Benefits of Providing Financial Planning Resources to Employees
Posted: September 13, 2022
The most basic group benefit plan will provide some form of health insurance to employees, with some percentage paid by the employer. Many employers have taken steps to offer a more appealing range of benefits to their employees, including life insurance, long term care insurance, a 401(k) with matching funds, and vision or dental coverage. Another perk has proven to be appreciated by employees: Financial...
How HRAs Offset Premiums & Deductibles For Group Plans
Posted: August 28, 2022
A health reimbursement arrangement (HRA) can offset premiums and deductibles in a group health insurance plan. These savings are realized when a high-deductible health plan (HDHP) is combined with a Deductible-Gap HRA. Employers can benefit by saving money and reducing overhead with a high deductible, while the effect on employees is offset by the HRA. What Is An HRA? An HRA is an employer-funded account...
What All Can You Use An HSA For?
Posted: August 16, 2022
Health savings accounts (HSAs) have become extremely popular in the past decade. According to key findings of a Devenir Research study, HSA accounts exceeded 25 million in a recent year, holding $53.8 billion in assets. HSAs are popular with employees enrolled in Qualified High Deductible Health Plans (HDHPs) because they allow them to pay for out-of-pocket healthcare expenses for themselves and their families with tax-free...
Am I Too Old To Start A 401(k)?
Posted: July 28, 2022
There is no maximum age for participation in a 401(k) plan. As long as you are still working, you are never too old to contribute. If your employer offers group benefits that include a 401(k), you have an excellent way to save for retirement. No matter your age, if you are still working, you can take advantage of the tax benefits and any matching contributions...
How to Effectively Communicate Your Group Benefits Plan
Posted: June 28, 2022
Employers offer group benefits to attract talent, retain employees, motivate workers, and increase productivity. Group benefits play an essential role in your employees' overall compensation. Companies can invest a great deal of time and money in planning and executing a benefits strategy every year. These efforts can be wasted if employees do not know what group benefits are offered. It is important to understand how...
