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Visual health is a vital component of overall well-being, and unexpected eye-related expenses can put a strain on your finances. However, for participants of healthsavingsaccounts (HSAs) or medical flexible spending accounts (FSAs) , there are ways to alleviate the financial burden associated with vision-related costs.
The IRS has announced significantly higher healthsavingsaccount contribution limits for 2023, with the amount increasing more than 5% for individual HSA plans. The IRS also announced rises in the maximum contribution amounts to excepted-benefit health reimbursement arrangements (HRAs). Excepted-benefit HRAs.
Visual health is a vital component of overall well-being, and unexpected eye-related expenses can put a strain on your finances. However, for participants of healthsavingsaccounts (HSAs) or medical flexible spending accounts (FSAs) , there are ways to alleviate the financial burden associated with vision-related costs.
You must be enrolled in an HDHP to be eligible to participate in a healthsavingsaccount (HSA). PPOs are a common type of traditional health plan. And, if you have an HDHP and an HSA, you can pair both with a limited FSA (which covers dental, vision and preventive-care expenses) for even more savings!
Sunscreen can cost as much as $40 a bottle, but did you know you can actually use your healthsavingsaccount (HSA) or medical flexible spending account (FSA) funds on many SPF-related expenses? WEX receives compensation from some of the merchants identified in its blog posts. How’s your sunscreen stock?
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. Limited medical FSA, which covers eligible dental, vision and preventative care expenses.
Healthsavingsaccounts (HSAs) and flexible spending accounts (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.
Smaller employers may face challenges in providing these options, although participants have said they are interested in these health plan choices. More dental and vision Among employers with benefits administration through WEX , 68% of eligible employees enrolled in vision and 77% of eligible employees enrolled in dental.
As rising health insurance premiums and out-of-pocket costs for health care are burdening workers, more employers are looking for ways to help their staff put aside money for those expenses. While healthsavingsaccounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans.
Besides looking for better health coverage, there’s growing interest among employees for voluntary benefits that can buffer health care costs, like critical illness, accident and dental and vision insurance.
The IRS has announced significantly higher healthsavingsaccount 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. Medical devices.
Empower your employees with helpful resources that answer many of their lingering questions, including our blog , benefits toolkit , and knowledgebase of FSA-related videos and educational materials. Emphasize that eligible expenses encompass a wide range of medical, dental, and vision costs, as well as dependent care expenses.
A Limited FSA, or a Limited Purpose FSA, is one of several pre-tax accounts you may be able to sign up for through your company. It is used to pay for vision and dental expenses that are not covered by insurance. A Medical FSA can be used to pay for your out-of-pocket expenses related to medical care, dental care and vision.
A Limited Purpose FSA (also known as a Limited FSA or Limited Medical FSA) allows you to pay for dental and vision services with tax-free money. It’s a great partner plan if you have or want to enroll in a HealthSavingsAccount (HSA). Check out this blog. Orthodontia, including braces and retainers.
Earlier in 2023, the IRS also announced the maximum contribution limits to healthsavingsaccounts, which are similar to FSAs, but they must be attached to a high-deductible health plan. An FSA must be funded exclusively through employer contributions or employee pre-tax contributions, or a combination of the two.
In honor of National Sunglasses Day, we wanted to highlight eligible vision expenses you can pay for with your pre-tax accounts. As an overview, a pre-tax account is a type of benefit your employer may offer to help you cover out-of-pocket expenses. There are a variety of different plans and accounts available.
This can make HDHPs a great option for saving on monthly payments. Healthsavingsaccounts Another great perk of HDHPs is they can be paired with healthsavingsaccounts (HSAs). An HSA is a tax-advantaged savingsaccount that allows you to save money specifically for medical expenses.
Ancillary benefits : these types of benefits are in addition to standard health coverage, and can include dental, vision care, life insurance and short- or long-term disability coverage. The cost for the employee is usually taken out of the employees’ paycheck on a monthly or bi-weekly basis and the employer covers the rest.
Virtual-only plans legislation Waivers created by the March 2020 CARES Act, an economic rescue package in response to the pandemic, have allowed individuals to choose and buy the use of telehealth services outside of their high-deductible health plan without affecting their healthsavingsaccount eligibility.
HealthSavingsAccounts (or HSAs) are sometimes confusing. This includes co-pays, co-insurance, prescriptions, dental, vision and other medical expenses. For more guidance on simplifying the complexity of benefits for maximum savings and peace of mind, subscribe to the Benefit Resource Blog today.
Here are the four most common types of FSAs: Medical FSA: Allows employees to use pre-tax dollars to cover eligible medical expenses,dental, and vision expenses. Limited medical FSA: Similar to a medical FSA, but can be paired with high-deductible health plans (HDHPs) and healthsavingsaccounts (HSAs) , covering dental and vision expenses.
Pre-tax benefits are a powerful tool for saving money and maximizing your income. From flexible spending accounts (FSAs) to healthsavingsaccounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. This includes copayments, deductibles, prescriptions, and more.
” 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, HealthSavingsAccounts and Health Reimbursement Accounts, you can find the right plan to fit your needs.
The IRS has raised the maximum amount people can funnel into their healthsavingsaccounts by 7.8% The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. for 2024, the largest increase ever, brought to you by inflation.
For instance, understanding the employer contribution to a healthsavingsaccount (HSA) can motivate employees to enroll and contribute to it. This can motivate employees to utilize these benefits strategically, maximizing their overall compensation package.
In this blog, we have handpicked some of the best benefits platforms that cater to all your requirements. Findings from the Blog? Let's delve in. Highlights Meaning of an employee benefits platform Importance of employee benefits platform Choosing the right platform is essential for enhancing employee satisfaction and engagement.
These include: Health insurance and related services : These are the bread and butter of contemporary benefits. In addition to meaningful health coverage, it’s wise to have vision and dental insurance as part of this category. Be sure to evaluate whether or not these plan options make sense for your firm.
Understanding the basic rules of a healthsavingsaccount (HSA) is critical in driving employee participation. 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. What expenses are eligible?
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