Insurance Archives - Patriot Software

Insurance Archives - Patriot Software Mon, 06 Feb 2023 22:20:10 +0000 en-US hourly 1 https://wordpress.org/?v=6.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png Insurance Archives - Patriot Software 32 32 Are Payroll Deductions for Health Insurance Pre-Tax? The Answer You Need to Know https://www.patriotsoftware.com/blog/payroll/are-payroll-deductions-for-health-insurance-pre-tax/ Mon, 19 Dec 2022 16:26:10 +0000 https://www.patriotsoftware.com/?p=53268

This article has been updated to include 2023 information. Providing health insurance benefits to your employees can leave you with a lot of questions. If you have your employees contribute to their premiums, you have to know how to deduct the cost from their gross pay. But, are payroll deductions for health insurance pre-tax? Read […]

]]> QSEHRA Plan: Health Insurance Alternative for Qualifying Small Employers https://www.patriotsoftware.com/blog/payroll/qsehra-plan-small-business/ Mon, 19 Dec 2022 13:33:42 +0000 https://pslohio.wpengine.com/uncategorized/qsehra-plan-small-business/

Do employers have to offer health insurance? Under the Affordable Care Act, you must provide health insurance if you have 50 or more full-time equivalent employees. If this requirement doesn’t apply to you, you might decide to establish a QSEHRA plan. What is a QSEHRA plan? A Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) is […]

]]> Can Employers Reimburse Employees for Health Insurance? Answers and Plan Options https://www.patriotsoftware.com/blog/payroll/can-employers-reimburse-employees-health-insurance/ Fri, 16 Dec 2022 21:51:24 +0000 https://www.patriotsoftware.com/?p=52415

This article has been updated to include 2023 information. Let’s face it: Health insurance is expensive. The average employer health insurance premium contribution—per employee—is nearly $6,000 (single) and nearly $15,000 (family) annually. It’s natural to weigh your options, but skipping the benefit altogether? Nearly 90% of employees value health insurance. And with 69% of private […]

]]> Small Business Health Insurance Options: Which (If Any) Will You Pick? https://www.patriotsoftware.com/blog/payroll/small-business-health-insurance-options/ Fri, 16 Dec 2022 19:42:33 +0000 https://www.patriotsoftware.com/?p=49647

This article has been updated to include 2023 information. Thinking about offering employer-sponsored health insurance? Sure, you could offer a traditional group health insurance to your employees, but that’s not your only choice. There are a number of small business health insurance options you can choose from. Why not pick the program that fits your […]

]]> What Is an HSA? https://www.patriotsoftware.com/blog/payroll/what-is-an-hsa/ Fri, 16 Dec 2022 19:27:45 +0000 https://pslohio.wpengine.com/uncategorized/what-is-an-hsa/

Most businesses offer employee benefits in addition to regular wages. Common employee benefits can range from different insurance options to types of retirement plans. Some employees have the option of opening an HSA. What is an HSA? What is an HSA? An HSA, or health savings account, is a plan where individuals put aside pre-tax […]

]]> HSA vs. FSA: What’s the Difference? (+ Quick Reference Chart) https://www.patriotsoftware.com/blog/payroll/fsa-vs-hsa-what-s-the-difference/ Fri, 16 Dec 2022 16:29:02 +0000 https://pslohio.wpengine.com/uncategorized/fsa-vs-hsa-what-s-the-difference/

This article has been updated to include 2023 information. When it comes to health coverage, there are a lot of options out there. FSAs and HSAs are healthcare plans that cover medically-related expenses not included under a traditional health plan. Do you know the difference or if you are FSA or HSA eligible? Both employers […]

]]> What Is an FSA? Your Q&A on Health Flexible Spending Accounts Has Arrived https://www.patriotsoftware.com/blog/payroll/what-is-an-fsa/ Fri, 16 Dec 2022 16:03:26 +0000 https://pslohio.wpengine.com/uncategorized/what-is-an-fsa/

As an employer, you can offer various benefits to your employees. There are pre-tax and post-tax benefits for employees to enjoy. One plan you can offer employees is a health, or medical, FSA. So, what is an FSA? What is an FSA? An FSA, also known as a flexible spending account (or arrangement), is a […]

]]> What Is Errors and Omissions Insurance? https://www.patriotsoftware.com/blog/accounting/what-is-e-o-insurance-and-do-i-need-it/ Mon, 07 Nov 2022 19:10:59 +0000 https://pslohio.wpengine.com/uncategorized/what-is-e-o-insurance-and-do-i-need-it/

Everyone makes mistakes. But, an error made at your business could be costly or even cause you to go under. You can protect your business with an errors and omissions insurance policy. Errors and omissions, or E&O, can save your company from certain customer lawsuits. What is E&O insurance? E&O insurance protects professionals who provide […]

]]> Use It or Lose It? Here’s What Happens to Unused FSA Funds https://www.patriotsoftware.com/blog/payroll/what-can-an-employer-do-with-forfeited-fsa-funds/ Wed, 19 Oct 2022 20:40:04 +0000 https://pslohio.wpengine.com/uncategorized/what-can-an-employer-do-with-forfeited-fsa-funds/

Many employers use flexible spending accounts (FSAs) to help employees pay for their medical-related expenses. Years ago, the “use it or lose it” rule was the main guideline for how employees could spend their money. Under this rule, employees forfeit any leftover money to you at the end of their plan year. Now, you have […]

]]> Handling Employees Who Want to Waive Coverage from Health Insurance https://www.patriotsoftware.com/blog/payroll/waive-coverage-employee-health-insurance-opt-out/ Mon, 17 Oct 2022 14:28:26 +0000 https://pslohio.wpengine.com/uncategorized/waive-coverage-employee-health-insurance-opt-out/

Health insurance is a great benefit to offer employees. According to the Bureau of Labor Statistics (BLS), 71% of all private industry businesses offer health benefits. But, what happens when employees want to opt out of employer health insurance? They waive coverage. When an employee wants to waive coverage, you need to know what to […]

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