New to a Health Savings Account (HSA)? Here’s What You Need to Know As the name suggests, a Health Savings Account(HSA) is a special savings account used to pay for healthcare-related expenses. An HSA has potential financial benefits for now and later. Not only can you save pre-tax dollars in this account to pay for qualified … Continued
Employee benefits are the indirect and non-cash compensation paid to an employee. These benefits are given to employees over their salaries and wages. As we look ahead to 2025, companies are increasingly exploring innovative solutions to address the evolving needs of their workforce. Driven by shifts in work environments, economic challenges, and technological progress, the … Continued
Healthcare costs are projected to rise significantly in 2025. To mitigate these increases, consider these tips: Know Your Plan: Take time to review what your health plan covers—and what it doesn’t—to avoid unexpected costs. Understand your health plan’s coverage, including deductibles, co-pays, and out-of-pocket maximums. Utilize In-Network Providers: Receiving care from out-of-network providers can dramatically … Continued
STATE LEAVE LAW UPDATES MISSOURI On November 5, Missouri voters approved a new law mandating paid sick leave for employees in Missouri. Effective May 1, 2025, the new law applies to private employers of all sizes, with certain exceptions, such as interstate railroad employees, small local newspapers, and retail or service businesses with less than … Continued
Health care expenses are expected to rise significantly in 2025, with projections indicating a 7%-8% increase. This aligns with similar trends in 2024, showcasing the cumulative impact of ongoing cost growth. Below are the primary drivers of these increases: GLP-1 Medications: Glucagon-like peptide-1 drugs typically require long-term use to deliver intended health benefits. Currently, 6% … Continued
For some, the lyrics “with those holiday greetings and gay happy meetings when friends come to call, it’s the hap-happiest season of all” stirs happy memories of Christmas caroling. However, for others, the holidays can be one of the most stressful and isolating times of the year. The season often brings a whirlwind of demands—shopping, … Continued
Many employee benefits are subject to annual dollar limits that are adjusted for inflation. For 2025, most of these limits have increased. However, some limits, such as those for dependent care Flexible Spending Accounts (FSAs) and Health Savings Account (HSA) catch-up contributions, remain unchanged. Key Benefit Limits for 2025: Health Savings Account (HSA) Contributions Single … Continued
Employee benefits can be a complex landscape, filled with acronyms and unfamiliar terms. In fact, more than 50% of American adults report that they don’t have a clear understanding of their health insurance. Many people are confused because they reach adulthood without ever learning the basics of health insurance terminology. Illiteracy about health insurance is … Continued
As the year comes to an end, a crucial compliance deadline looms for employers with health plans. Under the Consolidated Appropriations Act (CAA), health plans and insurance issuers must submit a Gag Clause Compliance Attestation by December 31, 2024. Since its enactment in 2020, this regulation prohibits health plans from including gag clauses—provisions that limit … Continued
On October 22, 2024, the IRS announced that the limit on employees’ salary reduction contributions to a health Flexible Spending Account (FSA) will increase to $3,3000 for plan years beginning in 2025. This is an increase from the 2024 limit of $3,200. By understanding the latest contribution limits, individuals can better plan for 2025 and … Continued
