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Administered by the International Foundation of Employee Benefit Plans (IFEBP) and Dalhousie University, this program provides a comprehensive education on employee benefits, retirement plans, and health benefits. Flexible learning format with self-paced courses. It’s perfect for those who manage employee healthsavings programs.
Participating in a healthsavingsaccount (HSA) or flexiblespendingaccount (FSA) is a great way to save money. Healthsavingsaccount An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses.
And did you know that a variety of fertility and infertility treatments are eligible for healthsavingsaccount (HSA) and medical flexiblespendingaccount (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.
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 healthsavingsaccounts (HSAs) or medical flexiblespendingaccounts (FSAs) , there are ways to alleviate the financial burden associated with vision-related costs.
Understanding HSAs The number of healthsavingsaccounts (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.
As we celebrate the 20th anniversary of HealthSavingsAccounts (HSAs), it’s time to reflect on the transformative impact this financial tool has had on healthcare and personal finance. 20 Years and Counting HealthSavingsAccounts have come a long way since their inception 20 years ago.
The IRS recently announced that the annual contribution limit for flexiblespendingaccounts 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).
Even 1% more of pay in savings adds up over time. HealthSavingsAccount (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).
Cafeteria-style benefits can appeal to a variety of workers with flexible options. Cafeteria plans are sometimes called flexible benefit plans (because they provide greater flexibility) or Section 125 plans (because theyre allowed under and governed by Section 125 of the Internal Revenue Code). What is a cafeteria plan?
Fortunately, healthsavingsaccounts (HSAs) and flexiblespendingaccounts (FSAs) cover many common winter eligible expenses you might turn to this time of year! You can use pre-tax dollars to save money on purchases such as hot/cold packs and heating pads. It is not legal or tax advice.
2021) or 90% of current year (2022) tax liability using a W-4 form at work for job-related income tax withholding; withholding for Social Security, a pension, and required minimum distributions through account custodians; and/or quarterly estimated payments using IRS Form 1040-ES. They are a great retirement savings tool.
7 basic rules of an HSA you need to know Maximize the potential of your healthsavingsaccount (HSA) by mastering these 7 essential rules. Discover how to make smarter contributions, save on healthcare costs, and plan for a healthier financial future. What is a dependent care FSA? How much should I contribute to my HSA?
How past elections shaped policy From the creation of healthsavingsaccounts (HSAs) under the Medicare Modernization Act of 2003 to the Affordable Care Act (ACA) under President Obama, election cycles have repeatedly sparked discussions about healthcare reform. It is not legal or tax advice.
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 healthsavingsaccount (HSA) , an HSA-eligible health plan may be right for you!
Consider Tax-Saving Gifts - Only about 10% of taxpayers today can itemize deductions and it generally requires a plan to aggregate sufficient deductible expenses that exceed the standard deduction amount ($12,950 for singles and $25,900 for married couples filing jointly). Specifically, taxable investments (e.g.,
In fact, staying on top of your healthsavingsaccount (HSA) , flexiblespendingaccount (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. Its an expectation. How do you do this?
Participating in a healthsavingsaccount (HSA) or flexiblespendingaccount (FSA) is a great way to save money. Healthsavingsaccount An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses.
Today, to commemorate National HealthSavingsAccount 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. Employees can spend, save, or invest their HSAs.
Employers can choose from a range of pre-tax benefits, including health insurance, dental insurance, vision insurance, and other types of benefits. PeopleKeep also provides flexiblespendingaccounts (FSAs), health reimbursement arrangements (HRAs), and healthsavingsaccounts (HSAs) to help employees save money on healthcare expenses.
Schedule workshops or webinars to break down complex topics like: Healthsavingsaccounts (HSAs) Flexiblespendingaccounts (FSAs) Retirement planning options Emphasize the total rewards picture Highlight how your benefits program fits into your companys total rewards strategy. It is not legal or tax advice.
It’s the 19th birthday of HealthSavingsAccounts (HSAs), and they have been a game-changer in healthcare. They are one of the most powerful tools available to employers, employees, and their families when saving on healthcare costs. FlexibleSpending Options. December 8th is a special day!
You must be enrolled in an HDHP to be eligible to participate in a healthsavingsaccount (HSA). PPOs are a common type of traditional health plan. That’s a critical first step when weighing your choice of an HDHP versus a traditional PPO or another type of traditional health plan. What’s a PPO?
People count on their refunds to pay down debt, boost their savings, and fund major expenditures like home improvement or a long-overdue family vacation. For employers, the period following tax season is one of the best times to communicate with employees about improving their financial health, especially as it relates to taxes.
Sunscreen can cost as much as $40 a bottle, but did you know you can actually use your healthsavingsaccount (HSA) or medical flexiblespendingaccount (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.
And did you know that a variety of fertility and infertility treatments are eligible for healthsavingsaccount (HSA) and medical flexiblespendingaccount (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.
You might be surprised to learn that your healthsavingsaccount (HSA) and medical flexiblespendingaccount (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?
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 healthsavingsaccounts (HSAs) or medical flexiblespendingaccounts (FSAs) , there are ways to alleviate the financial burden associated with vision-related costs.
Think about your healthcare priorities, such as prescription medications, specialist visits, mental health services, or maternity coverage. Make a list of the benefits that matter most to you, and use it as a guide when comparing different health plans. Subscribe to our blog to stay updated on all the benefits information you need!
For those who have healthsavingsaccounts (HSAs) or medical flexiblespendingaccounts (FSAs) , there are opportunities to save money on these expenses. Dental expenses can be a significant financial burden, especially when unexpected dental procedures arise. Check out FSA Store!
Health reimbursement arrangements (HRAs) and healthsavingsaccounts (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.
Healthsavingsaccounts (HSAs) and flexiblespendingaccounts (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. Eligible expenses: What can you spend on?
But you can keep your funds, ID and mental health safe by signing up for ID Theft Services. BONUS: ID Theft Services are comprehensive and can cover your bank accounts, medical IDs, social security numbers and even email addresses. Each dollar going into a pre-tax benefit accountsaves you 30 to 40 cents per dollar.
Flexiblespendingaccounts (FSA) Flexiblespendingaccounts (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.
Commuter benefits, flexiblespendingaccounts, dependent care, and healthsavingsaccounts are just a few of the great employee benefits available to help you save money and reduce stress. HSAs are available to people who are enrolled in a high-deductible health plan (HDHP). Source: EBRI.
So, how will this affect tax advantaged accounts like FlexibleSpendingAccounts and Health Reimbursement Accounts? In the coming years, it is likely that these accounts will incorporate wellness benefits. Increased use of AI while keeping the “human” in Human Resources.
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 healthsavingsaccount (HSA) , an HSA-eligible health plan may be right for you!
In fact, staying on top of your healthsavingsaccount (HSA) , flexiblespendingaccount (FSA) , or any other plan you signed up for throughout the year can pay off for you. There are a variety of activities related to your account that you want to stay on top of by signing up for text alerts.
Health and medical expenses are covered by a FlexibleSpendingAccount 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! Use-It-Or-Lose-It.
The IRS has issued a new bulletin, reminding Americans that funds in tax-advantaged medical savingsaccounts 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.
A well-rounded approach to health and wellness initiatives can make a significant difference in maintaining a motivated and engaged workforce. Leverage Pre-tax Benefits Pre-tax benefits are a valuable tool for promoting employee health and wellness during the winter months.
A flexiblespendingaccount (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.
It’s about what a healthsavingsaccount or a flexiblespendingaccount can do for them." As Bri Boerner, senior operational writer, global talent development at WEX explained in the latest Benefits Buzz podcast episode, “It may seem like a barrier if they just see a term they don't understand.
The report notes 84% of employers offer both HDHPs and traditional health plans to ensure that they can met the needs of a multi-generational workforce. The plans are typically tied to a healthsavingsaccount (HSA), which employees can fund with pre-tax dollars to reimburse for health-related expenses.
It’s almost time for year-end small group open enrollment and you need to drive engagement so that your employees can make informed decisions about their health insurance options. We want to help you help your employees understand all of their options so that they can purchase a plan that is appropriate for their situation.
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