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Flexible Spending Account Health Savings Account Medical 
Benefit Resource Inc.
DECEMBER 8, 2023
As we celebrate the 20th anniversary of Health Savings Accounts (HSAs), it’s time to reflect on the transformative impact this financial tool has had on healthcare and personal finance. Contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are also tax-free.
InterWest Insurance Services
DECEMBER 7, 2023
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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4 HR Priorities for 2025 to Supercharge Your Employee Experience
Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape
PeopleKeep
AUGUST 4, 2021
Those are actually health codes that tell you which items on your receipt are qualifying medical expenses.
98 
Money Talk
MAY 18, 2022
An example of a bunching strategy is combining three deductible items: state income and local property taxes up to the $10,000 cap; unreimbursed medical expenses for an elective procedure, and charitable donations. ¨
263 
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.
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. We answer a few common dental-related questions as it relates to your HSA or medical FSA. However, medical FSAs do.
98 
WEX Inc.
AUGUST 29, 2024
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? It will also cover any procedures to implant donor eggs and embryos, also including fertility medication.
WEX Inc.
SEPTEMBER 19, 2024
Visual health is a vital component of overall well-being, and unexpected eye-related expenses can put a strain on your finances. 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.
98 
WEX Inc.
OCTOBER 2, 2024
Considerations for choosing benefits When evaluating your options, consider your personal circumstances, health status, and financial situation. Keep these factors in mind: Medical needs: Estimate your medical needs for the coming year. HSA-eligible health plans typically have lower premiums but higher deductibles.
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.
98 
PeopleKeep
APRIL 30, 2020
What are Medical Reimbursement Plans? Medical reimbursement plans are IRS-approved health plans that allow for tax-free reimbursement for medical expenses. Medical reimbursement plans can be used alongside a group health insurance plan. Different Approaches to Medical Reimbursement Plans.
72 
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.
Benefit Resource Inc.
MARCH 31, 2022
Health and medical expenses are covered by a Flexible Spending Account or Medical FSA to promote general well-being. These accounts are used to cover health and medical expenses both for you and your dependents (usually children). Take advantage of your pre-tax benefits this year!
75 
InterWest Insurance Services
MARCH 4, 2022
As rising health insurance premiums and out-of-pocket costs for health care are burdening workers, more employers are looking for ways to help their staff put aside money for those expenses. While health savings accounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans.
90 
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. Are you preparing to send your kids back to school soon? OTC medicines.
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? It will also cover any procedures to implant donor eggs and embryos, also including fertility medication.
Benefit Resource Inc.
NOVEMBER 7, 2022
For a long time, I believed you were either for Health Savings Accounts (HSAs) or you were for Flexible Spending Accounts (FSAs), but you couldn’t be for both. The very nature of HSAs prevented you from also participating in a General Medical FSA.
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.
WEX Inc.
SEPTEMBER 21, 2023
Visual health is a vital component of overall well-being, and unexpected eye-related expenses can put a strain on your finances. 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.
98 
WEX Inc.
OCTOBER 22, 2024
The IRS released 2025 contribution limits for medical flexible spending accounts (medical FSAs), commuter benefits , and more as part of Revenue Procedure 2024-40. These limits undergo annual adjustments to account for inflation.
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. HSAs also have their own unique rules.
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. What is an FSA? What types of FSAs are there?
Benefit Resource Inc.
OCTOBER 31, 2022
Commuter benefits, flexible spending accounts, dependent care, and health savings accounts are just a few of the great employee benefits available to help you save money and reduce stress. And because the funds are set aside pre-tax, you can save up to 30% on your eligible medical expenses.
75 
Benefit Resource Inc.
APRIL 7, 2023
BONUS: ID Theft Services are comprehensive and can cover your bank accounts, medical IDs, social security numbers and even email addresses. Savings If you have a pre-tax benefit account like a Flexible Spending Account , Health Savings Account , or Commuter Benefit Account , you’re already ahead of the game.
98 
WEX Inc.
SEPTEMBER 14, 2023
Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. If you rarely go to the doctor or would like to enroll in a health savings account (HSA) , an HSA-eligible health plan may be right for you!
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. From your online account, hover over Accounts and click on Profile Summary.
Benefit Resource Inc.
APRIL 18, 2023
The cost of healthcare can be daunting, especially for those who do not have adequate insurance coverage or savings to cover medical expenses. Fortunately, there are ways to increase your financial well-being through medical savings. The HSA provides a savings mechanism to pay for out-of-pocket expenses.
52 
Business Management Daily
NOVEMBER 15, 2021
Flexible Spending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. These funds are placed in an FSA account that employees can use to pay for eligible expenses. Copays, co-insurance, and deductibles for medical care. Medical Marijuana.
InterWest Insurance Services
JUNE 27, 2024
The IRS has issued a new bulletin, reminding Americans that funds in tax-advantaged medical savings accounts cannot be used to pay for general health and wellness expenses. These accounts can only reimburse for services, prescription drugs and hardware that alleviate or prevent a physical or mental defect or illness.
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. Illustrate how pre-tax contributions lead to significant savings over time, effectively reducing the impact on take-home pay.
Benefit Resource Inc.
JANUARY 16, 2020
The buzz phrase “health and wellness” is currently widely used to reference services or products that take a more holistic approach to care. So, how will this affect tax advantaged accounts like Flexible Spending Accounts and Health Reimbursement Accounts?
Benefit Resource Inc.
FEBRUARY 17, 2023
Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are both incredibly valuable benefits to help employees use pre-tax dollars to pay for eligible medical expenses. Surprising Eligible Medical Expenses Broad-spectrum sunscreen with SPF 30 or above.
52 
WEX Inc.
AUGUST 15, 2023
Assess your annual expenses Understanding your annual healthcare expenses is a fundamental step in selecting the right health plan. Consider whether you typically have low or high medical expenses. Think about your healthcare priorities, such as prescription medications, specialist visits, mental health services, or maternity coverage.
98 
InterWest Insurance Services
NOVEMBER 25, 2022
The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts.
87 
Benefit Resource Inc.
APRIL 20, 2023
While dusting, vacuuming, and packing away winter clothes may be on the top of your spring cleaning list, have you considered reviewing your eligible expenses and utilizing your Flexible Spending Account (FSA)? This could include things like dental visits, eye exams, and even over-the-counter medications.
Benefit Resource Inc.
DECEMBER 30, 2022
This is because they offer a great way to save on taxes while still being able to use funds for medical, dependent care, and other expenses. An HSA (Health Savings Account) is a great way to save up money tax-free for future medical expenses. DIFFERENT WAYS TO SPEND DEPENDENT CARE FUNDS.
75 
InterWest Insurance Services
JULY 4, 2024
Study findings The trend of more Gen Z workers gravitating to HDHPs makes sense, since these plans are best suited for younger individuals who are generally healthier and have fewer health problems than their older counterparts — Gen Xers and Baby Boomers. Despite the increase, employees are still facing higher premium outlays.
WEX Inc.
JANUARY 2, 2025
The ACA code cheat sheet you need To simplify how employers communicate medical benefit details under the Affordable Care Act (ACA), the IRS introduced two specific ACA codes. 7 basic rules of an HSA you need to know Maximize the potential of your health savings account (HSA) by mastering these 7 essential rules.
Health Consultants Group
OCTOBER 1, 2021
After a year of unprecedented medical and personal experiences, employees can easily detect holes in their benefits plans. Accident and Health Benefits . Health Savings Accounts. Flexible Spending Accounts: funded by salary reduction. Cafeteria Plan benefits often include. Adoption Benefits.
Benefit Resource Inc.
JANUARY 3, 2023
So make sure you’re drinking plenty of water every day and get at least seven hours of quality sleep each night – both are essential for good physical health! Pre-tax benefits give employees an opportunity to save money on qualifying medical expenses , such as doctor visits and prescriptions. Add In Pre-Tax Benefits.
98 
Benefit Resource Inc.
FEBRUARY 14, 2022
That’s why employers should be offering medical and health-related benefits. A Medical Flexible Spending Account (Medical FSA), Health Savings Account (HSA), or Health Reimbursement Account (HRA) are great places to start. Improved Overall Productivity.
81 
Benefit Resource Inc.
DECEMBER 20, 2021
As the end of 2021 and the plan year looms, it’s crucial to consider what you can do with any remaining funds in your Flexible Spending Account (FSA). Most of the funds in your FSA need to be spent before the end of the plan year because you may lose what you don’t spend. Make every dollar count!
Genesis HR Solutions
SEPTEMBER 22, 2020
There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Medical Insurance. Medical insurance is likely a no-brainer— it’s one of four major types of benefits most employers offer. Flexible Spending Account (FSA).
98 
Griffin Benefits
MARCH 16, 2022
Health Savings Accounts, Flexible Spending Accounts, and supplemental medical plans like accident, critical illness, and hospital indemnity insurance can be critical to help pay for out-of-pocket medical costs.
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