McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Internal Revenue Service recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. Most of the dollar limits that are subject to adjustment for cost-of-living increases will increase for 2024.

Health and Welfare 86

Health and Welfare Employee Benefits Flexible Spending Account Health Savings Account 86

McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

On November 9, 2023, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain health and welfare plan benefits, including those for health flexible spending arrangements and commuter benefit plans, among other important updates.

Health and Welfare 82

Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 82

WEX Inc.

MAY 2, 2024

Employees are able to pair a health reimbursement arrangement with any group health plan. Those enrolled in an HSA or a medical flexible spending account (FSA) may also be able to enroll in certain types of HRAs. HSA funds can be invested in mutual funds as you would with a 401(k), which lets employees grow their dollars.

Health Savings Account 98

Health Savings Account 401(k) Flexible Spending Account Taxes 98

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. You’ll want to make note of the changes when discussing your employee benefits during annual open enrollment. In order to have an HSA, an employee must be enrolled in an HDHP.

401(k) 88

401(k) Deductions Deductible Flexible Spending Account 88

WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? What is a medical flexible spending account (FSA)? A medical FSA is a tax-advantaged employee benefit that gives participants the opportunity to save on out-of-pocket medical, dental, and vision eligible expenses.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

WEX Inc.

FEBRUARY 2, 2023

From an employee benefits and COBRA perspective, this would mean that temporary extensions introduced during the COVID-19 pandemic will also expire. FSAs and HRAs EBSA Disaster Relief Notice 2020-01 also granted a temporary extension to run-out periods for flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs).

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Taxes 52

Higginbotham

JANUARY 12, 2024

Health accounts can provide advantages to both the employer and the employee, including the following: Flexibility: It’s hard to find employee benefits that fit everyone’s needs. Cons to an HSA Individuals who are not enrolled in high-deductible health plans cannot open or contribute to HSAs.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52