McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

On November 9, 2023, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain health and welfare plan benefits, including those for health flexible spending arrangements and commuter benefit plans, among other important updates.

Health and Welfare 105

Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 105

WEX Inc.

OCTOBER 15, 2024

While HSAs combine several of the best features of 401(k)s and flexible spending accounts (FSAs), they are often overlooked and underutilized. The post WEX celebrates HSA Day 2024 with resources for HR leaders, employees appeared first on WEX Inc. It is not legal, tax, or investment advice.

401(k) 52

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

McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Internal Revenue Service recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. Most of the dollar limits that are subject to adjustment for cost-of-living increases will increase for 2024.

Health and Welfare 105

Health and Welfare Employee Benefits Flexible Spending Account Health Savings Account 105

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.

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

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.

Transportation 59

Transportation Flexible Spending Account Flexible Spending Retirement Plan 59

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.

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!

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Medical Flexible Spending Account Flexible Spending Taxes 98

InterWest Insurance Services

JULY 4, 2024

The 2024 “State of Employee Benefits Report ” by benefits administration provider Benefitfocus found that 45% of Gen Z workers and 43% of millennial workers surveyed were enrolled in HDHPs. It found that: 64% of health plan enrollees selected a traditional plan in plan year 2024, compared to 69% in 2022.

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Voluntary Benefits Flexible Spending Account Deductions Deductible 97

WEX Inc.

NOVEMBER 27, 2024

Pre-tax employee benefits plans, such as 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. This blog post was most recently updated in November 2024. Traditional Health Plan Calculator today! The post HDHP vs.

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Deductions Deductible Health Savings Account Flexible Spending Account 52

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. In other words, a worker with $610 of unspent FSA funds at the end of 2023 could carry over those funds for use in 2024. The catch: These funds must be spent by March 15, 2024.

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401(k) Deductions Deductible Flexible Spending Account 98

Benefit Resource Inc.

MARCH 20, 2024

March 20, 2024 – Benefit Resource (BRI) , an Inspira Financial solution, has been recognized as Partner of the Year at the 2024 ADP Marketplace Partner Summit held in Atlanta, Ga. In early 2024, Millennium Trust Company rebranded as Inspira Financial. ROCHESTER, N.Y., Learn more at inspirafinancial.com.

Health Savings Account 52

Health Savings Account Flexible Spending Account Flexible Spending Taxes 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.

Health Savings Account 98

Health Savings Account 401(k) Flexible Spending Account 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. But how can you effectively communicate and offer FSAs to your employees?

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Flexible Spending Account Flexible Spending Health Savings Account Taxes 52

Higginbotham

SEPTEMBER 12, 2023

23, 2023, the IRS issued Revenue Procedure 2023-29 to index the contribution percentages in 2024 for determining the affordability of an employer’s plan under the Affordable Care Act (ACA). As a result, many employers may have to lower their employee contributions for 2024 to meet the adjusted percentage.

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Electronics Overtime Flexible Spending Account Salary 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.

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

Higginbotham

MARCH 17, 2023

ACA Pay or Play Penalties Will Increase for 2024 On March 9, 2023, the IRS released updated penalty amounts for 2024 related to the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA). For calendar year 2024, the adjusted $2,000 penalty amount is $2,970.

Health Insurance 52

Health Insurance Flexible Spending Account Insurance Benefits Package 52

Higginbotham

JANUARY 12, 2024

For 2024, the contribution limit for self-only coverage is $4,150 and the contribution limit for family coverage is $8,300. Flexible Spending Account Flexible Spending Accounts (FSAs) are employer-owned accounts designed to cover qualified health care costs. HSA contributions are subject to annual caps.

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Flexible Spending Account Health Savings Account Deductions Deductible 52

Higginbotham

NOVEMBER 15, 2023

IRS Announces 2024 FSA, Retirement Plan Limits Earlier this month, the Internal Revenue Service (IRS) released cost-of-living adjustments and inflation-adjusted limits for 2024 that affect amounts employees can contribute to health flexible spending accounts (FSAs), 401(k) plans and individual retirement accounts (IRAs).

401(k) 52

401(k) Retirement Plan Flexible Spending Account Insurance 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

Higginbotham

SEPTEMBER 16, 2024

However, unlike Flexible Spending Accounts (FSAs), HSAs are owned by the employee, and unused funds never expire. As of 2024, the IRS requires that qualifying HDHPs have a minimum deductible of $1,600 for self-only coverage and a minimum deductible of $3,200 for family coverage.

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Deductible Deductions Health Savings Account Health Insurance 52

CorpStrat

JANUARY 22, 2024

As we settle into 2024, many teams have recently renewed their Employee Benefits plans. Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs) These accounts can be used for various health-related expenses, offering tax advantages and helping your employees save money.

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Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 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.

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Flexible Spending Account Health Savings Account Flexible Spending Deductions 98

WEX Inc.

AUGUST 21, 2024

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 105

Flexible Spending Account Flexible Spending Health Savings Account IT 105

WEX Inc.

JULY 15, 2024

We’re past the halfway point of 2024 and, for most of our flexible spending account (FSA) participants, that means there are less than six months to go until the end of their plan year. For example, if your plan year ends December 31, 2024, you would have until March 31, 2025, to file any 2024 claims.

Flexible Spending Account 97

Flexible Spending Account Flexible Spending Medical Management 97

WEX Inc.

MARCH 31, 2025

Some of the most common pre-tax benefits include: Health savings accounts (HSAs) Flexible spending accounts (FSAs) Commuter benefits Dependent care FSAs Retirement plan contributions (401(k)) Each of these benefits provides unique tax advantages that can make a big difference at tax time.

401(k) 52

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

WEX Inc.

MARCH 4, 2025

And only half of those surveyed in our Paying for Healthcare in America report said that they understand the differences among the different health spending accounts. 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.

Health Savings Account 59

Health Savings Account Flexible Spending Account Taxes Deductible 59

WEX Inc.

FEBRUARY 19, 2025

A dependent care flexible spending account (FSA) lets participants set aside pre-tax dollars to help pay for dependent care. Big savings potential Lets say you enrolled and contributed $5,000 per year into a dependent care FSA in 2024. Its a smart way to save money on expenses such as childcare or elderly care for a dependent.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Taxes Take Home Pay 52

Vantage Circle

FEBRUARY 26, 2025

Flexible Spending Accounts (FSAs) & Health Savings Accounts (HSAs/HRAs): Smart Tax-Saving Tools These accounts help employees set aside pre-tax money for healthcare expenses, reducing their financial burden. Bureau of Labor Statistics (BLS) as of September 2024: Civilian Workers: Employers spend an average of $46.84

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