If you have 30 or more full-time employees, the IRS considers you an “applicable large employer”. And are required to follow specific requirements when it comes to offering health insurance to your employees. One of these requirements is that you provide your employees with health coverage that meets what is known as the minimum value,…

2023 Employee Benefits Benchmarking Report
Covid has certainly changed a lot and the employee benefits space is not immune. We created a free employee benefits report resource to help you understand all of the changes in this space. Our 2023 Small Business Employee Benefits Benchmarking Report includes topics such as: How plan offerings have changed post-Covid The different benefits…

Boost Your Employee’s Benefits Package with More Options
Attracting and retaining employees is important to building your business, and one of the ways to do this is by offering an appealing benefits package. Since good health insurance is one of the most sought-after benefits for employees, you have to pay extra attention to what you’re offering. It might not be enough to offer…

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,…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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,…

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…

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,…

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…