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.

Voluntary Benefits 97

Voluntary Benefits Flexible Spending Account Deductions Deductible 97

WEX Inc.

MAY 2, 2024

For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. Health reimbursement arrangement An HRA is an employer-funded benefits plan that employees use to save pre-tax dollars on medical costs. In an HSA, in 2024, a single has a limit of $4,150 and family $8,300.

Health Savings Account 98

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

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. HSAs allow your staff to set aside a portion of their pre-tax earnings into an account they can tap later to reimburse for qualified medical expenses, including copays, coinsurance, deductibles and medications.

401(k) 98

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.

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. It is not legal or tax advice. What are the different FSAs you can offer?

Flexible Spending Account 52

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). percent of the employee’s household income for the year for purposes of both the pay or play rules and premium tax credit eligibility.

Electronics 52

Electronics Overtime Flexible Spending Account Salary 52

Higginbotham

JANUARY 12, 2024

These setups can often provide substantial tax benefits as well. Health accounts can provide advantages to both the employer and the employee, including the following: Flexibility: It’s hard to find employee benefits that fit everyone’s needs. This can reduce the income taxes that employees owe.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 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

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

It can be funded with pre-tax dollars, and withdrawals are not taxed as long as they are used for eligible medical expenses, making it a tax-advantaged way to pay for medical costs. However, unlike Flexible Spending Accounts (FSAs), HSAs are owned by the employee, and unused funds never expire.

Deductible 52

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.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

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. It is not legal or tax advice.

Flexible Spending Account 105

Flexible Spending Account Flexible Spending Health Savings Account IT 105

WEX Inc.

MARCH 31, 2025

Tax season is in full swing, and as the April 15 filing deadline approaches, employees are looking for ways to maximize their savings. Taking full advantage of pre-tax benefits. What are pre-tax benefits? What are pre-tax benefits? These contributions may be tax-deductible, depending on income and filing status.

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. You also pay the average American tax rate of 24.8 appeared first on WEX Inc.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Taxes Take Home Pay 52

Vantage Circle

FEBRUARY 26, 2025

peoplekeep.com Unlocking Tax Advantages Many employee benefits offer tax advantages for both employers and employees. For instance, contributions to health insurance premiums and retirement plans can be tax-deductible for employers, while employees may receive these benefits tax-free. What Do Employee Benefits Cost?

Family and Medical Leave Act 59

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