year end, many employers like to reward their employees. What you do could affect your taxation and that of your employees. Here are a few basics to keep in mind. Cash bonuses Rewarding high achievers can help retain them and raise the bar on other employees. Employers can deduct amounts they pay as employee...
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