Americans would have more opportunities to save for and afford health care costs under legislation approved today by the House Ways and Means Committee. The Bipartisan HSA Improvement Act of 2023 and the HSA Modernization Act of 2023 would make health savings accounts (HSAs) more accessible and useful for patients and families. The legislation is now cleared for full consideration by the House of Representatives. Bipartisan HSA Improvement Act (H.R. 5688) Background on the HSA
Since 2004, HSAs have skyrocketed in popularity. They are now the second most popular tax-advantaged account next to Flexible Spending Accounts (FSAs). As HSA-qualified high deductible health plans continue to grow, third party administrators have plenty of opportunity to jump into the market.
This is the last in a four-part series on building benefits packages to resonate with the diverse generations in today’s workforce. Today, we focus on effective strategies and engagement recommendations for Gen Z. Gen Z members are accustomed to an on-demand culture and rely heavily on the internet for news and consumer reviews. The digital age, climate change, financial challenges, and COVID-19 continue to influence this rapidly growing workplace cohort. The Generation Z Profile Born
This is the third in a four-part series on building benefits packages to resonate with the diverse generations in today’s workforce. Today, we focus on effective strategies and engagement recommendations for Millennials. Generation Y, more commonly called Millennials, were born between 1981 and 1996. Millennials experienced rapid technological changes and grew up in an era of Microsoft and Apple, a 24-hour news cycle, and the rise of social media. In their formative years, they witnessed
At one time, many employees that stayed with a company long-term could expect a substantial pension on retirement. However, that is no longer the case. Americans are living longer, and the cost of living continues to rise. As a result, significant planning is necessary to ensure a successful, comfortable retirement. Here are some challenges facing those nearing retirement and options for companies and workers alike to consider when a 401(k) or similar plan is not
This is the second in a four-part series on building benefits packages to resonate with the different generations. This article focuses on effective strategies for Generation X, including engagement recommendations. Born between 1965 and 1980, Generation Xers are known for an entrepreneurial mindset, working hard, and playing hard. As enrollment season nears, let’s review this generation’s motivations, which benefits they find most important, and how they learn and communicate. The Gen X Profile Gen Xers
Considering the vital role of the work-life relationship in worker effectiveness, wellbeing, and long-term commitment, employers, brokers and TPAs should prioritize it across all facets of their operations, including their benefits programs. August 2, 2023 By Bo Armstrong Originally posted on BenefitsPRO.com Employees who struggle to balance their work and personal lives can suffer from health issues, poor job satisfaction, exhaustion, burnout, and problematic behavior on the job. Despite 72 percent of Statista survey respondents acknowledging the importance of
This is the first in a four-part series on building benefits packages that resonate with different generations. This article focuses on effective benefits strategies for Baby Boomers, including preferences and engagement recommendations. Born after WWII, between 1946 and 1964, Baby Boomers have been a driving force in American society and the workplace for nearly their entire lives. As enrollment season nears, let’s review this generation’s motivations, which benefits they find most important, and how they learn
Benefits can determine a company’s success or failure in competing for and holding on to engaged, productive workers. Whereas employers once boasted about their health and retirement benefits, those now serve as simply the foundation for a more complex benefits program needed for remote and hybrid/onsite workers. If we learned anything from the Great Resignation of 2021-2022, it’s that employees need and are demanding more support from employers in terms of their physical, mental, emotional, and
Recent years have significantly changed the employment landscape. Companies everywhere are battling to recruit and retain talented employees. In an economy where workers may have the upper hand, the first response of employers is often to raise salaries and wages. However, research shows that a competitive benefits plan is increasingly vital in attracting and retaining skilled workers. What is a competitive benefits plan? According to a survey by the Adzuna job search site, the five most in-demand
A Section 125 Cafeteria Plan is an employer-sponsored benefits program that lets employees pay for certain qualified medical expenses, such as health insurance premiums, on a pre-tax basis. It’s called a “cafeteria plan” because, like the dining options at a cafeteria, employees can pick and choose the healthcare options they want, such as medical, dental, vision, and other benefits, while declining ones they don’t. It’s important to note that a Section 125 Cafeteria Plan does
Health Savings Accounts are increasing in popularity due to participants’ ability to reduce healthcare expenses, save on taxes, and put additional money aside for retirement. HSAs have been available since 2005, and people have many questions about how to qualify for an account, what expenses are eligible, how to open an account, and other Health Savings Account FAQs. Here’s what you need to know about these powerful tax-advantaged tools.
Companies looking to reduce health plan costs while maximizing employee quality of life may want to consider coupling a workplace wellness program with a High Deductible Health Plan (HDHP) and Health Savings Account (HSA). Workplace Wellness Programs Wellness programs help employees become healthier as well as better consumers of healthcare in three ways: Employers may offer wellness initiatives to help employees make better lifestyle choices and improve their health. But cost control may also be
Healthcare costs in America have risen significantly since the 1970s, leading many employers to expect modest yearly cost increases in the benefits they offer. However, the combination of current economic conditions, increased costs related to managing chronic conditions, and an aging population are leading to less manageable increases for many employers. Here are five ways TPAs can help employers continue offering high-value benefits while working to control rising benefits costs. #1 Ask Participants What They Need
The Internal Revenue Service (IRS) recently announced updated HSA annual contribution limits. An important part of consumer-directed healthcare, HSAs offer participants enrolled in HSA-qualified (HDHP) health plans a way to save on taxes while setting aside money for out-of-pocket healthcare expenses for themselves and their families.