WEX Inc.

OCTOBER 9, 2024

Health savings accounts (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. The tax savings are significant. It is not legal or tax advice.

Flexible Spending Account 95

Flexible Spending Account Health Savings Account Flexible Spending Taxes 95

WEX Inc.

MAY 4, 2023

The IRS requires your flexible spending account (FSA) participants to submit documentation to prove their purchase was an eligible expense. Because of an FSA’s tax advantages, the IRS requires employers and employees to prove that FSA funds are only being spent on eligible expenses. It is not legal or tax advice.

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Flexible Spending Account Flexible Spending Taxes Medical 98

WEX Inc.

JULY 9, 2023

A dependent care flexible spending account lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping you save 30 percent or more on your dependent care costs.

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Flexible Spending Account Flexible Spending Taxes Consulting 98

WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? What is a medical flexible spending account (FSA)? A medical FSA is a tax-advantaged employee benefit that gives participants the opportunity to save on out-of-pocket medical, dental, and vision eligible expenses.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

WEX Inc.

AUGUST 10, 2023

You might be surprised to learn that your health savings account (HSA) and medical flexible spending account (FSA) can help you save on purchases of a variety of back-to-school, expenses, including: Thermometers. The information in this blog post is for educational purposes only. It is not legal, financial, or tax advice.

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Flexible Spending Account Health Savings Account Flexible Spending Medical 98

WEX Inc.

AUGUST 29, 2023

And did you know that a variety of fertility and infertility treatments are eligible for health savings account (HSA) and medical flexible spending account (FSA) funds? The information in this blog post is for educational purposes only. It is not legal or tax advice. What are fertility benefits?

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

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 accounts have a triple-tax advantage, meaning distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible.

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

WEX Inc.

DECEMBER 3, 2024

Medical flexible spending accounts (medical FSAs) are use-or-lose accounts. The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

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Flexible Spending Account Flexible Spending Medical Taxes 98

WEX Inc.

AUGUST 7, 2023

Sunscreen can cost as much as $40 a bottle, but did you know you can actually use your health savings account (HSA) or medical flexible spending account (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. How’s your sunscreen stock?

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

WEX Inc.

MAY 24, 2023

How can your benefits messaging cater to your employees through benefits education? It’s about what a health savings account or a flexible spending account can do for them." Increase convenience Increased convenience to benefits education can have a significant impact on an employee’s ability to understand their benefits.

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Flexible Spending Account Health Savings Account Benefit Providers Flexible Spending 97

WEX Inc.

SEPTEMBER 21, 2023

However, for participants of health savings accounts (HSAs) or medical flexible spending accounts (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.

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Health Flexible Spending Account Health Savings Account Flexible Spending 98

WEX Inc.

SEPTEMBER 7, 2023

Flexible spending accounts (FSAs) are a powerful tool for individuals and employers to save money on healthcare and dependent care expenses. What you can do: Education is key. Illustrate how pre-tax contributions lead to significant savings over time, effectively reducing the impact on take-home pay. Download now!

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Flexible Spending Account Take Home Pay Flexible Spending Healthcare 98

WEX Inc.

MAY 31, 2023

For those who have health savings accounts (HSAs) or medical flexible spending accounts (FSAs) , there are opportunities to save money on these expenses. The information in this blog post is for educational purposes only. It is not legal or tax advice. Can I use my HSA or medical FSA to pay for dental expenses?

Medical 98

Medical Flexible Spending Account Health Savings Account Flexible Spending 98

WEX Inc.

FEBRUARY 23, 2023

In fact, staying on top of your health savings account (HSA) , flexible spending account (FSA) , or any other plan you signed up for throughout the year can pay off for you. Add dependents Your HSA or FSA may cover your dependents’ costs if the dependents are claimed on your tax return. For HSAs, it's tax dependents and spouses.

Flexible Spending Account 98

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

WEX Inc.

AUGUST 2, 2023

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. The information in this blog post is for educational purposes only. What is an FSA?

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Flexible Spending Account Deductions Deductible Health 98

HR Digest

MAY 21, 2023

Payroll taxes 2. Health care flexible spending accounts 3. Offers like a 401(k) or 403(b) can work as this means that people can use some of their money before they pay taxes on it, and invest in the future. Education Assistance Education assistance helps you learn more. Overtime pay 3. Mandatory leave 5.

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Benefits Package 401(k) Employee Benefits Disability Insurance 105

WEX Inc.

AUGUST 14, 2023

A flexible spending account (FSA) carryover is one way you can provide flexibility to employees who participate in these accounts. The information in this blog post is for educational purposes only. It is not legal, financial, or tax advice. We break down FSA carryovers below. Can FSA funds carry over to next year?

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Flexible Spending Account IT Flexible Spending Taxes 98

WEX Inc.

JANUARY 3, 2023

An HSA comes with three key tax-free perks: Contributions are tax-free, earnings are tax-free, and withdrawals for eligible expenses are tax-free. Why adding an FSA makes an HSA even better Did you know that you can participate in both an HSA and a flexible spending account (FSA)? The post Happy 2023!

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Education Flexible Spending Account Health Savings Account Flexible Spending 52

WEX Inc.

MARCH 20, 2023

Your benefits administrator may also offer non-discrimination testing , which is required for flexible spending accounts (FSAs) , health reimbursement arrangements (HRAs) , and more. The information in this blog post is for educational purposes only. It is not legal or tax advice. Check out our handout.

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Employment Flexible Spending Account Flexible Spending Education 98

WEX Inc.

SEPTEMBER 14, 2023

For example, do you have any new dependents who have healthcare needs and could be covered by a pre-tax benefits plan? Use available tools and resources to learn more about pre-tax benefits and to plan for the year ahead. Consider any major life changes you and your family have experienced in the previous year.

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

WEX Inc.

AUGUST 24, 2023

It’s important not to lose sight of that when developing content and communicating that you offer a health savings account (HSA) , flexible spending account (FSA) , or any other benefits. Plus, it allowed for more flexibility, personalization, and feedback. The information in this blog post is for educational purposes only.

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Education Flexible Spending Account Health Savings Account Flexible Spending 52

Flimp Communications

DECEMBER 10, 2024

As year-end draws closer, countless employees unknowingly leave money on the tablemoney theyve set aside for healthcare through their Flexible Spending Accounts (FSAs). For employees, it means paying out of pocket for expenses that could have been purchased with pre-tax dollars. Here are some overlooked ways to use FSA funds: 1.

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Utilities Family and Medical Leave Act Flexible Spending Account Medical 98

InterWest Insurance Services

JULY 4, 2024

It emphasizes that employees often choose health plans that will end up costing them more than it should in terms of out-of-pocket expenses or premiums, and that employers should help by providing assistance and education. During your educational sessions, provide scenarios of how choosing the wrong plan can financially burden an enrollee.

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Voluntary Benefits Flexible Spending Account Deductions Deductible 81

Benefit Resource Inc.

DECEMBER 5, 2023

Understanding the intricacies of pre-tax benefit plans and COBRA regulations is crucial, but for those new to the field, it can be a challenging endeavor. For those new to the benefits space, the challenge lies in understanding the nuances of pre-tax benefit plans and COBRA regulations. Recognizing this need, Benefit Resource, Inc.

Education 52

Education Taxes Employee Benefits Flexible Spending 52

Health Consultants Group

OCTOBER 1, 2021

Flexible work options. Employees still want traditional options such as retirement plans, educational assistance, and health insurance. When you comply with their guidelines, the IRS doesn’t require you to withhold FICA, FUTA, Medicare, or income taxes from pre-tax contributions. Consider Cafeteria Plan options .

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Employee Benefits Family and Medical Leave Act Flexible Spending Account Health Savings Account 86

WEX Inc.

JANUARY 2, 2025

A dependent care FSA allows employees to save up to 30% or more on childcare or elder care costs by using pre-tax dollars, lowering their taxable income. 5 common FSA terms you should know Boost your understanding of flexible spending accounts (FSAs) by mastering these 5 common terms. It is not legal or tax advice.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Taxes 52

WEX Inc.

AUGUST 15, 2023

HSAs and FSAs as an option Health savings accounts (HSAs) and flexible spending accounts (FSAs) are among the pre-tax accounts you can contribute funds to and save money on healthcare costs. The information in this blog post is for educational purposes only. It is not legal or tax advice.

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Deductible Deductions Healthcare Flexible Spending Account 98

WEX Inc.

DECEMBER 11, 2024

Fortunately, health savings accounts (HSAs) and flexible spending accounts (FSAs) cover many common winter eligible expenses you might turn to this time of year! You can use pre-tax dollars to save money on purchases such as hot/cold packs and heating pads. The information in this blog post is for educational purposes only.

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Flexible Spending Account Health Savings Account Flexible Spending Taxes 52

WEX Inc.

JANUARY 14, 2025

Host benefits education sessions Many employees may not fully understand the value of their benefits. The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

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Flexible Spending Account Health Savings Account Flexible Spending Retirement Plan 52

WEX Inc.

JANUARY 8, 2025

In fact, staying on top of your health savings account (HSA) , flexible spending account (FSA) , or any other plan you signed up for throughout the year can pay off for you. Add dependents Your HSA or FSA may cover your dependents costs if the dependents are claimed on your tax return. It is not legal or tax advice.

Flexible Spending Account 52

Flexible Spending Account 401(k) Health Savings Account Banking 52

WEX Inc.

JULY 20, 2023

HSA or FSA options Similar to the choice in health plans, many participants told us in the survey that they wanted to choose between either a health savings account (HSA) or a flexible spending account (FSA). The information in this blog post is for educational purposes only. It is not legal, financial, or tax advice.

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Deductions Deductible Flexible Spending Account Health Savings Account 75

Benefit Resource Inc.

OCTOBER 18, 2018

If you have a Flexible Spending Account (FSA), you know that every year during Open Enrollment (OE), you choose how much to put aside in the account, otherwise known as your election. Let’s be honest– one of the main reasons you enrolled in a pre-tax account was to save money. Estimating Tax Savings.

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Deductions Deductible Health Flexible Spending Account 74

Money Talk

AUGUST 5, 2021

Also, cash-back and low-interest credit cards, pre-tax employer flexible spending accounts, negotiating (a.k.a., Each summer, AARP Bulletin publishes a 99 Great Ways to Save article with money-saving ideas.

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Flexible Spending Account Banking Medical Flexible Spending 100

Benefit Resource Inc.

JANUARY 16, 2024

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are two of the most effective instruments for optimizing health savings and financial flexibility for both employers and employees among the different components of a comprehensive benefits strategy.

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Benefits Package Flexible Spending Account Health Savings Account Flexible Spending 52

WEX Inc.

JUNE 13, 2024

Flexible spending accounts (FSAs) allow your employees to use pre-tax dollars to cover eligible out-of-pocket healthcare expenses, providing a tax-efficient way to manage medical costs and helping you and your employees save money. Bridging the gap Educating your employees about FSAs is crucial for their effective use.

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Flexible Spending Account Flexible Spending Health Savings Account Taxes 52

Benefit Resource Inc.

MARCH 28, 2024

Pre-tax benefits are a powerful tool for saving money and maximizing your income. From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. Here are some essential tips to help you navigate the early stages of the plan year.

Flexible Spending Account 52

Flexible Spending Account 401(k) Health Savings Account Flexible Spending 52

WEX Inc.

DECEMBER 18, 2024

Flexible spending accounts (FSA) Flexible spending accounts (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.

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Family and Medical Leave Act Flexible Spending Account Flexible Spending Insurance Carriers 52