InterWest Insurance Services

MAY 12, 2022

The IRS has announced significantly higher health savings account 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). HDHP minimum annual deductible.

Health Savings Account 96

Health Savings Account Deductions Deductible Health 96

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. Generally, a participant must pay their HDHP’s deductible before the plan can cover medical services.

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

InterWest Insurance Services

AUGUST 10, 2022

Employers who offer health savings account-eligible high-deductible health plans (HDHPs) to employees can significantly expand pre-deductible coverage for certain drugs used to manage chronic conditions — with only a tiny effect on premiums. Improved disease management. Improved disease management.

Deductions 88

Deductions Deductible Family and Medical Leave Act Health Savings Account 88

Benefit Resource Inc.

MAY 15, 2024

One choice that sticks out in the ever-changing world of employee benefits for both employers and employees is a Health Savings Account (HSA). Understanding the HSA Advantage HSAs are tax-advantaged savings accounts specifically designed to help individuals save for medical expenses.

Health Savings Account 52

Health Savings Account Healthcare Benefits Package Taxes 52

Proskauer's Employee Benefits & Executive Compensa

MARCH 22, 2022

Effective April 1, 2022, high-deductible health plans can once again offer first-dollar coverage for telehealth and other remote services without making participants ineligible for health savings account (“HSA”) contributions.

Deductions 97

Deductions Deductible Health Savings Account Taxes 97

PeopleKeep

SEPTEMBER 26, 2022

When considering health insurance policies for your organization, you may have wondered if it’s better to have a low deductible health plan (LDHP) or a high deductible health plan (HDHP). While HDHPs have higher deductibles than LDHPs, as the name implies, there can be benefits to taking on the risk.

Deductions 52

Deductions Deductible Health Savings Account Health Insurance 52

WEX Inc.

NOVEMBER 14, 2024

Participating in a health savings account (HSA) or flexible spending account (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.

401(k) 98

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

McDermott Will & Emery Employee Benefits

NOVEMBER 19, 2024

The Consolidated Appropriations Act (CAA), 2023 (Public Law 117-328), extended certain key virtual care flexibilities instituted during the COVID-19 public health emergency through December 31, 2024. This includes the telehealth safe harbor for health savings account-eligible high deductible health plans.

Health Savings Account 52

Health Savings Account Deductions Deductible Health and Welfare 52

Proskauer's Employee Benefits & Executive Compensa

JUNE 27, 2023

As a reminder, if an HDHP covers medical items and services before the participant satisfies the IRS minimum deductible (self-only or family), that coverage may disqualify the participant’s HSA contributions. Can an HDHP continue to provide pre-deductible coverage of COVID-19 testing and treatment without impacting HSA eligibility?

Deductions 52

Deductions Deductible Health Savings Account Medical 52

Benefit Resource Inc.

FEBRUARY 23, 2023

Health Savings Accounts (HSAs) are tax-advantaged accounts that allow you to pay for medical expenses now and in the future. Whether you already have an HSA or are looking at this account for the first time, BRI is here to share why we love this account so much. HSAs Are Not Use-It-Or-Lose.

Health Savings Account 52

Health Savings Account 401(k) Retirement Plan Taxes 52

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.

Deductions 52

Deductions Deductible Family and Medical Leave Act Health and Welfare 52

Benefit Resource Inc.

DECEMBER 21, 2022

Health savings accounts (HSAs) allow employees to save and build wealth for future medical costs. One of the biggest benefits of using an HSA is that the contributions are tax-deductible. One of the biggest benefits of using an HSA is that the contributions are tax-deductible. The Benefit of an HSA.

Health Savings Account 52

Health Savings Account Taxes Medical Health Insurance 52

PayrollOrg

MAY 10, 2024

The IRS announced the 2025 maximum contribution levels for health savings accounts (HSAs) and out-of-pocket spending limits and deductible minimums for high deductible health plans that must be used in conjunction with HSAs.

Health Savings Account 104

Health Savings Account Deductions Deductible 104

Benefit Resource Inc.

MARCH 31, 2023

As an employee with a Health Savings Account (HSA), knowing what you need to report during tax season is important. First, contributions to your HSA are tax-deductible, which means they’re not subject to federal income tax. Do you have additional pre-tax accounts and have questions about their tax implications as well?

Health Savings Account 52

Health Savings Account Taxes Healthcare Medical 52

WEX Inc.

MAY 10, 2024

2025 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. Health savings account (HSA) contribution limits are on the rise again in 2025. 2025 high-deductible health plan (HDHP) amounts and expense limits also increased.

Health Savings Account 105

Health Savings Account Deductions Deductible Taxes 105

WEX Inc.

OCTOBER 22, 2024

The available adoption credit begins to phase out for taxpayers with modified adjusted gross income in excess of $259,190 and is completely phased out for taxpayers with modified adjusted gross income of $299,190 or more.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Deductions 98

Benefit Resource Inc.

JUNE 20, 2019

Not all payroll deductions are created equal. Some people (although not many) may engage in a heated debate on the value of pre-tax deductions vs. post-tax deductions. Colleagues (even in our own organization) have asked “Why do we need post-tax deductions?” What is a pre-tax deduction?

Deductions 53

Deductions Deductible Taxes Health Savings Account 53

Money Talk

MAY 18, 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. The 2022 standard deduction is $12,950 for individuals ($14,700 age 65+) and $25,900 for married filing jointly ($28,700 if both spouses are age 65+).

Taxes 263

Taxes 401(k) Deductions Deductible 263

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.

Deductions 40

Deductions Deductible Family and Medical Leave Act Health and Welfare 40

WEX Inc.

OCTOBER 2, 2024

Understanding HSAs The number of health savings accounts (HSAs) has doubled nationwide in the last seven years , as more Americans turn to these accounts as a way to save on healthcare costs and prepare for retirement. HSA-eligible health plans typically have lower premiums but higher deductibles.

Employee Benefits 98

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 98

WEX Inc.

MAY 22, 2019

When it comes to managing employee benefits, employers are frequently turning to high-deductible health plans to help control costs. But managing – and keeping up with – HSA requirements has its difficulties.

Health Savings Account 61

Health Savings Account Deductions Deductible Healthcare 61

PeopleKeep

OCTOBER 26, 2020

The percentage of workers covered under HDHP plans has increased from four percent of all employer-sponsored health insurance plans in 2006 to 31 percent in 2020. A high deductible health plan (HDHP) paired with a Health Savings Account (HSA) is growing in popularity because it allows employees to pay for medical expenses tax-free.

Deductions 54

Deductions Deductible Health Savings Account Health Insurance 54

WEX Inc.

APRIL 25, 2024

High-deductible health plans (HDHPs) have become increasingly popular over the last few years by offering unique features and benefits that appeal to many individuals and families. An HDHP is a type of health plan characterized by its higher deductibles and typically lower premiums compared to traditional health plans.

Health Savings Account 52

Health Savings Account Deductions Deductible Out of Pocket Cost 52

WEX Inc.

NOVEMBER 19, 2024

Health savings account (HSA) eligibility is determined on an individual basis. If the employee is enrolled in a qualifying high-deductible health plan (HDHP) , does not have any disqualifying coverage, and cannot be claimed as another’s tax dependent, the employee is eligible to contribute to an HSA.

Health Savings Account 52

Health Savings Account Deductions Deductible Taxes 52

WEX Inc.

MAY 8, 2023

More employees are enrolling in a high-deductible health plan (HDHP) each year, including more than half of U.S. But there are still misunderstandings that exist among employees about the significant value of an HDHP (or HSA-eligible health plan) and how it compares to a traditional health plan.

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

WEX Inc.

MAY 17, 2023

2024 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. Health savings account (HSA) contribution limits are on the rise again in 2024. 2024 high-deductible health plan (HDHP) amounts and expense limits also increased.

Health Savings Account 98

Health Savings Account Deductions Deductible Taxes 98

Money Talk

JUNE 13, 2024

For example, you can hold investments for a year and a day or longer to qualify for lower long-term capital gains tax rates or consider tax-free investment vehicles such as Roth accounts and municipal bonds. Consult a Tax Professional - Consider consulting with a tax professional or financial advisor for personalized guidance and advice.

Taxes 125

Taxes 401(k) Retirement Plan Health Savings Account 125

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

WEX Inc.

MARCH 16, 2023

How much should I contribute to my health savings account (HSA) each month? If you’re covered by an HSA-eligible health plan (or high-deductible health plan ), the IRS allows you to put as much as $3,650 per year (in 2022) into your health savings account (HSA). What is an HSA?

Health Savings Account 98

Health Savings Account Deductions Deductible Healthcare 98

Money Talk

AUGUST 3, 2022

Consider Tax-Saving Gifts - Only about 10% of taxpayers today can itemize deductions and it generally requires a plan to aggregate sufficient deductible expenses that exceed the standard deduction amount ($12,950 for singles and $25,900 for married couples filing jointly).

Taxes 189

Taxes 401(k) Flexible Spending Account Deductions 189

Flimp Communications

OCTOBER 30, 2024

Health savings accounts (HSAs) are amazing tools for addressing the triple pillars of modern anxiety: money, health, and uncertainty about the future. Their tax advantages and investment potential can help employees reduce healthcare costs, save for retirement, and maximize tax refunds.

Deductions 52

Deductions Deductible Taxes Flexible Spending Account 52

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. They are only available to employees enrolled in a high-deductible health plan.

401(k) 85

401(k) Health Savings Account Pharmaceutical Deductions 85

WEX Inc.

OCTOBER 4, 2023

Participating in a health savings account (HSA) or flexible spending account (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.

401(k) 98

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

InterWest Insurance Services

MAY 16, 2024

After enrollment in high-deductible health plans soared during the last decade, 2022 marked the first year that enrollment in these plans fell among American workers since 2013, according to a new report by ValuePenguin. It hurts even more if they haven’t funded their health savings account (HSA), which often happens.

401(k) 84

401(k) Deductions Deductible Health Savings Account 84

WEX Inc.

MARCH 7, 2023

We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. It also shows pre-tax contributions made to your account by you and your employer through payroll deductions. The season for filing taxes is upon us once again.

Taxes 98

Taxes Health Savings Account Deductions Deductible 98

Benefit Resource Inc.

AUGUST 13, 2019

The term “high deductible health plan” has often carried with it a negative connotation for employees. According to a recent article from SHRM covering research from the Employees Benefit Research Institute (EBRI), enrollment in an HDHP promotes more conscious health care purchase decisions. Like this blog?

Deductions 45

Deductions Deductible Health Savings Account Employee Enrollments 45