Many of you may have heard your employer’s payroll department or someone mention pre and post-tax benefits. You may have even seen this on your paycheck but do you really understand the difference between the two?
As the pandemic continues to torment the world, every industry and employee struggles with its aftermaths. Although they live in continuous fear for their lives, people still have to show up and work, even if that means joining Zoom meetings while wearing pajama. As a result, burnout among many workforces has skyrocketed.
It took years of coercion and silence, and a hashtag going viral, to ignite the Me Too Movement. In its wake, we can see just how prevalent, and preventable, harassment in the workplace is. Of course, the issue isn’t exclusive to happening on the job.
On June 13, 2019, the Departments of Labor, Health and Human Services, and the Treasury released an advance copy of a Final Rule on Health Reimbursement Arrangements (HRAs). It was published in the Federal Register on June 20, 2019. The rule expands the types of HRAs that can be offered starting in 2020.
On Jan. 1 2020, the Fair Labors Standard Act will make employees who earn less than $35,568 eligible for overtime pay, which is redefining who is exempt from overtime regulations. Instituted by the U.S. Department of Labor (DOL), the new rule will raise the salary threshold to $684 a week ($35,568 annualized) from $455 a week ($23,660 annualized). A blocked Obama-era rule would have doubled the threshold, but a federal judge held that the DOL exceeded its authority by raising the rate too high. This new parameter is a result of the climbing wages and salaries since 2004.
Given the ever-changing, and at times volatile, health care climate, it’s not surprising more autonomous and curated options arise—like the Direct Primary Care model. With DPC, patients have a contract—based on their age, the practice they visit and family members—with their medical providers allowing them to directly pay a monthly, quarterly or annual fee for a range of services. Like any other insurance option, this specialized payment method comes with pros and cons.