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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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Mid-Year Financial Tweaks and Tasks

Money Talk

Even 1% more of pay in savings adds up over time. Health Savings Account (HSA) Tweak - By mid-year, you know what you already spent for health care services through June. This information can help inform decisions about how much more to save up to the 2023 limits of $3,850 (self-only) and $7,750 (family coverage).

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WEX celebrates HSA Day 2024 with resources for HR leaders, employees

WEX Inc.

Today, to commemorate National Health Savings Account Awareness Day (HSA Day) celebrated annually on October 15, WEX is highlighting available resources to help employers and employees better understand the impressive value of HSAs for both wellbeing and wallets. Employers’ contributions to employees’ HSAs are tax deductible.

401(k) 52
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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. HIPAA privacy and security Protecting employees’ health information is critical.

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HRA vs. HSA: What you need to know

WEX Inc.

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.

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Leap year! How to handle 27 biweekly payrolls in 2020

Business Management Daily

This avoids the problem, but many payroll systems aren’t set up to deal with these fractions. Best practice: List all benefits and deductions to determine whether they’re impacted: Medical, dental, life, vision, group-term life insurance, long-term disability, dependent care, flexible spending accounts and health savings accounts.

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Utilizing Pre-Tax Benefits to Prioritize Health in 2023

Benefit Resource Inc.

Taking advantage of pre-tax benefits offered through work will help increase your financial security while providing peace of mind knowing that you are taking proactive steps towards prioritizing your health this year. This makes it easier for employers to attract top talent while also helping them save money in the long run.