article thumbnail

4 considerations when choosing employee benefits for the first time

WEX Inc.

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.

article thumbnail

Your HSA and your tax return: 4 tips for filing

WEX Inc.

It also shows pre-tax contributions made to your account by you and your employer through payroll deductions. Its a little different from your W-2 because itll show any contributions not just those made through payroll deductions. Subscribe to our blog for the latest insights on employee benefits.

Taxes 98
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Ten Tax Planning Tips for 2022

Money Talk

In an earlier blog post , I described 12 tax planning topics for 2022. Since there is no longer a non-itemizer’s charitable deduction in 2022 and only about 10% of tax filers itemize, you’ll probably have fewer receipts to save. Common filing methods include file folders, a large envelope, and a designated desk drawer. .

Taxes 263
article thumbnail

IRS Announces 2025 Limits for Health Savings Accounts, High-Deductible Health Plans and Excepted Benefit HRAs

McDermott Will & Emery Employee Benefits

The Internal Revenue Service (IRS) recently announced (see Revenue Procedure 2024-25) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2025.

article thumbnail

CMS Announces 2023 Medicare Premiums and Deductibles

McDermott Will & Emery Employee Benefits

On September 27, 2022, the Centers for Medicare & Medicaid Services (CMS) released 2023 premiums, deductibles and coinsurance amounts for Medicare Parts A and B, and the Medicare Part D income-related monthly adjustment amounts. The post CMS Announces 2023 Medicare Premiums and Deductibles appeared first on EMPLOYEE BENEFITS BLOG.

article thumbnail

HSA vs. FSA: See how you’ll save with each

WEX Inc.

You must be enrolled in a high-deductible health plan (HDHP) to be eligible, which lowers you insurance premiums. Health savings accounts have a triple-tax advantage, meaning distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible. It is not legal or tax advice.

401(k) 98
article thumbnail

IRS Loosens Preventive Care Coverage Rules

InterWest Insurance Services

New guidance issued by the IRS expands the types of preventive care benefits that high-deductible health plans are required to cover with no out-of-pocket costs on the part of plan enrollees. Benefits under HDHPs typically do not kick in until the enrollee has met their deductible.