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High earners who make too much to contribute directly to a Roth individual retirement account may have another way to take advantage of its potential tax benefits.

The strategy, known as a "backdoor" Roth IRA, involves making a non-deductible contribution to a traditional IRA and then converting those funds to a Roth IRA.

Here's how the strategy works.

Landing your first full-time job can bring a welcome change: a steady paycheck. But it may also come with rent, student loans, insurance, credit card payments and other expenses that can quickly consume that new income.

For recent college graduates and others starting their careers in their 20s, developing a few good financial habits now can make managing money easier and help build financial security for years to come. You'll need patience, self-control and the ability to live within your means to set aside money for rainy days and a distant future.

As more workers struggle with rising medical and pharmaceutical costs, one emergency room visit or hospital stay can leave them paying large amounts out of pocket for deductibles, coinsurance and copayments even when they have employer-sponsored health insurance.

Fortunately, employers can help by offering insurance that pays predetermined cash benefits for covered events or services, such as hospitalization or an emergency room visit.

Employees who put off recommended screenings or struggle to manage chronic conditions can develop complications that require expensive treatment. For employers facing rising group health insurance costs, encouraging workers to stay on top of preventive care and seek appropriate care earlier offers a way to address some of the claims driving those increases.

One way employers can do that is through a points-based wellness program, which rewards employees with lower payroll deductions for health insurance when they attend health screenings, keep up with vaccinations and take steps to improve their health.

One of the biggest frustrations Medicare Advantage enrollees can face is learning that care recommended by their doctor has been denied by their health plan.

Many MA insurers use prior authorization, which requires approval before the plan covers certain medical services, procedures or treatments. But enrollees who receive a denial may not realize that they have the right to appeal the decision — and that an initial denial is not necessarily the final word.

One of the biggest frustrations health plan enrollees can face is learning that care recommended by their doctor has been denied by their insurer.

Many health insurers use prior authorization, which requires approval before the plan covers certain medical services, procedures or treatments. But people who purchase their own health insurance through the Affordable Care Act Marketplace may not realize that they have the right to appeal a denial — and that an initial denial is not necessarily the final word.

One of the biggest frustrations health plan enrollees can face is learning that care recommended by their doctor has been denied by their insurer.

Many health insurers use prior authorization, which requires approval before the plan covers certain medical services, procedures or treatments. But employees who receive a denial may not realize that they have the right to appeal the decision — and that an initial denial is not necessarily the final word.

Successful open enrollment requires giving every employee a meaningful opportunity to understand their options and select coverage that fits their health care and financial needs.

That can be challenging as many employees devote surprisingly little time to one of their most consequential benefits decisions of the year. Employers and HR teams preparing for open enrollment should prioritize clear communication, decision-support tools and access to knowledgeable assistance that can help employees make the right choices for themselves.

California employers will have new workplace first-aid requirements starting Jan. 1, 2027, including updates to kit contents.

The changes are designed to modernize the rules while requiring employers to consider the size, layout and specific hazards of their workplaces when determining what first-aid supplies they need and where to place them.

A company that discovered water damage at one of its rental properties learned an expensive lesson about starting repairs before notifying its insurer.

After finding damage from a plumbing problem, the company hired a handyman and contractors who demolished and repaired the bathroom. It did not report the loss to its insurer until 46 days later. A court ultimately ruled that the insurer did not owe coverage, finding that the company failed to provide prompt notice and that the demolition prevented the insurer from conducting a thorough investigation.

When was the last time you or the person responsible for doing so walked around your facility, warehouse, office or other workplace and did a safety inspection? Your Injury and Illness Prevention Program should state that the owner, supervisor or person with authority and responsibility shall conduct monthly workplace safety inspections.

To maintain a safe and healthful workplace, OSHA requires that you use the safety standard to help identify hazards that exist now or could develop.

Hiring a risk specialist or dedicating a number of employees to that kind of work is typically too expensive for most small and mid-sized companies. So, this risk mitigation typically is left to the business owner or the duties are spread among senior managers. 

You too can reduce the cost of your insurance if you start thinking like a risk manager.