This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Flexible Spending Flexible Spending Account Medical 
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).
PeopleKeep
AUGUST 4, 2021
Those are actually health codes that tell you which items on your receipt are qualifying medical expenses.
98 This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
4 HR Priorities for 2025 to Supercharge Your Employee Experience
Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape
Benefit Resource Inc.
NOVEMBER 8, 2023
If you’re wondering what the difference is between a Medical Flexible Spending Account (Medical FSA) and a Dependent Care Flexible Spending Account (DC FSA), you are not alone. Both a Medical and Dependent Care Account help you contain out of pocket expenses. Did You Know?
98 
WEX Inc.
FEBRUARY 15, 2023
Did you recently elect to participate in a medical flexible spending account (FSA) ? If you’re a first-time medical FSA participant, you may not be familiar with FSA definitions and rules. What is a medical flexible spending account (FSA)? They are employer-owned accounts.
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.
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. Can I use my HSA or medical FSA to pay for dental expenses?
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? These benefits are designed to help people who are facing difficulties conceiving naturally and require medical assistance to achieve pregnancy.
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. For dependent care FSAs, the limit is $5,000.
98 
WEX Inc.
SEPTEMBER 19, 2024
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. Let’s explore a few common vision-related questions as it relates to your HSA or medical FSA. Are you new to HSAs?
98 
WEX Inc.
OCTOBER 2, 2024
Keep these factors in mind: Medical needs: Estimate your medical needs for the coming year. Do you anticipate regular doctor visits, ongoing prescriptions, or any planned medical procedures. Limited FSA as a savings account: Limited FSAs can also be used as a savings account for anticipated medical expenses.
Money Talk
JANUARY 19, 2022
Check Your FSA - Learn the rules for your flexible spending account (FSA). These plans allow workers to contribute pre-tax income annually for out-of-pocket medical expenses and child/elder care. Many people had elective medical procedures canceled in 2021 or their child care needs changed.
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 
PeopleKeep
AUGUST 16, 2021
From choosing your own individual health insurance plan to spending your HRA dollars on the qualifying out-of-pocket medical expenses that make sense for you, an HRA gives you the freedom to choose.
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 
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. For dependent care FSAs, the limit is $5,000.
98 
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.
InterWest Insurance Services
MARCH 4, 2022
Employers fund these accounts, which reimburse your staff for qualified medical expenses and, in some cases, insurance premiums. You can claim a tax deduction for the funds you transfer to your employees’ HRAs, and the funds they withdraw from the accounts to reimburse for medical-related expenses are generally tax-free.
90 
WEX Inc.
JANUARY 8, 2021
Many employees took advantage of health and dependent care flexible spending accounts (FSAs) in 2020, only to see those funds languish unused as day cares closed and routine medical visits were put off to protect family members. New bill offers new options to employers, improving benefits of FSA.
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.
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.
WEX Inc.
DECEMBER 3, 2024
Medical flexible spending accounts (medical FSAs) are use-or-lose accounts. Remind them of your plan rules More than a year passes between the time your employees choose to participate in a medical FSA and the end of that FSA’s plan year. Does my medical FSA have a grace period ?
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? These benefits are designed to help people who are facing difficulties conceiving naturally and require medical assistance to achieve pregnancy.
WEX Inc.
AUGUST 28, 2024
The IRS requires non-discrimination testing for employers who offer plans governed by Section 125 , which includes a flexible spending account (FSA). And though they aren’t part of Section 125, testing is also required for health reimbursement arrangements (HRAs) and self-insured medical plans (SIMPs).
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. Let’s explore a few common vision-related questions as it relates to your HSA or medical FSA. Are you new to HSAs?
98 
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.
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. That’s why you need an FSA administrator that adheres to IRS substantiation requirements and offers innovative solutions to simplify the substantiation process for your employees.
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. FSAs are an employer-owned account , and the IRS sets limits on annual FSA contributions.
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. If not, the employee risks forfeiting the money.
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 
PeopleKeep
DECEMBER 9, 2020
As leadership teams evaluate small business health insurance options , many want to know how they can reimburse employees tax-free for medical expenses.
98 
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. A Flexible Spending Account (FSA) account allows you to have pre-tax deductions for certain medical and dependent care expenses.
75 
Benefit Resource Inc.
MAY 11, 2021
We think it’s pretty obvious, but we LOVE Flexible Spending Accounts (FSAs). With roughly 160 Flexible Spending Account (FSA)-related blogs on our site concentrating on eligibility, spending options, plan strategy, savings, and more…we cover it all! March 15th.
InterWest Insurance Services
MARCH 22, 2022
Cafeteria plans are particularly good for participants who have regular expenses related to medical issues and childcare. Flexible spending account. There are several types of flexible benefit plans, including cafeteria plans and flexible spending accounts. Flexible spending accounts.
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. One such way is by utilizing health savings accounts (HSAs) and flexible spending accounts (FSAs).
52 
Patriot Software
OCTOBER 19, 2022
Many employers use flexible spending accounts (FSAs) to help employees pay for their medical-related expenses. Years ago, the “use it or lose it” rule was the main guideline for how employees could spend their money. Under this rule, employees forfeit any leftover money to you at the end of their plan year.
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. In general, an FSA carryover applies to only medical FSAs. We break down FSA carryovers below. Can FSA funds carry over to next year? What is an FSA carryover?
BerniePortal
JULY 24, 2020
From service animal training to sleep deprivation treatment, these six medical products and services are eligible to be purchased using a wide variety of flexible spending accounts (FSAs).
InterWest Insurance Services
OCTOBER 27, 2022
As health care costs continue rising and employees are being asked to shoulder more of the expense burden, you can help them by offering a tax-advantaged plan that allows them to save for medical expenses. Employees should be careful to not put too much into the account. How an FSA works.
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. There are also many daily expenses that an FSA can cover, such as prescription medication and over-the-counter medicines (sometimes a doctor's prescription is needed to ensure eligibility).
Benefit Resource Inc.
DECEMBER 16, 2022
If you have a Flexible Spending Account (FSA), you’re down to the wire on spending time for the year. By virtue of being a “use-it-or-lose-it” account, unused FSA funds run the risk of being forfeited* by you and collected by your employer. 4) Have receipts ready. Need help submitting receipts?
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. Health reimbursement arrangement An HRA is an employer-funded benefits plan that employees use to save pre-tax dollars on medical costs.
Benefit Resource Inc.
DECEMBER 8, 2023
The idea was to combine a high-deductible health plan (HDHP) with a tax-advantaged savings account, allowing individuals to set aside pre-tax dollars for qualified medical expenses. Contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are also tax-free.
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.
Expert insights. Personalized for you.
We have resent the email to
Are you sure you want to cancel your subscriptions?
Let's personalize your content