With 2019 spending having topped out at around $3.8 trillion, healthcare is one of the single greatest out-of-pocket expenses for many Americans and 1 in 7 families struggle to pay their medical bills. Flexible Spending Accounts (FSAs) allow employees to set aside money from their paycheck before taxes to cover common medical, dental, and vision [...]
Retirement is both an exciting and terrifying prospect for most. The thought of being free from the constraints of regular work is enticing, while planning and paying for your post-work life can seem overwhelming. An employer-sponsored 401(k) plan can offer an ideal retirement savings vehicle for employees. With the end of the year nearing and [...]
Your employees have responsibilities and concerns beyond outside of their 9 to 5 jobs. While they’re at work, they still have to meet the needs of their dependent children and elders. A Dependent Care Reimbursement Account (DCRA) is a pre-tax benefit account that your employees can use to pay for dependent care services while they’re [...]
Health savings accounts (HSAs) offer workers an ideal opportunity to save for planned medical expenses, cover unexpected health issues, and reduce their taxable income all at the same time. While younger workers are limited to the standard maximum contribution allowed by the IRS, workers over the age of 55 are able to make catch-up contributions [...]
The costs associated with traveling to and from work can quickly add up - especially for employees using mass transit or parking in nearby parking garages. For some job seekers, the costs associated with a daily commute may lead them to turn down an offer from your company. Sheakley can help you take the sting [...]
For years, when changing from full-time to part-time status, being terminated, or retiring, workers often worried about how to get affordable short-term access to quality health benefits until they found a new position or transitioned to Medicare - then came the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). COBRA requires qualifying employers to provide [...]
With healthcare expenses on the rise, the average family of four can expect to spend more than $4,300 a year on medical expenses not covered by insurance - accounting for a significant chunk of the 61% increase in medical costs over the last 10 years. The good news is that employers can help their employees [...]
While sending Consolidated Omnibus Budget Reconciliation Act (COBRA) election notices to qualified beneficiaries may seem pretty straightforward, it is important to make sure that the information is clear and can be easily understood by the recipient. Otherwise, your company may find themselves in the middle of a lawsuit, such as the one faced by Cushman [...]
Helping employees afford out-of-pocket medical expenses Does your company offer a Health Reimbursement Account (HRA) for employees? With rising out-of-pocket expenses, an HRA can provide you an opportunity to cushion the blow for your employees – and can be a powerful recruiting and retention tool. As more employer-sponsored health plans elect to include an HRA, [...]
With 2019 right around the corner, many companies are gearing up for their benefits open enrollment, which can be a stressful time for everyone. The choices you make in the coming months will affect your coverage for the next year. To help alleviate confusion and assist in making more informed decisions regarding the Flexible Spending [...]