Cycling is a form of exercise, a hobby, a sport, and even a means of getting back and forth to work. By 2017, more than 47.5 million Americans rode bicycles on a regular basis. As a means of exercise, it can provide major calorie burn and cardiovascular benefits. As a hobby, cycling is a great family activity. As a sport, it’s recognized with high-level competitions worldwide. Are you one of the many commuters who ride
Employee benefit strategies have been changing rapidly for years, to adapt to evolving work environments. Then, as Americans navigated the pandemic, there were even more levels of complexity. The almost immediate quarantine and shift in work environments shook our sense of security; not just of job security but of financial security and health security as well. As part of that, it has become evident that the pandemic has changed the way both employers and employees
COVID-19 has changed the way we live and work. Many Americans have lost their sense of security regarding jobs, economic standing, and overall health. To attract and retain talent in a post-pandemic world, employers and their brokers must be more creative. Crafting a benefits strategy that helps workers regain a sense of security and well-being is not just smart business, it’s the right thing to do. By Bo Armstrong Originally Posted by BenefitsPROOctober 6, 2021
Nearly 6.2 million workers were on furlough from their jobs in August 2020, according to the U.S. Bureau of Labor Statistics (BLS). While that number decreased to 1.25 million by August 2021, between 15-22% of all unemployed persons throughout 2021 were on furlough. A Flexible Spending Account (FSA) is a financial tool that helps workers cover out-of-pocket healthcare expenses. In 2021, there are 31.7 million FSA accounts in force. FSAs are sponsored by employers and
For many employees, the COVID-19 pandemic has added financial stress that can harm their ability to stay motivated and productive in their jobs. Employers can help ease the burden by including emergency savings accounts (ESAs) in their benefits package. ESAs are funded by employees through automatic payroll deductions, just as they do with healthcare spending and retirement accounts. Unlike those other accounts, however, ESA contributions are made post-tax. How well are Americans saving for their
What is a cafeteria plan? Cafeteria Plans are an employer-sponsored benefit that lets employees pay certain qualified medical expenses – such as health insurance premiums for medical, dental, and vision coverage – on a pre-tax basis. They are sometimes called Section 125 Cafeteria Plans. “Section 125” refers to the portion of the Internal Revenue Code (IRC) that regulates these pre-tax plans. “Cafeteria Plan” reflects the fact that, similar to a lunch cafeteria, you can choose
Families with young children can face enormous childcare costs. It’s not uncommon for daycare fees to add up to one of the family’s largest recurring expenses each month. Fortunately, there are several ways to offset a portion of childcare expenses, including Dependent Care Flexible Spending Accounts ( DCFSA ), also known as Dependent Care Assistance Programs (DCAP), and the Dependent Care Tax Credit. Dependent Care FSA The DCFSA does for childcare expenses what the Healthcare
COBRA coverage can work with healthcare benefit accounts such as HSAs, HRAs, and FSAs to help former employees meet their eligible medical expenses.
Although COVID-19 was a top health story in 2020, another disturbing health trend also emerged with fewer people quitting smoking. The health dangers of smoking cigarettes have been well-documented since the U.S. surgeon general’s groundbreaking report in 1964. The number of adults who smoke was down to an estimated 14 percent in 2019, and cigarette sales steadily continued declining year after year until 2020, when they increased slightly. 1-800-QUIT-NOW, a national portal connecting callers to local
Opening a Health Savings Account (HSA) can be a great investment in your personal healthcare and financial future. Owned by the participant-employee (rather than the employer), the HSA is a versatile spending and savings account that can be used for many healthcare expenses. Since they can keep the account for life, HSA owners should adopt strategies for building their account balance and using the account to its maximum potential. Should you just save and earn
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