Benefit Resource Inc.

DECEMBER 2, 2021

2022 Changes to Dependent Care. A Dependent Care Flexible Spending Account (often shortened to ‘Dependent Care FSA’) is a pre-tax benefit account used to pay for eligible services such as preschool, summer day camp, before/after school programs, and child or adult daycare. Who is Eligible?

Flexible Spending Account 105

Flexible Spending Account Flexible Spending Taxes Employment 105

WEX Inc.

OCTOBER 4, 2023

Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. FSA Ownership: You own your HSA.

401(k) 98

401(k) Flexible Spending Account Health Savings Account Flexible Spending 98

WEX Inc.

AUGUST 10, 2023

You might be surprised to learn that your health savings account (HSA) and medical flexible spending account (FSA) can help you save on purchases of a variety of back-to-school, expenses, including: Thermometers. Are you preparing to send your kids back to school soon? It is not legal, financial, or tax advice.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

The Olson Group

DECEMBER 9, 2021

As 2021 comes to an end, here are some year-end tips and compliance guidance to ensure you are ready to kick off 2022 on the right track! If your company has reached or exceeded 50 full-time employees you are now requited to comply with the Family and Medical Leave Act Compliance (FMLA) in 2022. Happy 2022! Employee Handbooks.

Family and Medical Leave Act 98

Family and Medical Leave Act Flexible Spending Account Flexible Spending Health Insurance 98

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. 7,750 for family coverage (up $450).

401(k) 98

401(k) Deductible Deductions Flexible Spending Account 98

InterWest Insurance Services

JULY 4, 2024

It found that: 64% of health plan enrollees selected a traditional plan in plan year 2024, compared to 69% in 2022. The average employer covers 78% of their employees’ health insurance premiums, up from 74% in 2022. Across generations, higher-salaried individuals choose HDHPs over traditional plans.

Voluntary Benefits 97

Voluntary Benefits Flexible Spending Account Deductible Deductions 97

WEX Inc.

JANUARY 3, 2023

Here are our top 10 blog posts from 2022: Your HSA when you change jobs Were you among the 20% of workers expected to quit their jobs in 2022? Fortunately, your health savings account (HSA) is an employee-owned account, so it stays with you, even when you switch employers. Learn more about the limits here.

Education 52

Education Flexible Spending Account Health Savings Account Flexible Spending 52

HR Professionals Magazine

MARCH 2, 2022

If benefits compliance seems like a never-ending game of whack-a-mole, 2022 will not disappoint. While challenges related to the COVID-19 pandemic dominate headlines, a number of new 2022 benefits compliance obligations and updates may fly under the radar. Effective for plan years beginning on or after January 1, 2022.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Deductible Deductions 52

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 20, 2023

On November 9th, the IRS announced additional inflation adjustments for 2024, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. The new limits are set forth below.

Transportation 59

Transportation Flexible Spending Account Flexible Spending Retirement Plan 59

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. Employees can deposit an incremental $100 into their health care FSAs in 2022.

401(k) 56

401(k) Retirement Plan Health Savings Account Deductible 56

WEX Inc.

JULY 20, 2023

HSA or FSA options Similar to the choice in health plans, many participants told us in the survey that they wanted to choose between either a health savings account (HSA) or a flexible spending account (FSA).

Deductible 75

Deductible Deductions Flexible Spending Account Health Savings Account 75

Health Consultants Group

OCTOBER 1, 2021

Health Savings Accounts. Flexible Spending Accounts: funded by salary reduction. IRS guidelines restrict certain spending account benefits to maximum annual amounts. A provision of The Taxpayer Certainty and Disaster Tax Relief Act of 2020 extended use and rollover options to 2022. . Dependent Care

Employee Benefits 86

Employee Benefits Family and Medical Leave Act Flexible Spending Account Health Savings Account 86

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 21, 2022

On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. Increase from 2022 to 2023. Increase from 2022 to 2023. Health FSAs.

Transportation 52

Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

Griffin Benefits

NOVEMBER 1, 2022

Together, these combined announcements by the IRS detail 2023 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. Adoption Assistance Increases for 2022.

401(k) 85

401(k) Retirement Plan Health Savings Account Deductible 85

Benefit Resource Inc.

DECEMBER 7, 2022

The results of BRI’s 2022 Participant Satisfaction Survey are in! Summary of Results Use the arrows to view the results of BRI’s 2022 Participant Satisfaction Survey. BRI’s 2022 Participant Satisfaction Survey was conducted from July 19th to August 12th. BRI 2022 Participant Satisfaction Survey.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending Education 40

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

Earlier last week, the IRS announced the 2023 inflation adjustments for Flexible Spending Accounts and transportation fringe benefits, as discussed here. Increase from 2022 to 2023. Increase from 2022 to 2023. Increase from 2022 to 2023. Qualified Defined Benefit Plans. Annual Maximum Benefit. 15,000.

Retirement Plan 52

Retirement Plan 401(k) Flexible Spending Account Flexible Spending 52

Benefit Resource Inc.

DECEMBER 30, 2022

Let’s look back at some of the important things we’ve learned about pre-tax benefits in 2022. An HSA (Health Savings Account) is a great way to save up money tax-free for future medical expenses. Take a quick walk through the process of checking an account balance. HOW TO AVOID PENALTIES ON AN HSA WITHDRAWAL.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

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. You need to know how these accounts differ so you can communicate about them to employees. Health flexible spending accounts.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Employment Flexible Spending 52

Higginbotham

NOVEMBER 11, 2021

2022 Health FSA Contribution and Transportation Reimbursement Limits Released. Internal Revenue Code (Code) Section 125 imposes a maximum dollar limit on employees’ salary reduction contributions to a health flexible spending account (FSA). 1, 2022, the health FSA contribution limit is $2,850. Type of Account.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Deductible Deductions 52

HR Professionals Magazine

AUGUST 1, 2023

With over 4,000 respondents, the Society for Human Resource Management’s 2023 Employee Benefits Survey found that the number of employers offering family support and leave benefits has significantly increased since 2022. Among health care coverage options, preferred provider organizations remained the most common (82%).

Parental Leave 52

Parental Leave Flexible Spending Account Health Savings Account Flexible Spending 52

McDermott Will & Emery Employee Benefits

OCTOBER 21, 2022

The table below compares the applicable dollar limits for certain employee benefit programs and the Social Security wage base for 2022 […]. The post IRS Announces 2023 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG.

Employee Benefits 98

Employee Benefits Flexible Spending Account Employment Health Savings Account 98

McDermott Will & Emery Employee Benefits

NOVEMBER 9, 2022

On October 11, 2022, the US Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations to modify how affordability under the Affordable Care Act (ACA) is determined for an offer of coverage to a family member by an employer-sponsored group health plan, effective for the tax year beginning after December 31, […]. (..)

Taxes 98

Taxes Flexible Spending Account Employee Benefits Employment 98

CorpStrat

JANUARY 17, 2023

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). IRS Revenue Procedure 2022-24: 2023 limits for HSAs and HDHPs. IRS Notice 2022-55: 2023 limits for retirement plans.

401(k) 52

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

Benefit Resource Inc.

DECEMBER 30, 2021

New Limits to FSAs, HSAs, Commuter Benefits for 2022. Limits for Health Savings Accounts (HSAs) were released earlier this year. 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. Up from $270/mo.

Health Savings Account 40

Health Savings Account Deductible Deductions Flexible Spending Account 40

The Olson Group

DECEMBER 9, 2021

As 2021 comes to an end, here are some year-end tips and compliance guidance to ensure you are ready to kick off 2022 on the right track! Audit Full-time Employees (FTE) Count If your company has reached or exceeded 50 full-time employees you are now requited to comply with the Family and Medical Leave Act Compliance (FMLA) in 2022.

Family and Medical Leave Act 52

Family and Medical Leave Act Flexible Spending Account Flexible Spending Health Insurance 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. 19, the employer should ensure that it uses the newer version, which is instead marked as “Revised 10/20/2022.”

401(k) 52

401(k) Flexible Spending Account Health Savings Account Flexible Spending 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. Among the changes employers can make is to allow up to the full election amount for both of these accounts to carryover from 2020 to 2021 and 2021 to 2022, for instance.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Medical Taxes 40

Griffin Benefits

OCTOBER 1, 2022

After this year, reporting will be due by June 1 for the prior calendar year (so reporting for 2022 will be due by June 1, 2023). Additionally, account-based plans, like health reimbursement arrangements (HRAs) and health care flexible spending accounts (FSAs), are not required to report. Excepted benefits (e.g.,

Insurance Carriers 67

Insurance Carriers Employment Flexible Spending Account Insurance 67

Benefits Notes

FEBRUARY 9, 2022

In response to stakeholder feed-back regarding FAQs 51, the Agencies released FAQs 52 on February 4, 2022. Guidance Related to the $12 Safe Harbor. The plan or issuer is not required to cover all FDA-approved OTC COVID-19 tests under its direct coverage program to satisfy the adequate access requirement. Additional Guidance.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Retail Medical 40

Higginbotham

JULY 12, 2022

According to Investopedia , the maximum benefit in 2022 is $1,800. HRAs may sound like Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs), but there are key differences. Excepted benefit health reimbursement arrangements are designed to cover costs that are not covered under group health plans.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductible 52

Higginbotham

JUNE 14, 2022

Flexible Spending Accounts (FSAs) have emerged as one solution. Flexible Spending Account vs. Health Savings Account. An FSA is a type of savings account that lets people pay for certain out-of-pocket medical expenses using tax-free dollars. Flexible Health Spending Account Rules.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductible Deductions 52

CorpStrat

OCTOBER 26, 2022

18, 2022, the IRS announced various inflation-adjusted tax limits for 2023, including the limit on employees’ salary reduction contributions to health flexible spending accounts (FSAs) offered under cafeteria plans. Let’s take the Health FSA Limit Increase for 2023 as an example.

Flexible Spending Account 52

Flexible Spending Account Finance Flexible Spending Salary 52

Benefit Resource Inc.

JULY 14, 2022

It’s July, and that means we’re already halfway through 2022! If you have a Flexible Spending Account (FSA), you probably have some funds to spend before the end of the year. Now is a great time to check in on your FSA funds and other pre-tax accounts. How to Spend Your FSA Funds.

Flexible Spending 40

Flexible Spending Flexible Spending Account Medical Banking 40

Higginbotham

NOVEMBER 28, 2022

The owner of the account can use it to pay for qualified medical expenses. Unlike Flexible Spending Accounts (FSAs), which are owned by employers, individuals own HSAs. In 2022, Healthcare.gov says a high-deductible plan has a deductible of at least $1,400 for individual coverage and $2,800 for family coverage.

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductible Deductions 52

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 7, 2022

On Friday, February 4, 2022, in response to stakeholder feedback, the Departments released—you guessed it— FAQs Part 52 , which clarifies their prior guidance on the new coverage requirements. Well, buckle up, because the fun continues. Modifications to the $12 Safe Harbor Rule.

Retail 52

Retail Manufacturing Medical Flexible Spending Account 52

Business Management Daily

JANUARY 5, 2021

Cafeteria plans with plan years ending in 2020 or 2021 may allow employees who have health flexible spending accounts or dependent care assistance plan accounts to rollover unused amounts into the next plan year. 31, 2022, you may deduct 100% of employees’ substantiated meal costs, instead of the normal 50%.

Family and Medical Leave Act 52

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

Higginbotham

SEPTEMBER 12, 2023

16, 2022, that will suffice. IRS Addresses Claims Substantiation Requirement for FSAs The IRS recently issued a Chief Counsel Advice Memorandum that provides important reminders about the claims substantiation requirements for flexible spending accounts (FSAs). 30, 2023, the U.S.

Electronics 52

Electronics Overtime Flexible Spending Account Salary 52