The Complete Guide to Open Enrollment for Employers

It’s here! Open Enrollment for your group health insurance plan has come around again, running from November 1 - December 15. Now is the time when you can choose new benefits, or review and change existing health insurance benefits for your employees, and we get it: this time of year can be hectic and stressful,…

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The Pros & Cons of ICHRAs

Individual Coverage Health Reimbursement Arrangements, or ICHRAs, have been available since January 2020, and have been growing in popularity over the past year. This is because they allow employers to save money while offering employees a way to get healthcare benefits. They are a great alternative to group health insurance, especially since the rules surrounding…

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The CARES Act Offers Flexibility for HRAs, FSA & HSAs

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was created to provide economic assistance to families, workers, and businesses during these uncertain times. One important thing the CARES Act has done is to allow more flexibility for Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), or Health Reimbursement Arrangements (HRAs). Now, some over-the-counter medications…

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Group Insurance For Furloughed & Laid Off Employees

The coronavirus pandemic has taken a toll on many small businesses, and many are now struggling to stay afloat. In order to keep going, many small business owners had no choice but to furlough or lay off employees in order to save money. If you are one of them, you might be wondering what your…

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W-2 Requirements for a QSEHRA

If you decide to offer a qualified small business health reimbursement arrangement (QSEHRA) to your employees, you might have some questions about how to report the benefits on your employees’ W-2s. The IRS requires employers to report these benefits, including how much each employee is entitled to receive in reimbursements in a calendar year. There…

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Pre-Tax vs After-Tax Deductions

If you are thinking of offering group insurance or a HRA to your employees, or if you are already offering them one or both, you might be wondering how to withhold employee insurance premiums and your contributions from their paycheck. Do the deductions come out of their paycheck pre-tax or after-tax? In some cases, you…

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How Nonprofits Can Get Health Care

Offering employees health benefits is important for businesses in all fields to do, but nonprofit organizations often struggle to provide healthcare. Research conducted in 2019 found that only 18% of nonprofit organizations offer group health insurance. Over 80% of these organizations said that they couldn’t afford group health insurance, while others said that they have…

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Employee Assistance Programs 101

Employee Assistance Programs (EAPs) have been around for longer than you might think, and have an interesting origin. They began in the 1940s as programs to help combat employee alcoholism, and from there the Employee Assistance Program evolved to help employees manage daily challenges in work and life. Maintaining a healthy work life balance can…

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Common Group Health Insurance Documents & Forms

When you decide to offer group health insurance to your employees, you will need to fill out multiple forms, and provide others to your employees. This can be a tedious process, but if you have an HR department, then they will most likely deal with most of the forms and paperwork. But that does not…

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What Is Defined Contribution?

Being a business owner has its perks, but it also comes with a lot of responsibilities. One of these responsibilities is keeping your employees happy and healthy by offering them some kind of health benefits. Group health insurance can be quite costly, but there are other alternatives you can offer that will help your employees…

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Most Common Employee Benefits

One of the best ways to attract and retain the best employees is to offer competitive benefits. These benefits can come in many forms and are an important part of any employee's compensation package. One of the most important benefits to most employees is health insurance; in fact, 56% of employees would prefer a healthcare…

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How To Cancel Your Group Insurance

Despite the fact that health insurance is an important and very popular employee benefit, many small business owners have been canceling their group insurance policies. For some business owners, even the tax credits that are meant to help provide coverage to employees do not offset the price of group insurance enough. For other business owners,…

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Benefits of EPO Health Insurance

When it comes to group health insurance plans, most people have heard of HMOs and PPOs. But how about Exclusive Provider Organization plans (EPOs)? While these plans are not as well known as HMOs and PPOs, they might be a good option for your business. What they lack in flexibility, they can sometimes make up…

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Can Employees Have Both A HRA & HSA?

Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs) are both great options for  employees and employers who want to save money on group health insurance costs. Many employers and employees wonder if they can have both at the same time, and the answer is: yes! If you are willing to offer your employees both,…

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2021 HSA Contribution Limits

Each year, the IRS sets contribution limits for Health Savings Accounts (HSAs). This year, HSA contribution limits are up by about 1.5% from 2020’s amount. New contribution limits for 2021 are going up $50 for individuals and $100 for families. Limits are set based on a calendar year. and the allowable contribution is prorated by…

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What Is The Employee Retirement Income Security Act (ERISA)?

The Employee Retirement Income Security Act of 1974, also known as ERISA, was designed to define the rules and standards for retirement and healthcare benefits. It was created to protect the assets of those who are retiring and to set out rules for how employers manage their healthcare plans. If you are an employer who…

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Pros & Cons of Health Insurance Stipends

As a small business owner, you want to take care of your employees; after all, they are the backbone of your business. Offering group health insurance is a great way to take care of them, but it can be quite expensive, especially for small businesses.  If you do opt out of giving your employees group…

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Sole Proprietor Participation in HRAs

Employers who have trouble providing their employees with a traditional group health insurance plan sometimes turn to health reimbursement arrangements (HRAs) to help. HRAs are not health insurance, they are employer-funded accounts approved by the IRS that help employees pay for qualified out-of-pocket medical expenses. They can also help pay for their individual health insurance…

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