Health savings accounts — benefits worth fighting for
Employee Benefit News
JANUARY 18, 2023
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Top 10 Employee Benefits Certifications for Professionals in 2024
HR Lineup
OCTOBER 21, 2024
Best For: HR professionals, benefits administrators, and insurance agents who handle health insurance plans. It’s perfect for those who manage employee health savings programs. Key Benefits: Specialized training in tax-advantaged savings plans like HSAs, FSAs, and HRAs.
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Health Savings Accounts (HSAs) and Medicare: Eligibility, contributions and more
Higginbotham
MARCH 24, 2025
Health Savings Accounts (HSAs) can be a flexible and tax-advantaged way to pay for health care costs. You can build up your HSA with pre-tax contributions and use it for qualified health expenses. If you have qualified employer-sponsored health insurance, you may want to delay Medicare enrollment past age 65.
Using an HSA to Save for Health Care in Retirement
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Saving for retirement is no easy task, and as an employer we know you want to help your employees get what they need out of their retirement benefits. With a health savings account (HSA), you can relieve the burden of health care costs for both you and your employees.
Health Savings Accounts (HSAs) - 10 FAQs
PeopleKeep
JUNE 23, 2020
The popularity of Health Savings Accounts has surged dramatically in recent years. According to a report by Devenir Research , there are now over 26 million health savings accounts, holding $61.7 billion in assets. But what are HSAs, and why are they so popular?
IRS Announces 2025 Limits for Health Savings Accounts, High-Deductible Health Plans and Excepted Benefit HRAs
McDermott Will & Emery Employee Benefits
MAY 9, 2024
The Internal Revenue Service (IRS) recently announced (see Revenue Procedure 2024-25) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2025.
The unexpected perks of an HSA: 3 things employees should know
Employee Benefit News
JULY 16, 2024
Employers can give their workforce a new outlook on the benefits of health savings accounts.
Celebrating 20 Years of Health Savings Accounts
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. 20 Years and Counting Health Savings Accounts have come a long way since their inception 20 years ago.
IRS Sets Health Savings Account Maximums for 2023
InterWest Insurance Services
MAY 12, 2022
The IRS has announced significantly higher health savings account contribution limits for 2023, with the amount increasing more than 5% for individual HSA plans. The IRS also announced rises in the maximum contribution amounts to excepted-benefit health reimbursement arrangements (HRAs).
Your HSA and your tax return: 4 tips for filing
WEX Inc.
MARCH 12, 2025
We wanted to share a few tips and reminders about the health savings account (HSA) information youll need for your tax return. Prepare to report distributions and contributions using tax Form 8889 Form 8889 is used to report any distributions from and contributions to your health savings account.
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HSA vs. FSA: See how you’ll save with each
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.
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IRS Announces 2024 Limits for Health Savings Accounts, High-Deductible Health Plans and Excepted Benefit HRAs
McDermott Will & Emery Employee Benefits
MAY 17, 2023
Recently, the Internal Revenue Service (IRS) announced (See Revenue Procedure 2023-23) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2024.
IRS Announces HSA Limits for 2025
PayrollOrg
MAY 10, 2024
The IRS announced the 2025 maximum contribution levels for health savings accounts (HSAs) and out-of-pocket spending limits and deductible minimums for high deductible health plans that must be used in conjunction with HSAs.
IRS Announces 2023 Limits for Health Savings Accounts, High-Deductible Health Plans and Excepted Benefit HRAs
McDermott Will & Emery Employee Benefits
APRIL 29, 2022
Recently, the Internal Revenue Service (IRS) announced (See Revenue Procedure 2022-24) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2023.
Support your employees’ fertility benefit needs with an HSA or FSA
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? Reasons can vary, which is why wide-ranging fertility benefits can also improve the lives of any adult wanting to start a family.
Three tips to help employees reduce taxes with an HSA
Employee Benefit News
APRIL 2, 2024
Help employees save money by educating them on contributions and eligible items for their health savings accounts.
Vision expenses piling up? Use your HSA or FSA
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.
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4 considerations when choosing employee benefits for the first time
WEX Inc.
OCTOBER 2, 2024
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.
2025 employee benefits trends: What employers need to know
WEX Inc.
NOVEMBER 21, 2024
Beyond the traditional 401(k) match , some employers are introducing student loan repayment matching , helping employees reduce debt while saving for retirement. Post-election benefits changes Election years often bring regulatory shifts that affect employee benefits, and 2025 will likely be no exception.
It’s July. Have you performed an HSA midyear check-in?
WEX Inc.
JULY 9, 2024
Does your health savings account (HSA) have enough funds to carry you through the second half of the year? And, if it does, is there more you could be doing to grow those funds? Perform your HSA midyear check!
The top 3 benefits employees told us they want education on
WEX Inc.
OCTOBER 30, 2024
Health savings accounts (HSAs) HSA participants save money by contributing funds to their HSA pre-tax. One of the questions we asked: What benefit would you like to learn more about? The funds are then available for use on eligible expenses.
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IRS Loosens Preventive Care Coverage Rules
InterWest Insurance Services
DECEMBER 5, 2024
The above will be added to the other preventive care expenditures that health plans are required to cover under the ACA. Under notice 2024-71, flexible spending arrangements, health reimbursement accounts and health savings accounts will be required to reimburse for the cost of condoms.
Building a Secure Future with Health Savings Accounts
Benefit Resource Inc.
MAY 15, 2024
One choice that sticks out in the ever-changing world of employee benefits for both employers and employees is a Health Savings Account (HSA). With the right education and communication, you can help unlock the full potential of HSA savings and build a more secure future for your organization and your workforce.
Mid-Year Financial Tweaks and Tasks
Money Talk
JUNE 28, 2023
Consider completing the paperwork needed to save more money from July to December in your employer’s tax-deferred retirement savings plan. 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.
Miscellaneous Nuggets From Conferences Past
Money Talk
APRIL 28, 2022
Health Savings Accounts - One study found that the tax savings on many employees’ contributions to a health savings account (HSA) increases wealth by more than an employer match on the same employees’ 401(k) contributions. listening to podcasts while walking).
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Winter eligible expenses for your HSA and FSA funds
WEX Inc.
DECEMBER 11, 2024
Fortunately, health savings accounts (HSAs) and flexible spending accounts (FSAs) cover many common winter eligible expenses you might turn to this time of year! For many, winter is as synonymous for snowflakes as it is for sinus problems. Weve compiled a few common seasonal issues and eligible expenses that can help.
Virtual Care Policy Update: What to Expect in Lame Duck
McDermott Will & Emery Employee Benefits
NOVEMBER 19, 2024
The Consolidated Appropriations Act (CAA), 2023 (Public Law 117-328), extended certain key virtual care flexibilities instituted during the COVID-19 public health emergency through December 31, 2024. This includes the telehealth safe harbor for health savings account-eligible high deductible health plans.
Ten Tax Planning Tips for 2022
Money Talk
MAY 18, 2022
Five examples are tax-loss harvesting, Roth IRA conversions, qualified charitable contributions (age 70½ +), setting up a donor advised fund, and increased contributions to a tax-deferred retirement savings plan, health savings account or HSA (if eligible), or flexible spending account or FSA (if available).
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Learn the dos and don’ts of open enrollment
WEX Inc.
SEPTEMBER 18, 2024
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!
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Discover our top 2024 benefits blog posts
WEX Inc.
JANUARY 2, 2025
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. Discover how to make smarter contributions, save on healthcare costs, and plan for a healthier financial future. What is a dependent care FSA?
June 18, 2024 – Summit Compliance Webinar – Health Savings Accounts (HSAs)
InterWest Insurance Services
FEBRUARY 11, 2024
June 18, 2024 12:00 PM – 1:00 PM JOIN US: InterWest is a proud sponsor of Summit Employee Benefits Online education. In partnership, we are offering access to the upcoming complimentary webinar. SESSION DETAILS: As more and more employers offer at least one HDHP option, employers play a role in educating their employees about HSAs.
How to create benefits enrollment experience goals using the S.M.A.R.T. technique
WEX Inc.
JULY 24, 2024
These communication tactics can be especially useful if you’re updating major health insurance options, like switching to a high-deductible health plan (HDHP) or adding a health savings account (HSA) and want to measure the outcomes of these changes.
What happens to my HSA when I change jobs?
WEX Inc.
DECEMBER 5, 2024
Fortunately, when you participate in a health savings account (HSA) through your employer, your HSA stays with you. You have options HSA transfer If your new employer offers an HSA, you can transfer the administration of your account to your new employer’s HSA administrator. Have you recently changed employers?
How much should I contribute to my HSA?
WEX Inc.
MARCH 16, 2023
How much should I contribute to my health savings account (HSA) each month? If you’re covered by an HSA-eligible health plan (or high-deductible health plan ), the IRS allows you to put as much as $3,650 per year (in 2022) into your health savings account (HSA). What is an HSA?
How a GCHRA and an HSA compare
PeopleKeep
OCTOBER 15, 2020
The primary options for companies looking to supplement their group health insurance plan are Section 105 plans , commonly known as group coverage HRAs (GCHRAs), and Section 125 plans , also known as cafeteria plans, which include health savings accounts (HSAs).
2022 HSA contribution limits
PeopleKeep
MAY 19, 2021
A health savings account (HSA) is a tax-advantaged savings account a family or individual can use to pay for qualified medical expenses. HSAs are paired with a high-deductible health plan (HDHP) and have annual contribution limits.
WEX celebrates HSA Day 2024 with resources for HR leaders, employees
WEX Inc.
OCTOBER 15, 2024
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.
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How employers can contribute to HSAs
PeopleKeep
MARCH 14, 2022
Many organizations provide a health savings account (HSA) to their employees to offset rising healthcare costs. While HSAs are employee-owned accounts, many employers wonder if they can contribute to their employees’ HSAs, and—if so—how much.
HRA vs. HSA: What you need to know
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.
Basics of Tax-Efficient Investing
Money Talk
AUGUST 3, 2022
They include 529 college savings plans, flexible spending accounts (FSAs), tax-deferred annuities, and health savings accounts (HSAs) for people with high-deductible health insurance plans. Bottom Line: tax-efficient investment strategies allow investors to retain more of their investment earnings.
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HRA vs HSA: Which should I offer?
PeopleKeep
MARCH 28, 2022
When evaluating employee health insurance options, it’s easy to confuse different health plans with one another. Two commonly mixed-up health benefits are the health reimbursement arrangement (HRA) and the health savings account (HSA).
Understanding the codes on your medical receipts
PeopleKeep
AUGUST 4, 2021
Those are actually health codes that tell you which items on your receipt are qualifying medical expenses. In this article, we’ll help you understand how to read the codes on your receipts, where you can find them, and how they can help you more easily determine which items are HSA-, FSA-, and HRA-eligible.
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Start your new benefits plan year off right with these 8 tips
WEX Inc.
JANUARY 8, 2025
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. Weve compiled some tips to help you if you participate in a WEX benefits plan.
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