Practical HR Tips, News & Advice. Updated Daily.
Businesses across the country are becoming acutely aware of the childcare challenges to their business, especially as potential impacts of the “childcare cliff” seem looming. Luckily there are a host of research-backed childcare supports, some even no to low-cost, that businesses of all sizes are implementing. These benefits have also emerged as an opportunity for […]
Employers and HR teams want the best for employees, which is why they invest money and time into designing benefit plans that will meet the needs of workers and their dependents. However, with five different generational groups currently in the workforce – all with very unique needs – it’s becoming increasingly difficult for employers to […]
Higher health savings account (HSA) contribution limits can have a number of positive implications for both employers and employees. Healthcare costs, along with the cost of nearly everything else, have continued to rise, so these new limits should be a welcome relief to individuals and families. For Employees Employees are wise to contribute as much […]
According to new data from Conduent, 43% of eligible employees don’t participate in a health savings account (HSA). Fifty-seven percent of those who make an HSA contribution don’t capture the full benefit, with an average contribution of less than $500, well below the annual limit of $3,650 for individuals and $7,300 for families. The underutilization of HSAs […]
This year’s open enrollment season just may be one of the most essential—and confusing—in recent history. The myriad legislative changes that were introduced for flexible spending accounts (FSAs) and health savings accounts (HSAs) in 2020 due to COVID-19 were designed to give employers and employees more flexibility and protection. While these changes were critically important […]
The short-term financial impact of COVID-19 has been swift and damaging to many Americans. While we can’t yet calculate the long-term impact, early indications present a serious financial strain on future retirees’ retirement. We know that COVID-19 has increased the retirement gap, and new data from Kiplinger show the extent of this impact: 60% of […]
Considering that the vast majority of Americans live paycheck to paycheck and 40% struggle to cover a $400 emergency expense, it’s no wonder why so many employees consider themselves functionally uninsured despite being covered by their employer’s health plan. The standard employer-sponsored health plan comes with nearly an $8,000 out-of-pocket expense. And, when an employer’s price […]
Flexible spending accounts (FSAs) and health savings accounts (HSAs) are important tools for the more than 70 million people who currently use these accounts to pay for out-of-pocket healthcare expenses or save for healthcare needs in retirement, all while reducing taxable income.
Is a health savings account (HSA) a savings tool or a tool to pay for today’s rising healthcare costs? It depends on whom you ask. While HSAs were originally introduced to employees as a long-term investment tool that can also be used to pay for eligible medical expenses along the way, employees’ usage of the […]
Financial wellness is becoming an increasingly important component of employee benefits packages and a common topic of conversation for human resources professionals nationwide. And with good reason! Nearly three-quarters (72%) of Americans report being stressed about finances and that anxiety can negatively affect their overall health. As a result, employers are expanding financial wellness programs […]