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Flexible Spending Account Contribution Limit Climbs

InterWest Insurance Services

The IRS recently announced that the annual contribution limit for flexible spending accounts 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).

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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. Your employer owns your FSA.

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4 considerations when choosing employee benefits for the first time

WEX Inc.

Funds you or your employer contribute to your HSA can help with this. Exploring HSAs and FSAs HSAs and medical flexible spending accounts (FSAs) let you save money because the funds you contribute to them are pre-tax. FSAs are employer-owned, meaning you may lose the funds if you change job or health plans.

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Vision expenses piling up? Use your HSA or FSA

WEX Inc.

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. Visual health is a vital component of overall well-being, and unexpected eye-related expenses can put a strain on your finances.

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Support your employees’ fertility benefit needs with an HSA or FSA

WEX Inc.

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? Reasons can vary, which is why wide-ranging fertility benefits can also improve the lives of any adult wanting to start a family. What are fertility benefits?

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Non-discrimination testing: Stay compliant with FSAs, HRAs, and more

WEX Inc.

If you’re an employer, performing non-discrimination testing (NDT) is important when it comes to offering benefits to your employees. The IRS requires non-discrimination testing for employers who offer plans governed by Section 125 , which includes a flexible spending account (FSA).

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IRS Loosens Preventive Care Coverage Rules

InterWest Insurance Services

Under notice 2024-71, flexible spending arrangements, health reimbursement accounts and health savings accounts will be required to reimburse for the cost of condoms. If you are a self-insured employer, you should ensure that your third party administrator is aware of the changes to coverages by HDHPs.