InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. The catch: These funds must be spent by March 15, 2024.

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

Higginbotham

SEPTEMBER 16, 2024

While not ideal for everyone, a high-deductible health plan can be very appealing to some workers, especially when it’s paired with a health savings account. Offering a high-deductible health plan as part of an employee benefits package, therefore, may be a strategic option for your organization.

Deductions 52

Deductions Deductible Health Savings Account Health Insurance 52

Benefits Notes

NOVEMBER 21, 2023

On November 1, 2023, the Internal Revenue Service (IRS) released Notice 2023-75 , which sets forth the 2024 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2024 limits for benefit plans. The 2023 limits are provided for reference.

401(k) 52

401(k) Health Savings Account Retirement Plan Deductions 52

WEX Inc.

MAY 2, 2024

Those enrolled in an HSA or a medical flexible spending account (FSA) may also be able to enroll in certain types of HRAs. We support flexible plan designs, empowering you to determine your own benefits goals for your participants by letting you set up your HRA to look however you want. Investment potential.

Health Savings Account 98

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

WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? What is a medical flexible spending account (FSA)? In fact, if your employer offered the maximum allowed $610 carryover from a 2023 plan, you could carry up to $610 from 2023 to 2024. Check out our podcast episode below!

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

WEX Inc.

JUNE 13, 2024

Flexible spending accounts (FSAs) allow your employees to use pre-tax dollars to cover eligible out-of-pocket healthcare expenses, providing a tax-efficient way to manage medical costs and helping you and your employees save money. Combination FSA: A limited FSA that converts into a medical FSA once the IRS deductible is met.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account Taxes 52

Higginbotham

JANUARY 12, 2024

Health Savings Account A Health Savings Account (HSA) is a type of employee-owned account that is designed to work with high-deductible health insurance plans. Cons to an HSA Individuals who are not enrolled in high-deductible health plans cannot open or contribute to HSAs. HSA contributions are subject to annual caps.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 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. Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year.

401(k) 52

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

WEX Inc.

FEBRUARY 2, 2023

FSAs and HRAs EBSA Disaster Relief Notice 2020-01 also granted a temporary extension to run-out periods for flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). trillion spending bill also extended a provision that provided relief to health savings account (HSA) participants.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account Taxes 52

WEX Inc.

OCTOBER 22, 2024

The IRS released 2025 contribution limits for medical flexible spending accounts (medical FSAs), commuter benefits , and more as part of Revenue Procedure 2024-40. Employers can allow employees to carry over $660 from their medical FSA for taxable years beginning in 2025, which is a $20 increase from 2024.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Deductions 98

WEX Inc.

MARCH 31, 2025

Pre-tax benefits are employer-sponsored programs that allow employees to set aside a portion of their income before taxes are deducted. Contributing more before the deadline can help you lower your taxable income for 2024 while building tax-free savings for future medical expenses.

401(k) 52

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

WEX Inc.

MARCH 4, 2025

If youd like to learn more about how your employees can use their HSA, check out our content from HSA Day 2024 and watch our podcast episode below. Not be covered by any other health plan that would disqualify them from an HSA (for example, a spouses plan or a medical flexible spending account). Who is eligible for an HSA?

Health Savings Account 59

Health Savings Account Flexible Spending Account Taxes Deductions 59

Vantage Circle

FEBRUARY 26, 2025

For instance, contributions to health insurance premiums and retirement plans can be tax-deductible for employers, while employees may receive these benefits tax-free. Bureau of Labor Statistics (BLS) as of September 2024: Civilian Workers: Employers spend an average of $46.84 What Do Employee Benefits Cost?

Family and Medical Leave Act 59

Family and Medical Leave Act Employee Benefits Disability Insurance Benefits Package 59

WEX Inc.

OCTOBER 17, 2024

As we approach the 2024 United States presidential election, Chris Byrd, senior vice president, health executive and, more broadly, head of Government Affairs at WEX, joined our Benefits Buzz podcast for an insightful conversation on how election years can influence employee benefits.

Employee Benefits 59

Employee Benefits Flexible Spending Account Health Savings Account Out of Pocket Cost 59