WEX Inc.

AUGUST 2, 2023

A flexible spending account (FSA) allows participants to save money by setting aside pre-tax dollars to pay for eligible medical, dental , vision and dependent care expenses incurred by you, your spouse, or your eligible dependents. Combination FSA, which is a limited FSA that converts into a medical FSA once the IRS deductible is met.

Flexible Spending Account 98

Flexible Spending Account Deductible Deductions Health 98

WEX Inc.

OCTOBER 4, 2023

Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. You must be enrolled in a high-deductible health plan (HDHP) to be eligible, which lowers you insurance premiums. Traditional health plans typically have higher premiums but lower deductibles.

401(k) 98

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

WEX Inc.

AUGUST 15, 2023

For first-time health insurance and benefits electees, we’re kicking off a three-part blog series just for you to walk through considerations when making these decisions. If you rarely require medical care and prefer to save on monthly premiums, a plan with a higher deductible and lower premiums might be suitable.

Deductible 98

Deductible Deductions Healthcare Flexible Spending Account 98

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.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? What is a medical flexible spending account (FSA)? The information in this blog post is for educational purposes only. WEX receives compensation from some of the merchants identified in its blog posts.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

InterWest Insurance Services

MARCH 22, 2022

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Flexible spending account. The employee chooses how much they want to put into the plan each year and this is deducted from their paycheck automatically for each payroll period.

Flexible Spending Account 96

Flexible Spending Account 401(k) Flexible Spending Deductible 96

McDermott Will & Emery Employee Benefits

OCTOBER 19, 2022

The maximum salary reduction limit for a health flexible spending account (Health FSA) increased to $3,050 for 2023 (from $2,850 in 2022), and the Health FSA carryover […]. The post IRS Announces Cost-of-Living Adjustments for Health and Welfare Plans appeared first on EMPLOYEE BENEFITS BLOG.

Health and Welfare 98

Health and Welfare Flexible Spending Account Flexible Spending Salary 98

InterWest Insurance Services

OCTOBER 27, 2022

Flexible spending account: With an FSA an employee pays — on a pre-tax basis through salary reduction — for out-of-pocket medical expenses that aren’t covered by insurance (for example, annual deductibles, doctor’s office copayments, prescriptions, eyeglasses and dental costs).

Flexible Spending Account 97

Flexible Spending Account Employment Flexible Spending Deductible 97

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. Subscribe to our blog.

Health Savings Account 98

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

WEX Inc.

OCTOBER 9, 2024

Health savings accounts (HSAs) and flexible spending accounts (FSAs) are often misunderstood, despite their significant financial advantages. Contributions are tied to enrollment in a high-deductible health plan (HDHP). The information in this blog post is for educational purposes only. It is not legal or tax advice.

Flexible Spending Account 95

Flexible Spending Account Health Savings Account Flexible Spending Taxes 95

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. 7,750 for family coverage (up $450). The takeaway.

401(k) 98

401(k) Deductible Deductions Flexible Spending Account 98

InterWest Insurance Services

SEPTEMBER 23, 2024

They have three specific flexible benefits for your employees to choose from: Pre-tax health insurance premium deductions Premium-only plans allow your employees to elect to withhold a portion of their pre-tax salary to pay for their portion of the premium contribution to their employer-sponsored plan.

Flexible Spending Account 94

Flexible Spending Account Benefits Package Deductible Deductions 94

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. HDHPs feature higher deductibles and more out-of-pocket expenses in exchange for lower premiums upfront. While the number of U.S.

Voluntary Benefits 97

Voluntary Benefits Flexible Spending Account Deductible Deductions 97

WEX Inc.

SEPTEMBER 14, 2023

Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. An informative blog , educational videos and savings and goal calculators make it easy for you to determine your plan elections. Open enrollment comes just once a year.

401(k) 98

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

InterWest Insurance Services

JULY 20, 2022

Keep in mind that the ritual of choosing a benefits package is a brand-new experience for people who are new to the workforce, and you should prepare to educate new employees on how to effectively choose and use their new coverages, as well as all the details like premiums, deductibles and out-of-pocket expenses.

Education 98

Education 401(k) Deductible Deductions 98

InterWest Insurance Services

MARCH 4, 2022

While health savings accounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans. You can claim a tax deduction for the funds you transfer to your employees’ HRAs, and the funds they withdraw from the accounts to reimburse for medical-related expenses are generally tax-free.

Medical 98

Medical Health Insurance Out of Pocket Cost Deductible 98

InterWest Insurance Services

DECEMBER 9, 2021

HDHP telehealth services — The CARES Act, signed into law in 2020 after the pandemic started, temporarily allowed high-deductible health plans to pay for telehealth services before an enrollee had met their deductible. 1, 2022, HDHPs must charge enrollees for telehealth services if they have not yet met their deductible. .

Health Insurance 98

Health Insurance Insurance Insurance Carriers Deductible 98

WEX Inc.

NOVEMBER 27, 2024

Nearly two-thirds of large employers provide their employees with the choice of a high-deductible health plan (HDHP) and a traditional health plan, such as a preferred provider organization (PPO), during open enrollment. The IRS sets deductible limits that determine what is an HDHP. But there are high-deductible PPOs, as well.

Deductible 52

Deductible Deductions Health Savings Account Flexible Spending Account 52

Benefit Resource Inc.

JUNE 4, 2019

While insurance is available to cover insulin, between high deductibles and the high cost of insulin, many are still left with bills that are difficult to pay. For more guidance on simplifying the complexity of benefits for maximum savings and peace of mind, subscribe to the Benefit Resource Blog today.

Flexible Spending Account 85

Flexible Spending Account Flexible Spending Health Savings Account Insurance 85

Benefit Resource Inc.

OCTOBER 18, 2018

If you have a Flexible Spending Account (FSA), you know that every year during Open Enrollment (OE), you choose how much to put aside in the account, otherwise known as your election. Annual deductible. See Part B of our blog FSA Eligible Purchases for the End of the Year ). Do you meet your deductible every year?

Deductible 74

Deductible Deductions Health Flexible Spending Account 74

Benefit Resource Inc.

DECEMBER 30, 2022

Choosing between a Health Savings Account (HSA) and a Flexible Spending Account (FSA) can be overwhelming. HSAs are available to only certain high-deductible health plan participants while FSAs offer funds that stay with you through life’s milestones so that you’ll always have extra coverage if needed. visit bri blog.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Benefit Resource Inc.

MAY 27, 2021

Fortunately, there’s another option… Enroll in a Limited Purpose Flexible Spending Account (FSA). Here are some examples of what you can spend those funds on: Artificial teeth/dentures/denture cleaners. Copayments and dental plan deductibles. Check out this blog. Fluoridation services.

Flexible Spending Account 75

Flexible Spending Account Flexible Spending Health Savings Account Health 75

WEX Inc.

SEPTEMBER 4, 2024

For first-time health insurance and benefits electees, we’re kicking off a three-part blog series just for you to walk through considerations when making these decisions. If you rarely require medical care and prefer to save on monthly premiums, a plan with a higher deductible and lower premiums might be suitable.

Deductible 52

Deductible Deductions Flexible Spending Account Healthcare 52

Benefit Resource Inc.

MARCH 16, 2021

The limit for dependent care flexible spending accounts has been stuck at $5,000 since the account’s inception in the 1980s. Read our blog to learn more about what to expect. But a new bill from Congress passed last week and is changing that. What is the new limit for Dependent Care? Next steps for employers.

Flexible Spending Account 76

Flexible Spending Account Benefit Providers Flexible Spending Deductible 76

Qandle

JUNE 20, 2023

Benefits and Deductions: Collect information related to employee benefits and deductions, such as health insurance, retirement contributions, flexible spending accounts, loan repayments, or garnishments. A detailed overview appeared first on The Qandle Blog. Ensure accuracy and verify any changes or updates.

Payroll 70

Payroll Flexible Spending Account Overtime Payroll Software 70

Benefit Resource Inc.

MARCH 28, 2024

From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. Know Your Pre-Tax Benefit Options Flexible spending accounts (FSAs): An FSA allows you to set aside pre-tax dollars for eligible healthcare expenses.

Flexible Spending Account 52

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

WEX Inc.

SEPTEMBER 12, 2023

In the second blog post in our three-part series to educate first-time participants, we walk through a few factors you should consider when choosing among employee benefits accounts for the first time. Click here for the first blog post in our series on choosing a health plan for the first time.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 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. 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

WEX Inc.

JANUARY 4, 2023

In this blog post, we outline some of the ways your ability to use your employee benefits changes when you elect COBRA. You are still eligible to participate and contribute to an HSA while on COBRA as long as: You’re enrolled in an HSA-eligible health plan (or high-deductible health plan ). It is not legal or tax advice.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

WEX Inc.

SEPTEMBER 18, 2024

Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. An informative blog , educational videos and savings and goal calculators make it easy for you to determine your plan elections. Open enrollment comes just once a year.

401(k) 52

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

Benefit Resource Inc.

OCTOBER 21, 2019

” In the case of pre-tax benefits, we like to say “There’s a plan for that” Regardless of your benefits problem, by comparing Flexible Spending Accounts, Health Savings Accounts and Health Reimbursement Accounts, you can find the right plan to fit your needs. Recommendation: Medical Flexible Spending Account.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending 401(k) 40

Flimp Communications

OCTOBER 30, 2024

About half of American employers offer HSAs — coupled with high-deductible health plans (HDHPs) — but, according to one study , 69% of employees don’t understand their benefits or uses. Not only are HSA contributions tax deductible, but investment growth and funds used for qualified medical expenses are also protected.

Deductible 52

Deductible Deductions Taxes Flexible Spending Account 52

McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Social Security Administration […] The post IRS Announces 2024 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG. 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.

APRIL 12, 2023

First, employees need to be covered by an HSA-eligible health plan, otherwise known as a high-deductible health plan (HDHP). They can’t be covered by any other health plan that would disqualify them from an HSA, such as a spouse’s plan or a medical flexible spending account (FSA). It is not legal or tax advice.

Health Savings Account 52

Health Savings Account Deductible Deductions Flexible Spending Account 52

Benefit Resource Inc.

OCTOBER 24, 2019

Out-of-pocket costs include deductibles, coinsurance, and copayments for covered services plus all costs for services that aren’t covered” This is where tax free accounts from Benefit Resource come in. Qualified high deductible health plan. Flexible Spending Account. Type of Insurance Plan.

Out of Pocket Cost 45

Out of Pocket Cost Flexible Spending Account Flexible Spending Health Savings Account 45

McDermott Will & Emery Employee Benefits

OCTOBER 21, 2022

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

Employee Benefits 98

Employee Benefits Flexible Spending Account Employment Health Savings Account 98

Benefit Resource Inc.

JUNE 6, 2019

And by “free” I mean you don’t have to pay even if you haven’t met your deductible or if you have a cost-sharing program that typically involves a co-pay or co-insurance. If you haven’t met your deductible, you will have to pay a portion of the cost-sharing based on your plan.

Out of Pocket Cost 61

Out of Pocket Cost Health Savings Account Mining Healthcare 61