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Category: Employee Benefits

HSAs Made Easy: Learn the Essentials & Protect Your Savings from Mistakes | NY Employee Benefits Consultants

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Health savings accounts (HSAs) have become a vital part of many employers’ benefits packages, offering employees a powerful tool to manage healthcare expenses while benefiting from tax advantages. However, managing HSAs goes beyond just facilitating contributions. It also involves understanding and addressing mistakes with distributions that employees might encounter. This article delves into the basics … Continued

Form 5500: What You Need To Know | NY Employee Benefits Group

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Attention Employers: Don’t Miss Your Form 5500 Deadline! Here’s a simplified breakdown of what you need to know about filing your employee benefit plan report: Who Needs to File? Employers subject to ERISA (Employee Retirement Income Security Act) with employee benefit plans, unless exempt. What to File? Form 5500 (annual report) for each employee benefit … Continued

Empowering Baby Boomers: Building a Competitive Benefits Package | New York Benefits Agency

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A Baby Boomer is someone born between 1946 and 1964. This generation is currently between 58 and 78 years old (in 2024).  They tend to have a strong, loyal work ethic and excel at face-to-face communication and building relationships with colleagues.  Boomers have a wealth of experience accumulated over long careers. They value jobs that … Continued

Benefits 101: What Is Hospital Indemnity Insurance? | New York Benefits Agency

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No matter whether it is anticipated or unexpected, a hospital stay is expensive.  According to HealthCare.gov, the average 3-day hospital stay in the United States costs around $30,000.  Health insurance will cover some of the costs if you are admitted to the hospital, but you may have other out-of-pocket costs.  Hospital Indemnity Insurance can help … Continued

8 Unique Employee Perks That Don’t Require a Big Budget | NY Employee Benefits Group

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Free and low-cost employee benefits are perks that don’t cost you much financially. These perks are often simple to provide and help enhance an existing employee benefits package. Including non-traditional benefits in a job offer shows employees your values; they’re a promise to both current and potential employees that you’ll support them and treat them … Continued

Top Benefit Trends for 2024 | New York Employee Benefits Firm

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The challenges that influenced the benefits landscape in 2023 persist—perhaps even more so. Rising costs, due to inflation and increasing health care prices, will continue to present challenges this new year.  But employers who understand the benefits landscape for 2024 can mold their approach for the upcoming year. A new year means revisiting your existing … Continued

Year-Round Benefits Education | NY Employee Benefits Team

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For most organizations, employee benefits communication kicks into high gear during open enrollment season. During this time, there is a surge in emails, educational webinars, fliers throughout the office, and a barrage of forms demanding signatures. Post open enrollment, however, employees often receive minimal information about their benefits. While sporadic email updates or new laminated … Continued

Using a Flexible Spending Account (FSA) | New York Employee Benefits Firm

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If you have a health plan through a job, you can use a Flexible Spending Account (FSA) to pay for health care costs, like deductibles, copayments, coinsurance, and some drugs. They can lower your taxes. How Flexible Spending Accounts work A Flexible Spending Account (FSA, also called a “flexible spending arrangement”) is a special account … Continued

Benefits 101: Premiums, Deductibles, Copays, and Out-of-Pocket Maximums | New York Benefits Partners

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Not understanding benefits terminology is near the top of the list of ways that open enrollment and benefits selection can stress you out.  Open enrollment is coming quickly and soon you will be talking about benefit options. The world of benefits and insurance can be confusing. In-network, out-of-network, deductibles, co-pays and co-insurance? What? Let us … Continued

Benefits 101: What Is Open Enrollment? | New York Benefits Agency

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For millions of Americans, the end of the year is open enrollment season – a yearly opportunity to take stock of your health care needs and select the health insurance plan that works best for you.  It is a window of time – typically in the fall – when you can sign up for health … Continued

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