Health vs. wellness stipends

Описание: Taxable health and wellness stipends are two of the most popular benefits available. Despite both having to do with your employee’s wellbeing, they can be very different.

This video explains the common differences between health and wellness employee stipends.

Read our blog article on health and wellness stipends: https://www.peoplekeep.com/blog/healt...

Learn more about employee stipends: https://www.peoplekeep.com/employee-s...

CHAPTERS:
0:00 - Introduction
0:44 - What is a health stipend?
1:45 - What is a wellness stipend?
2:37 - How can I offer a health or wellness stipend?
3:24 - Conclusion

As a small to mid-sized organization, it’s crucial to offer flexible benefits to keep your employees and attract new talent to your business. One of the easiest ways to expand your compensation package is by offering employee stipends.

A health stipend is used to reimburse employees for their medical expenses, such as prescriptions, copays, mental health resources, and dental and vision expenses. While health stipends are a great option for providing an allowance to employees who receive premium tax credits, there’s a better way to reimburse employees for their healthcare costs.

With a health reimbursement arrangement, or HRA, you can reimburse employees tax-free for their qualifying medical expenses. This gives your employees the option to purchase their own individual health insurance.

You can also offer wellness stipends. Wellness stipends are taxable benefits paid to employees to help them cover their general wellness expenses other than medical expenses.

They can cover a wide range of activities and programs that promote healthy living. This makes wellness stipends a great way to encourage your employees to focus on their wellbeing while improving productivity and lowering absenteeism.

If you want to offer a health or wellness stipend, or both, a benefits administration software can help. This allows you to easily set and track your allowances, approve reimbursement requests, and customize your stipend benefits. With WorkPerks from PeopleKeep, you can provide a variety of employee stipends to your employees in minutes.

PeopleKeep is the leader in personalized employee benefits administration software. We make it easy to create and manage your employee benefits and perks, such as HRAs and stipends, in minutes.

Since starting in 2006 as Zane Benefits, we've helped thousands of organizations offer affordable benefits to their employees.

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