Griffin Benefits

JUNE 7, 2023

On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. Eligible individuals with family HDHP coverage will be able to contribute $8,300 to their HSAs for 2024, up from $7,750 for 2023.

Health Savings Account 80

Health Savings Account Deductions Deductible Taxes 80

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. These limits undergo annual adjustments to account for inflation. These limits undergo annual adjustments to account for inflation.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Deductions 98

WEX Inc.

OCTOBER 15, 2024

Today, to commemorate National Health Savings Account Awareness Day (HSA Day) celebrated annually on October 15, WEX is highlighting available resources to help employers and employees better understand the impressive value of HSAs for both wellbeing and wallets. It is not legal, tax, or investment advice.

401(k) 52

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

OCTOBER 1, 2024

Health savings accounts (HSAs) offer a powerful tool for managing healthcare expenses and saving for the future, but how you use them depends on your personal goals and financial situation. The post HSA Day 2024: Empower your health. By linking to these products, WEX is not endorsing these products.

Health Savings Account 52

Health Savings Account Healthcare Medical Taxes 52

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 2023, BRI was acquired by Millennium Trust, a leading provider of health, wealth, retirement, and benefits solutions. ROCHESTER, N.Y.,

Health Savings Account 52

Health Savings Account Flexible Spending Account Flexible Spending Taxes 52

WEX Inc.

MAY 10, 2024

Health savings account (HSA) contribution limits are on the rise again in 2025. These are increases of $150 and $250, respectively, from 2024 HSA limits. What are the 2024 and 2025 HSA contribution limits? 2025 high-deductible health plan (HDHP) amounts and expense limits also increased.

Health Savings Account 105

Health Savings Account Deductions Deductible Taxes 105

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. Certain health and welfare plan limits have not yet been released.

Health and Welfare 105

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

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

PeopleStrategy

DECEMBER 12, 2023

Let’s get into these areas that deserve another look before the new year starts: health savings accounts, overtime, retirement, remote employment, and the Affordable Care Act. HSA Compliance Health savings accounts (HSAs) have become commonplace in the last several years as a way to offset high deductible health plans.

401(k) 52

401(k) Overtime Health Savings Account Retirement Plan 52

WEX Inc.

MAY 2, 2024

Health reimbursement arrangements (HRAs) and health savings accounts (HSAs) are great tools for you and your employees to save money, and for your employees to prepare for potential medical expenses. For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention.

Health Savings Account 98

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

InterWest Insurance Services

JUNE 8, 2023

The IRS has raised the maximum amount people can funnel into their health savings accounts by 7.8% for 2024, the largest increase ever, brought to you by inflation. The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans.

Deductions 52

Deductions Deductible Health Savings Account Medical 52

InterWest Insurance Services

JULY 11, 2024

The Department of Labor’s new fiduciary rule, which mainly applies to 401(k) plans, will also affect employers who offer their staff health savings accounts. The new rule, which takes effect September 2024, bars employers from providing advice to their workers on how they should invest the funds in the HSA they offer.

401(k) 86

401(k) Health Savings Account Employment Commissions 86

InterWest Insurance Services

JUNE 20, 2024

The IRS has announced significantly higher health savings account contribution limits for 2025, with the amount increasing 3.6% The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. for individual HSA plans.

Deductions 80

Deductions Deductible Health Savings Account Medical 80

InterWest Insurance Services

MARCH 7, 2024

If you have staff with health savings accounts, they still have until April 15 to make additional contributions to their accounts if they want to reduce their tax bills for last year. For 2024, the limits are $4,150 for single coverage and $8,300 for family coverage.)

401(k) 85

401(k) Health Savings Account Pharmaceutical Deductions 85

WEX Inc.

AUGUST 21, 2024

The IRS normally allows up to a $640 carryover in 2024 of medical FSA funds from one plan year to the next. With a health savings account (HSA) , all funds carry over from year to year. That’s one reason HSAs are “savings” accounts, while FSAs are “spending” accounts. It is not legal or tax advice.

Flexible Spending Account 105

Flexible Spending Account Flexible Spending Health Savings Account IT 105

Employee Benefits

JUNE 28, 2024

The technology firm surveyed 250 full-time employees and HR leaders between the ages of 18 and 65 for its 2024 State of employee financial wellness report. It found that while 95% of employers believe they have a responsibility to support financial wellbeing, only 36% of employees feel completely financially stable.

Retirement Plan 88

Retirement Plan Health Savings Account Health Insurance Employment 88

WEX Inc.

OCTOBER 8, 2024

While health savings accounts (HSAs) can support short-term and emergency needs , HSA participants are increasingly taking advantage of these accounts’ investment potential. This blog post was most recently updated in October 2024. In 2023, HSA investment assets grew 37% year-over-year to nearly $46 billion.

401(k) 52

401(k) Health Savings Account Deductions Deductible 52

InterWest Insurance Services

JULY 4, 2024

workers choosing high-deductible health plans has leveled off during the last two years, uptake has been growing rapidly among one segment of the working population: Gen Z employees. The plans are typically tied to a health savings account (HSA), which employees can fund with pre-tax dollars to reimburse for health-related expenses.

Voluntary Benefits 78

Voluntary Benefits Flexible Spending Account Deductions Deductible 78

InterWest Insurance Services

DECEMBER 7, 2023

The IRS recently announced that the annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, up $150 from this year. Also, employees will be able to carry over up to $640 next year into 2025 if they have funds left over in their account, if their employer allows it (it’s optional).

Flexible Spending Account 86

Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 86

WEX Inc.

AUGUST 22, 2024

Invest your HSA funds Investing your HSA funds can enable your money to grow faster, tax-free, and help supplement your needs long-term while you save for retirement. In fact, only 8% of account holders were investing their HSA balance in 2024. This pairing helps expand your savings potential over time.

401(k) 52

401(k) Health Savings Account Retirement Plan Taxes 52

InterWest Insurance Services

JANUARY 11, 2024

Despite group health plan inflation increasing again in 2024, a new study has found that employers continue staying the course in not shifting costs to employees who may already be overstretched by inflation and medical bills. Making larger health savings account contributions to lower-paid employees.

Employment 78

Employment Health Savings Account Medical Insurance 78

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

provisions make some significant changes for retirement plans , but CAA 2023 also extends the telehealth plan safe harbor for high-deductible health plans (“HDHPs”) that were first introduced in the 2020 CARES Act. cut scheduled for 2024. Mental Health Parity Enforcement. Not only do the CAA 2023’s “SECURE 2.0”

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

Higginbotham

SEPTEMBER 16, 2024

Are you offering your employees health insurance options that work for their budgets? 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.

Deductions 52

Deductions Deductible Health Savings Account Health Insurance 52

Empuls

FEBRUARY 26, 2024

  Workplace dynamics are constantly evolving, the year 2024 promises a revolutionary shift in how organizations approach employee experience. Hybrid working models will be on the rise The remote work revolution that gained momentum in the previous years shows no signs of slowing down in 2024.

Employee Benefits 40

Employee Benefits Financial Counseling Healthcare Benefits Package 40

InterWest Insurance Services

JULY 13, 2023

Employers who were surveyed for a new report expected that group health insurance premiums would increase 5.4% this year and at a faster clip in 2024 as inflation hits medical costs. It definitely means paying close attention when employees say they need better support for their mental health.” copay plan).

Employment 86

Employment Out of Pocket Cost Health Insurance Health Savings Account 86

Best Money Moves

OCTOBER 22, 2024

According to the 2023-2024 Aflac WorkForces Report, 50% of workers report anxiety about out-of-pocket health care expenses, even beyond what insurance covers. Furthermore, 51% of employees would need to dip into their savings or checking accounts for unexpected medical bills.

Out of Pocket Cost 59

Out of Pocket Cost Healthcare Health Savings Account Medical 59

CorpStrat

JANUARY 22, 2024

As we settle into 2024, many teams have recently renewed their Employee Benefits plans. It’s worth checking out the specifics, as this can lead to significant savings. Together, let’s ensure that 2024 is a year of health and well-being for you and your employees!

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

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. Retirement plan maximums.

401(k) 84

401(k) Deductions Deductible Flexible Spending Account 84

Best Money Moves

OCTOBER 22, 2024

According to the 2023-2024 Aflac WorkForces Report, 50% of workers report anxiety about out-of-pocket health care expenses, even beyond what insurance covers. Furthermore, 51% of employees would need to dip into their savings or checking accounts for unexpected medical bills.

Out of Pocket Cost 52

Out of Pocket Cost Healthcare Health Savings Account Medical 52

Empuls

AUGUST 27, 2024

In this all-encompassing guide, we look at the best available options concerning Employee Benefits Options in 2024, different types, and significance, along with best practices in designing a benefits package to suit the workforce's needs. FAQ’s What are the main types of employee benefits for 2024?

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits 401(k) Benefits Package 40

InterWest Insurance Services

AUGUST 1, 2023

For 2024, for a plan to qualify as an HDHP the deductible must be at least $1,400 for an individual and $2,800 for a family. These plans usually have an attached health savings account to which your workers can transfer funds pre-tax from their paychecks to use for paying deductibles, copays and other medical expenses.

Family and Medical Leave Act 94

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 94

InterWest Insurance Services

AUGUST 22, 2023

For 2024, for a plan to qualify as an HDHP the deductible must be at least $1,400 for an individual and $2,800 for a family. These plans usually have an attached health savings account to which your workers can transfer funds pre-tax from their paychecks to use for paying deductibles, copays and other medical expenses.

Family and Medical Leave Act 89

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 89

Snell & Wilmer Benefits

JANUARY 24, 2023

There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years. For calendar year plans, this extension means that the plan may offer the telehealth relief for the 2023 and 2024 plan years. The 2023 CAA telehealth relief is temporary.

Deductions 52

Deductions Deductible Family and Medical Leave Act Health and Welfare 52

WEX Inc.

JUNE 13, 2024

Limited medical FSA: Similar to a medical FSA, but can be paired with high-deductible health plans (HDHPs) and health savings accounts (HSAs) , covering dental and vision expenses. Real-time notifications : Look for vendors that provide real-time notifications for transactions and account balances.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account Taxes 52

Higginbotham

JUNE 9, 2023

HSA/HDHP Limits Will Increase for 2024 On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The following chart shows the HSA and HDHP limits for 2024 as compared to 2023.

Deductions 52

Deductions Deductible Health Insurance Taxes 52

Proskauer's Employee Benefits & Executive Compensa

JUNE 27, 2023

Notice 2023-37 confirms that an HDHP can provide pre-deductible coverage of COVID-19 testing and treatment for plan years ending on or before December 31, 2024. Yes, for a limited time. For subsequent plan years, the HDHP may continue to cover COVID-19 testing and treatment subject to the plan’s minimum deductible.

Deductions 52

Deductions Deductible Health Savings Account Medical 52