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Your HSA and your tax return: 4 tips for filing

WEX Inc.

We wanted to share a few tips and reminders about the health savings account (HSA) information youll need for your tax return. Make sure your W-2 form shows HSA payroll contributions Provided by your employer, your W-2 shows the wages you earned and any taxes withheld. You’ll need this form when filing your taxes.

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

WEX Inc.

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.

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4 considerations when choosing employee benefits for the first time

WEX Inc.

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.

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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. The guidance, released in two notices — N-2024-71 and N-2024-75 , — can result in real savings for Americans.

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IRS Sets Health Savings Account Maximums for 2023

InterWest Insurance Services

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.

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Ten Tax Planning Tips for 2022

Money Talk

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. Ramp Up Retirement Savings - Consider increasing retirement savings in a tax-deferred employer retirement savings plan (e.g.,

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Waiving HDHP Deductibles Has Little Effect on Premiums, Study Says

InterWest Insurance Services

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. Absenteeism. Illness-related presenteeism. Overtime costs.