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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. Funds you or your employer contribute to your HSA can help with this.

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Cafeteria plans for health insurance: Understanding Section 125 benefits

Higginbotham

This gives eligible employees even greater flexibility for how they use their benefits. This gives eligible employees even greater flexibility for how they use their benefits. Employers can also offer Health Savings Accounts (HSAs) as part of a cafeteria plan. Contributions may be subject to limits.

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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. To err on the side of caution in the event of an audit, experts advise keeping tax records for at least six years. ¨ 401(k), 403(b), and traditional IRA).

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New benefits plan year tips for HR

WEX Inc.

Schedule workshops or webinars to break down complex topics like: Health savings accounts (HSAs) Flexible spending accounts (FSAs) Retirement planning options Emphasize the total rewards picture Highlight how your benefits program fits into your companys total rewards strategy.

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Your 2025 benefits compliance checklist: What you need to know

WEX Inc.

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. Key dates February 28, 2025: Paper filing deadline for 1095-C forms.

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Considerations when choosing a health plan for the first time

WEX Inc.

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. However, your eligibility for either account can be influenced by the health plan you choose.

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How does an FSA work for participants?

WEX Inc.

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.