InterWest Insurance Services

DECEMBER 9, 2021

31, 2021, and for plan years that start on or after Jan. Mid-year election changes — The Consolidated Appropriations Act of 2021 (CAA) and ensuing guidance from the IRS relaxed a number of rules that will come to an end for plans incepting on or after Jan. That comes to an end Dec. That’s a change from the prior threshold of 250.

Health Insurance 98

Health Insurance Insurance Insurance Carriers Deductions 98

Benefit Resource Inc.

OCTOBER 27, 2020

The IRS released the 2021 limits for Mass Transit, Parking, Medical FSA and Adoption Assistance in Revenue Procedure 2020-45. The limits are effective for plan years that begin on/or after January 1, 2021. There were no changes to limits for the commuter accounts or medical flexible spending account. Details below.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending Medical 40

WEX Inc.

AUGUST 14, 2023

A flexible spending account (FSA) carryover is one way you can provide flexibility to employees who participate in these accounts. This blog was originally published in August 2021 and most recently updated in August 2023. We break down FSA carryovers below. Can FSA funds carry over to next year?

Flexible Spending Account 98

Flexible Spending Account IT Flexible Spending Taxes 98

Benefits Notes

OCTOBER 28, 2020

On October 26, 2020, the Internal Revenue Service (IRS) released Notice 2020-79 , which sets forth the 2021 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2021 limits for benefit plans. The 2020 limits are provided for reference. .

401(k) 40

401(k) Health Savings Account Retirement Plan Deductions 40

WEX Inc.

AUGUST 2, 2023

A flexible spending account (FSA) allows participants to save money by setting aside pre-tax dollars to pay for eligible medical, dental , vision and dependent care expenses incurred by you, your spouse, or your eligible dependents. This blog post was originally published in July 2021 and was most recently updated in August 2023.

Flexible Spending Account 98

Flexible Spending Account Deductions Deductible Health 98

Corporate Synergies

MARCH 1, 2021

IRS releases FSA rules guidance to clarify provisions in last year’s Consolidated Appropriations Act, 2021. Since the passage of the Consolidated Appropriations Act, 2021 (CAA) in December 2020, employers and administrators have been working to interpret the new flexible spending.

Flexible Spending 62

Flexible Spending Employment Employee Benefits 62

Benefit Resource Inc.

MARCH 16, 2021

The limit for dependent care flexible spending accounts has been stuck at $5,000 since the account’s inception in the 1980s. The American Rescue Plan Act of 2021 has affected both continuation coverage and the limit for dependent care FSAs. But a new bill from Congress passed last week and is changing that.

Flexible Spending Account 76

Flexible Spending Account Benefit Providers Flexible Spending Deductions 76

Benefit Resource Inc.

DECEMBER 20, 2021

As the end of 2021 and the plan year looms, it’s crucial to consider what you can do with any remaining funds in your Flexible Spending Account (FSA). Most of the funds in your FSA need to be spent before the end of the plan year because you may lose what you don’t spend.

Flexible Spending Account 75

Flexible Spending Account Health Savings Account Flexible Spending Medical 75

Business Management Daily

NOVEMBER 15, 2021

Flexible Spending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. While flexible spending accounts are typically associated with medical costs there are a couple of different types of FSAs. Wherever you fall, we have answers for you. Healthcare FSA.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Medical Healthcare 98

Benefit Resource Inc.

NOVEMBER 10, 2021

The IRS released the 2022 contribution limits for Mass Transit, Parking, Medical FSA, and Adoption Assistance in Revenue Procedure 2021-45. Maximum Election : $280 / month (up from $270 / month in 2021). Maximum Annual Limit : $2,850 (up from $2,750 in 2021). Maximum Credit: $14,890 (up from $14,440 in 2021).

Health Savings Account 98

Health Savings Account Medical Taxes Flexible Spending 98

Business Management Daily

DECEMBER 1, 2019

1, 2021, is a holiday. 1 payday back into 2020, you’d still have 27 biweekly pay periods, this time in 2021. Depending on your payday, this will happen next year, when the 27th payday falls on Dec. Why: Paydays occurring on holidays are usually pushed back a day and Jan. Twist: If you don’t push the Jan. Who’s impacted.

Payroll 83

Payroll 401(k) Deductions Deductible 83

Benefit Resource Inc.

APRIL 21, 2021

Flexible Spending Accounts are not eligible for subsidy. The subsidy period begins on April 1, 2021 through September 30, 2021. occurring from April 1, 2021 through September 30, 2021. Model notices were published on April 7, 2021 and are available of the Department of Labor website. When will it end?

Flexible Spending Account 74

Flexible Spending Account Taxes Flexible Spending Insurance 74

InterWest Insurance Services

JULY 20, 2022

Indeed, a 2021 study found that 29% of Gen Z respondents are carrying medical debt. If they are not educated on their options and how health plans work, those new to employment can make poor decisions that could have serious financial repercussions.

Education 98

Education 401(k) Deductions Deductible 98

Benefit Resource Inc.

DECEMBER 8, 2020

Families utilizing Dependent Care Flexible Spending Accounts (FSAs) are up against a December 31st deadline. If you have an FSA, there’s a high chance you’ll have to spend down the money in your account so you don’t lose it. Many are in danger of losing their funds.

Flexible Spending Account 75

Flexible Spending Account Flexible Spending Transportation Medical 75

Benefit Resource Inc.

JULY 8, 2021

If you have a Medical Flexible Spending Account (FSA), you may have the ability to take leftover funds from one plan year and transfer them to the next. Let’s take a look at this example: Let’s say on December 31, 2021, you have $300 left in your Medical FSA. If so, here’s what you need to know: 1. KEY POINTS.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Medical Taxes 40

Higginbotham

NOVEMBER 11, 2021

Internal Revenue Code (Code) Section 125 imposes a maximum dollar limit on employees’ salary reduction contributions to a health flexible spending account (FSA). Health Flexible Spending Account. 2021 Kaiser Foundation Health Benefits Survey Released. For plan years beginning on or after Jan. Employer Takeaway.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Deductions Deductible 52

WEX Inc.

JULY 7, 2023

The IRS’ use-or-lose rule governs flexible spending accounts (FSAs). A flexible spending account (FSA) is an employer-sponsored benefit that allows employees to set aside a portion of their pre-tax salary to pay for qualified medical expenses or dependent care expenses. So what is the use-or-lose rule? What is a FSA?

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account IT 52

Business Management Daily

SEPTEMBER 9, 2021

Almost all health plans offer add-on accounts — health flexible spending accounts, health savings accounts, or health reimbursement accounts. Health flexible spending accounts. Health flexible spending accounts (FSAs) are probably the most common add-on accounts. Here are the basics.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Employment Flexible Spending 52

Benefit Resource Inc.

AUGUST 12, 2021

It has been updated to include a new legislative updates from March 2021 and more. ” What you need to know: COVID-19 PPE items such as masks, hand sanitizer, and sanitizing wipes purchased on 1/1/2020 or later are eligible for reimbursement from Medical Flexible Spending Accounts and Health Savings Accounts. .”

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending Medical 40

Higginbotham

FEBRUARY 11, 2022

The FAQs also address how a plan’s or issuer’s coverage of OTC COVID-19 tests impacts health flexible spending arrangements (FSAs) and similar account-based plans. 1, 2021, and before Oct. For plans ending in 2021, the next PCORI fee payment will be due Aug. 2, 2021 (since July 31, 2021, was a Saturday).

Paid Sick Leave 52

Paid Sick Leave Insurance Carriers Paid Leave Flexible Spending 52

Griffin Benefits

NOVEMBER 11, 2021

Together, these combined announcements by the IRS detail 2022 adjusted limits to the amounts employees can tuck away pretax into Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), transportation benefits, and retirement plans such as 401(k)s. Employees can deposit an incremental $100 into their health care FSAs in 2022.

401(k) 56

401(k) Retirement Plan Health Savings Account Deductions 56

Business Management Daily

JANUARY 5, 2021

The new COVID relief package included in the Consolidated Appropriations Act, 2021 (H.R. The COVID relief package extends paid sick and family leave , and your tax credits for providing through March 31, 2021. The leave and the tax credits are extended, not reset, for 2021. The law extends the payback time to the end of 2021.

Family and Medical Leave Act 52

Family and Medical Leave Act Payroll 401(k) Taxes 52

Benefit Resource Inc.

DECEMBER 30, 2021

Health Flexible Spending Account: $2,850 (Up from $2,750 in 2021) Health FSA Rollover: $570 (Up from $550. Temporary relief in 2021 allowed for the entire balance to rollover) Transportation Benefits (Mass Transit and Parking): $280/mo. (Up However, this relief only applied to the 2020 and 2021 Plan Years.

Health Savings Account 40

Health Savings Account Deductions Deductible Flexible Spending Account 40

WEX Inc.

AUGUST 24, 2023

It’s important not to lose sight of that when developing content and communicating that you offer a health savings account (HSA) , flexible spending account (FSA) , or any other benefits. In our survey, participants said the top benefits they would like more education on are HSAs, lifestyle spending accounts (LSAs) , and pet insurance.

Education 52

Education Flexible Spending Account Health Savings Account Flexible Spending 52

Benefit Resource Inc.

APRIL 11, 2023

In March 2021, guidance indicated that individual extensions could not exceed 12 months.   The “Outbreak Period” will end 60 days after the National Emergency ends. The National Emergency was terminated effective April 10, 2023, placing the Outbreak Period’s end as June 9, 2023.

Flexible Spending Account 52

Flexible Spending Account Healthcare Flexible Spending Employment 52

Higginbotham

NOVEMBER 2, 2022

The following commonly offered employee benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs); Health flexible spending accounts (FSAs); 401(k) plans; and. Almost half of large employers reported an increase from 2021 in the share of employees using mental health services.

401(k) 52

401(k) Flexible Spending Account Health Savings Account Flexible Spending 52

Benefit Resource Inc.

DECEMBER 23, 2020

Starting the new year with lost Fl exible Spending Account (FSA) funds probably doesn’t sound like y our idea of a good time. So, here’s a list of five fun ways to spend down your FSA and start 2021 off on the right foot! . New Year, New Frames! Is your future so bright you need to wear sunglasses? Prepare for Adventure!

PTO 71

PTO Work From Home Medical Flexible Spending 71

Higginbotham

JULY 12, 2024

Census Bureau , the number of businesses offering child care services dropped between the years 2020 and 2021, while the cost of child care increased. It is sometimes called a dependent care flexible spending account, but it differs from typical health Flexible Spending Accounts (FSAs) in both purpose and regulation.

Employee Benefits 52

Employee Benefits Flexible Spending Account Benefits Package Flexible Spending 52

Griffin Benefits

OCTOBER 1, 2022

This reporting is due by December 27 of this year and must include information for the 2020 and 2021 calendar years, regardless of the plan or policy year. Additionally, account-based plans, like health reimbursement arrangements (HRAs) and health care flexible spending accounts (FSAs), are not required to report.

Insurance Carriers 67

Insurance Carriers Employment Flexible Spending Account Insurance 67

Business Management Daily

DECEMBER 6, 2021

The 2021 State of Remote Work report by Owl Labs reported that 84% of employees would be happier continuing to work remotely after the pandemic — and some are even willing to take a pay cut to do it! As it turns out, your employees may not be eager to return to the office.

Employee Retention 119

Employee Retention Overtime Salary Flexible Spending Account 119

HR Professionals Magazine

MARCH 2, 2022

Reporting on Pharmacy Benefits and Drug Costs – Group health plans must report information on plan prescription drug spending to regulators, including plan year dates, number of enrollees, each state where coverage is provided, and most common and costly prescription drugs dispensed by the plan. Likely Effective in 2022.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Deductions Deductible 52

Benefit Resource Inc.

JANUARY 14, 2022

HSAs have tax documents sent from the custodial banks, and any 121 Benefits migrated employees will receive letters from your prior 2021 accounts and letters (and online access) for the custodial bank. A Flexible Spending Account (FSA) is a great way to save money on your healthcare costs. For BRI Customers.

Taxes 40

Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

Benefit Resource Inc.

APRIL 27, 2021

a Health Savings Account and Limited Purpose Flexible Spending Account). According to the 2021 Global Payments Report by Worldpay from FIS, the use of mobile wallets exceeded cash for the first time for in-store payments on a global scale. High auto-approval rates. Pick a card solution with identity theft protection built in.

Employee Benefits 53

Employee Benefits Flexible Spending Account Health Savings Account Banking 53

WEX Inc.

APRIL 24, 2023

Pre-tax employee benefits plans, such as health savings accounts (HSAs) and flexible spending accounts (FSAs) , let you save money by putting aside pre-tax dollars to pay for eligible medical, dental, vision and other expenses. In 2021, the average employer contribution to employee HSAs was $869.

401(k) 52

401(k) Health Savings Account Deductions Deductible 52

Business Management Daily

OCTOBER 28, 2021

FSAs (flexible spending accounts) are typically a use-it-or-lose-it benefit. Pre-tax dollars are deducted through payroll and placed into a flexible spending account to cover eligible medical or dependent care expenses. You may also be eligible to claim refundable tax credits. Staying on top of payroll compliance.

Payroll 52

Payroll Family and Medical Leave Act PTO Flexible Spending Account 52

Benefit Resource Inc.

MARCH 27, 2020

The bill outlines an end date of December 21, 2021 for this provision. Under the CARES Act, plans (or plan sponsors) may pay for telehealth services before reaching the deductible, without impacting an individual’s eligibility for an HSA. OTC items bought with pre-tax funds.

Health Savings Account 76

Health Savings Account Deductions Deductible Taxes 76

Benefit Resource Inc.

JUNE 1, 2023

As a result, more than 55% of Americans were enrolled in HDHPs in 2021, a new record. An additional tool can be pairing an HSA-HDHP with a Limited Flexible Spending Account (or Limited FSA). Of those, more than seven in ten employers (71 percent) also offer a health savings account with employer funding.

Flexible Spending Account 52

Flexible Spending Account Healthcare Health Savings Account Deductions 52