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And did you know that a variety of fertility and infertility treatments are eligible for health savings account (HSA) and medical flexiblespendingaccount (FSA) funds? The information in this blog post is for educational purposes only. What are fertility benefits? Here are a few to-dos for you.
The IRS recently announced that the annual contribution limit for flexiblespendingaccounts 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).
However, for participants of health savings accounts (HSAs) or medical flexiblespendingaccounts (FSAs) , there are ways to alleviate the financial burden associated with vision-related costs. The information in this blog post is for educational purposes only. It is not legal or tax advice.
If you’ve never been asked if you would like to participate in an employee benefits account before, you might be asking yourself, “What are all these acronyms?” Click here for the first blog post in our series on choosing a health plan for the first time. Subscribe to our blog to stay updated on all the benefits information!
As we prepare for another exciting year of sharing the latest trends and practical insights to improve your benefits experience and that of your employees, lets take a moment to revisit our top 2024 benefits blog posts. Check out our blog post to simplify your FSA experience and make the most of your benefits!
Participating in a health savings account (HSA) or flexiblespendingaccount (FSA) is a great way to save money. Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. It is not legal or tax advice.
Medical flexiblespendingaccounts (medical FSAs) are use-or-lose accounts. Subscribe to our blog so you’ll get benefits tips sent right to your email inbox! The information in this blog post is for educational purposes only. How well do your employees understand their FSA’s plan rules?
Fortunately, health savings accounts (HSAs) and flexiblespendingaccounts (FSAs) cover many common winter eligible expenses you might turn to this time of year! The information in this blog post is for educational purposes only. WEX receives compensation from some of the merchants identified in its blog posts.
In an earlier blog post , I described 12 tax planning topics for 2022. Now that 2021 income tax season has been over for a month and the dust has settled, it is time to start some serious tax planning for 2022.
Flexiblespendingaccounts (FSA) Flexiblespendingaccounts (FSAs) offer a valuable tax-advantaged benefit, but the IRS use-or-lose rule can result in forfeited funds if employees dont use their balances by the deadline. The information in this blog post is for educational purposes only.
In fact, staying on top of your health savings account (HSA) , flexiblespendingaccount (FSA) , or any other plan you signed up for throughout the year can pay off for you. Right after you log in to your online account or the benefits mobile app, youll see a Tasks menu. It is not legal or tax advice.
The maximum salary reduction limit for a health flexiblespendingaccount (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.
Schedule workshops or webinars to break down complex topics like: Health savings accounts (HSAs) Flexiblespendingaccounts (FSAs) Retirement planning options Emphasize the total rewards picture Highlight how your benefits program fits into your companys total rewards strategy. Learn more by subscribing to our blog.
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. However, your eligibility for either account can be influenced by the health plan you choose. The information in this blog post is for educational purposes only.
An informative blog , educational videos and savings and goal calculators make it easy for you to determine your plan elections. This is your best opportunity to discuss available plans with your employer and learn what has changed from the previous year. The “daily grind” can often get in the way of the big picture, but don’t let it!
HSAs and FSAs: Service dog expenses Health savings accounts (HSAs) and flexiblespendingaccounts (FSAs) may provide an additional avenue for covering the cost of a service dog. The information in this blog post is for educational purposes only. Peace of mind knowing that your pet is covered for life.
Last year, I wrote a blog post about mid-year financial check-up s for the OneOp Personal Finance team. In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexiblespendingaccounts, financial goal progress, and investment portfolio status.
You might be surprised to learn that your health savings account (HSA) and medical flexiblespendingaccount (FSA) can help you save on purchases of a variety of back-to-school, expenses, including: Thermometers. For more insights about HSAs or FSAs, subscribe to our blog or check out our eligible expense list.
Did you recently elect to participate in a medical flexiblespendingaccount (FSA) ? What is a medical flexiblespendingaccount (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.
And did you know that a variety of fertility and infertility treatments are eligible for health savings account (HSA) and medical flexiblespendingaccount (FSA) funds? The information in this blog post is for educational purposes only. What are fertility benefits? Here are a few to-dos for you.
Sunscreen can cost as much as $40 a bottle, but did you know you can actually use your health savings account (HSA) or medical flexiblespendingaccount (FSA) funds on many SPF-related expenses? Sunscreen There’s a good chance you’re planning on spending some time in the sun over the next few months.
When things change at lightspeed, it is imperative to have team members who understand what you need to do to stay in compliance, but also develop a detailed plan to execute, predict and account for downstream impacts. The information in this blog post is for educational purposes only. Check out our handout. Download now!
However, for participants of health savings accounts (HSAs) or medical flexiblespendingaccounts (FSAs) , there are ways to alleviate the financial burden associated with vision-related costs. The information in this blog post is for educational purposes only. It is not legal or tax advice.
A flexiblespendingaccount (FSA) carryover is one way you can provide flexibility to employees who participate in these accounts. Read our blog posts on grace periods and run-out periods for the rest of the series. This blog was originally published in August 2021 and most recently updated in August 2023.
A dependent care flexiblespendingaccount lets participants set aside pre-tax dollars to help pay for dependent care. For example, if you’re putting $5,000 into the account, that would leave $1,000 that you can apply the tax credit to before you’ve reached the $6,000 ceiling for the credit. It is not legal or tax advice.
For those who have health savings accounts (HSAs) or medical flexiblespendingaccounts (FSAs) , there are opportunities to save money on these expenses. The information in this blog post is for educational purposes only. WEX receives compensation from some of the merchants identified in its blog posts.
To kick off another year of providing you with the employee benefits tips and information you need, we wanted to look back at your favorite blog posts from the last year. Here are our top 10 blog posts from 2022: Your HSA when you change jobs Were you among the 20% of workers expected to quit their jobs in 2022?
Participating in a health savings account (HSA) or flexiblespendingaccount (FSA) is a great way to save money. Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. It is not legal or tax advice.
The IRS requires your flexiblespendingaccount (FSA) participants to submit documentation to prove their purchase was an eligible expense. The information in this blog post is for educational purposes only. WEX receives compensation from some of the merchants identified in its blog posts.
Pre-tax employee benefits plans, such as HSAs and flexiblespendingaccounts (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.
A flexiblespendingaccount (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. The information in this blog post is for educational purposes only. What happens to it?
Health savings accounts (HSAs) and flexiblespendingaccounts (FSAs) are often misunderstood, despite their significant financial advantages. It’s time to clarify the ins and outs of these tax-saving healthcare accounts and answer some HSA and FSA FAQs. It is not legal or tax advice.
We think it’s pretty obvious, but we LOVE FlexibleSpendingAccounts (FSAs). With roughly 160 FlexibleSpendingAccount (FSA)-related blogs on our site concentrating on eligibility, spending options, plan strategy, savings, and more…we cover it all! Check out our other blogs here !
In fact, staying on top of your health savings account (HSA) , flexiblespendingaccount (FSA) , or any other plan you signed up for throughout the year can pay off for you. Right after you log in to your online account or the benefits mobile app, you’ll see a “Tasks” menu. It is not legal or tax advice.
Flexiblespendingaccounts (FSAs) are a powerful tool for individuals and employers to save money on healthcare and dependent care expenses. The information in this blog post is for educational purposes only. WEX receives compensation from some of the merchants identified in its blog posts. Download now!
Flexiblespendingaccount. Call us for more information on how you can set up a flexible benefit plan for your staff. There are several types of flexible benefit plans, including cafeteria plans and flexiblespendingaccounts. Flexiblespendingaccounts.
In previous articles, we have covered several strategies for demystifying HSAs , HDHPs, and similarly confusing tax-advantaged programs like flexiblespendingaccounts (FSAs). Your options include: A well-timed and concise email. Feel free to copy all you want from this HSA/HDHP email template.) Explanatory videos.
You can also read our blog on substantiation. Savings If you have a pre-tax benefit account like a FlexibleSpendingAccount , Health Savings Account , or Commuter Benefit Account , you’re already ahead of the game. If you still have a question on claims, visit our FAQs page.
It’s about what a health savings account or a flexiblespendingaccount can do for them." The information in this blog post is for educational purposes only. WEX receives compensation from some of the merchants identified in its blog posts. It is not legal or tax advice.
Flexiblespendingaccount: 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).
As we close out the decade, we look back at the most educational, news breaking blogs. From tax reform to how-to articles, here are the top 10 blogs from Benefit Resource: Check Your Balance. From the FSAStore to Amazon, here are the best places to use up your FlexibleSpendingAccount funds.
Benefits and Deductions: Collect information related to employee benefits and deductions, such as health insurance, retirement contributions, flexiblespendingaccounts, loan repayments, or garnishments. Payroll Reconciliation: Before processing payroll, perform a thorough reconciliation of all payroll-related accounts.
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. However, your eligibility for either account can be influenced by the health plan you choose. The information in this blog post is for educational purposes only.
An informative blog , educational videos and savings and goal calculators make it easy for you to determine your plan elections. This is your best opportunity to discuss available plans with your employer and learn what has changed from the previous year. The “daily grind” can often get in the way of the big picture, but don’t let it!
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