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 86

Health Insurance Insurance Insurance Carriers Deductible 86

Benefit Resource Inc.

APRIL 21, 2021

Many of them affected pre-tax benefits plan and continuation coverage, also referred to as COBRA. 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. When will it end?

Flexible Spending Account 74

Flexible Spending Account Taxes Flexible Spending Insurance 74

Benefit Resource Inc.

JANUARY 14, 2022

We’re here to provide you with a short guide to help you understand the required tax documents for your pre-tax benefits. . A Health Savings Account (HSA) is a savings account that provides tax-free contributions and potential tax deductions for qualified medical expenses incurred by the holder. For BRI Customers.

Taxes 40

Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

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. Types of FSA Plans. Healthcare FSA.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Medical Healthcare 98

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

InterWest Insurance Services

JULY 20, 2022

Indeed, a 2021 study found that 29% of Gen Z respondents are carrying medical debt. You can teach them about these tax-advantaged accounts and the importance of saving for retirement. The various accounts have different rules for what services or medical costs can be reimbursed by these accounts.

Education 92

Education 401(k) Deductible Deductions 92

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. Although most companies choose this option, it may be a costly decision, since employees will receive an extra paycheck, along with extra taxes withheld and extra benefits provided. Twist: If you don’t push the Jan.

Payroll 83

Payroll 401(k) Deductions Deductible 83

Benefit Resource Inc.

OCTOBER 20, 2020

Flexible Spending Accounts (FSAs) have always relied on a certain level of predictability when it comes time to estimating your election. But, with a year like 2020, it might take just a few extra steps to COVID-proof your election for 2021. Estimate your Guaranteed Expenses. We all have certain unavoidable medical expenses.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Medical Taxes 40

Benefit Resource Inc.

NOVEMBER 1, 2018

As we look into our crystal ball, the future of pre-tax benefits comes into view. We clearly aren’t fortune tellers, but maybe we can shed some light on the possible future of pre-tax benefits. Let’s assume all of the stars align and pre-tax benefit accounts become a pillar for legislative priorities. The Optimist.

Taxes 49

Taxes Deductions Deductible Medical 49

Benefit Resource Inc.

DECEMBER 8, 2020

Families utilizing Dependent Care Flexible Spending Accounts (FSAs) are up against a December 31st deadline. The end of the year is a busy time for people with pre-tax benefits. 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.

Flexible Spending Account 75

Flexible Spending Account Flexible Spending Transportation Medical 75

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. It is not legal or tax advice.

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.

MARCH 27, 2020

We, however, will focus on the three possible changes to tax-free account holders. What can we expect for tax-free accounts? The bill outlines an end date of December 21, 2021 for this provision. OTC items bought with pre-tax funds. You can view the various inclusions in this Forbes article. HSAs used for telehealth.

Health Savings Account 76

Health Savings Account Deductions Deductible Taxes 76

Business Management Daily

JANUARY 5, 2021

The new COVID relief package included in the Consolidated Appropriations Act, 2021 (H.R. The law also extends expiring tax provisions and everything that could be jammed into 5,593 pages of federal legislation three days before Christmas. Extensions of popular payroll tax provisions. Temporary disaster tax relief.

Family and Medical Leave Act 52

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

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). In addition, for tax year 2022, the monthly limitation for the qualified transportation fringe benefit and the monthly limitation for qualified parking increases to $280.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Deductions Deductible 52

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

Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. Many of these contribution limits, though not all, are indexed to cost-of-living adjustments.

401(k) 56

401(k) Retirement Plan Health Savings Account Deductions 56

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

OCTOBER 28, 2021

Some payroll tax compliance items are completed quarterly, or more frequently throughout the year. While you need to have the W-4 form with the withholding selections from employees in order to pay them properly, W-9s are mostly used for year-end reporting, as taxes are not taken out from their checks.

Payroll 52

Payroll Family and Medical Leave Act PTO Flexible Spending Account 52

Benefit Resource Inc.

APRIL 27, 2021

So, don’t make them carry separate cards for their pre-tax health accounts and commuter benefits! A single card should even be able to correctly pull funds from multiple different pre-tax health accounts (e.g., a Health Savings Account and Limited Purpose Flexible Spending Account). High auto-approval rates.

Employee Benefits 53

Employee Benefits Flexible Spending Account Health Savings Account Banking 53

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

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

WEX Inc.

APRIL 24, 2023

Pre-tax benefits savings Premiums aren’t the only way you can save on healthcare costs. 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.

401(k) 52

401(k) Health Savings Account Deductions Deductible 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

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). Employees can use two tax-advantaged accounts to cover many primary eligible expenses. You also still receive a tax write off.

Flexible Spending Account 52

Flexible Spending Account Healthcare Health Savings Account Deductions 52

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

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. PCORI fees are reported and paid annually on IRS Form 720 (Quarterly Federal Excise Tax Return). Employer Takeaway.

Paid Sick Leave 52

Paid Sick Leave Insurance Carriers Paid Leave Flexible Spending 52

Benefit Resource Inc.

DECEMBER 1, 2020

To avoid losing any of that pre-tax money to the use-it-or-lose-it rule, it’s important to plan your spending down to the last dollar. And finally, if 2021 is as stressful as 2020 has been, having some nighttime sleep aid tablets on hand can help you get through those restless nights. Sleep Aids. Want more options?

Medical 75

Medical Food Taxes Work From Home 75

Benefit Resource Inc.

AUGUST 11, 2020

allow Dependent Care FSA funds to be carried over from the 2020 plan year into the 2021 plan year. Read more about how employees can save on child care costs and the impact of COVID-19 on companies offering pre-tax accounts: Child care costs are skyrocketing. have the limit increase with inflation each year.

Entertainment 81

Entertainment Work From Home Taxes Education 81

Benefit Resource Inc.

DECEMBER 30, 2021

Pre-tax Account Limits for 2022. 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 Up from $270/mo. Family Coverage.

Health Savings Account 40

Health Savings Account Deductions Deductible Flexible Spending Account 40

Higginbotham

JANUARY 27, 2023

percent of Americans had employer-based health insurance in 2021, making this the most common type of health insurance. Although it may seem easier to boost wages and forget about employee benefits, due to potential tax breaks, offering health insurance can be a financially sound strategy. Census Bureau says that 54.3

Health Insurance 52

Health Insurance Insurance Benefits Package Out of Pocket Cost 52

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

Higginbotham

MARCH 17, 2023

23, 2023, the Departments of Labor, Health and Human Services and the Treasury (Departments) issued FAQs on the prohibition of gag clauses under the transparency provisions of the Consolidated Appropriations Act, 2021 (CAA). 31, 2023 On Feb.

Health Insurance 52

Health Insurance Flexible Spending Account Insurance Benefits Package 52

Genesis HR Solutions

MAY 23, 2023

Enhanced Benefits Offering flexible and remote work options. Flexible Spending Account (FSA): An FSA (also known as a flexible spending arrangement) is a special account employees put money into that they use to pay for certain out-of-pocket health care costs. up from 8.6% Employers fund and own accounts.

Insurance 40

Insurance PTO Human Resources Flexible Spending 40

Benefit Resource Inc.

APRIL 1, 2021

Is this benefits provider trying to rip you off and take all of your money by not allowing you to purchase anything with your pre-tax health dollars? Bad news if you’re trying to lose some of that quarantine weight you put on: what you’d purchase probably isn’t eligible under a pre-tax health account. Weight Loss.

Benefit Providers 40

Benefit Providers Medical Taxes Electronics 40

Benefit Resource Inc.

SEPTEMBER 15, 2020

Join BRI for our Open Enrollment Kick-off Event on September 30 at 2:00 ET, where we will discuss: (1) What are the latest trends in benefits and pre-tax account administration? (2) 4) What we’re doing to enable smart benefits decisions in 2021. 2) What are clients saying regarding open enrollment? (3)

Electronics 40

Electronics Utilities Taxes Employment 40