Benefit Resource Inc.

APRIL 10, 2024

What is a Dependent Care Flexible Spending Account (DCFSA)? First things first, let’s clarify what a dependent care flexible spending account actually is. If you have any questions about your DCFSA or need assistance with maximizing your benefits, please don’t hesitate to reach out to Inspira Financial.

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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. The information in this blog post is for educational purposes only. Reading glasses also qualify as an eligible expense.

Health 98

Health Flexible Spending Account Health Savings Account Flexible Spending 98

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. Because of an FSA’s tax advantages, the IRS requires employers and employees to prove that FSA funds are only being spent on eligible expenses. Why is substantiation required?

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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? The information in this blog post is for educational purposes only. WEX receives compensation from some of the merchants identified in its blog posts.

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Flexible Spending Account Health Savings Account Flexible Spending Medical 98

WEX Inc.

JULY 9, 2023

A dependent care flexible spending account lets participants set aside pre-tax dollars to help pay for dependent care. To be eligible for this type of FSA when offered through your employer, you and your spouse (if applicable) must be employed, or your spouse must be a full-time student or looking for work.

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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.

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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)? They are employer-owned accounts. How a medical FSA works After you’ve enrolled in a medical FSA through your employer, you then chose how much to contribute to your FSA.

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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. Your employer owns your FSA.

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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. How’s your sunscreen stock?

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Benefit Resource Inc.

MARCH 28, 2024

From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. Know Your Pre-Tax Benefit Options Flexible spending accounts (FSAs): An FSA allows you to set aside pre-tax dollars for eligible healthcare expenses.

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Flexible Spending Account 401(k) Health Savings Account Flexible Spending 52

WEX Inc.

JULY 7, 2023

The IRS’ use-or-lose rule governs flexible spending accounts (FSAs). A flexible spending account (FSA) is an employer-sponsored benefit that allows employees to set aside a portion of their pre-tax salary to pay for qualified medical expenses or dependent care expenses. So what is the use-or-lose rule?

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Benefit Resource Inc.

DECEMBER 31, 2018

The most read blogs of 2018. Number three on the list of most read blogs of 2018, this post complemented the substantiation piece and dug a little deeper on how participants can avoid receipt requests. This blog explored a wish-list of items we want to be eligible under an FSA. They’re here. We just compiled them.

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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. The information in this blog post is for educational purposes only. WEX receives compensation from some of the merchants identified in its blog posts. Download now!

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WEX Inc.

MAY 24, 2023

Often, employees feel confused about their benefits plans options, especially if their employer is using “complicated HR jargon” in their benefits messaging. Let’s explore tips on how employers can effectively communicate benefits messaging to employees in a way that’s relatable and easy to understand. It is not legal or tax advice.

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Benefit Resource Inc.

MAY 11, 2021

We think it’s pretty obvious, but we LOVE Flexible Spending Accounts (FSAs). Whether you’re an employer or a plan participant, we have the resources you need to succeed. Throughout the year we deliberately write about helping employees understand the plans that their employers have selected for them. March 15th.

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Money Talk

MAY 18, 2022

In an earlier blog post , I described 12 tax planning topics for 2022. Ramp Up Retirement Savings - Consider increasing retirement savings in a tax-deferred employer retirement savings plan (e.g., Now that 2021 income tax season has been over for a month and the dust has settled, it is time to start some serious tax planning for 2022.

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Taxes 401(k) Deductions Deductible 262

WEX Inc.

SEPTEMBER 14, 2023

Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. This is your best opportunity to discuss available plans with your employer and learn what has changed from the previous year. Open enrollment comes just once a year.

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WEX Inc.

SEPTEMBER 12, 2023

In the second blog post in our three-part series to educate first-time participants, we walk through a few factors you should consider when choosing among employee benefits accounts for the first time. Click here for the first blog post in our series on choosing a health plan for the first time.

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WEX Inc.

JANUARY 4, 2023

In this blog post, we outline some of the ways your ability to use your employee benefits changes when you elect COBRA. Flexible Spending Account (FSA) If you were enrolled in an FSA prior to electing COBRA, you may still be able to tap into your FSA funds. The information in this blog post is for educational purposes only.

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Benefit Resource Inc.

DECEMBER 30, 2022

Pre-tax benefits are growing in popularity amongst employers and employees alike. Choosing between a Health Savings Account (HSA) and a Flexible Spending Account (FSA) can be overwhelming. Flexible Spending Accounts, or FSAs for short, are widely known as a great way to save up and use pre-tax funds for medical expenses.

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Qandle

JUNE 20, 2023

This includes employee details such as names, addresses, social security numbers, tax withholding information, bank account details for direct deposit, and any changes in employment status or compensation. This includes tax regulations, employment laws, minimum wage requirements, and any changes in payroll-related legislation.

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Money Talk

JUNE 29, 2022

Last year, I wrote a blog post about mid-year financial check-up s for the OneOp Personal Finance team. In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status. 401(k) or 403(b) plan). child care, loan) ends.

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Benefit Resource Inc.

MARCH 21, 2023

Employers who take the time to educate employees will find a happier, stronger, and more productive workforce with an overall improved company culture. Depression alone results in 200 million lost workdays , costing employers up to 44 billion dollars. Check out our podcast episode: Mental Health & the Workplace or visit our blog.

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InterWest Insurance Services

MARCH 22, 2022

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Flexible spending account. Section 125 plans offer a number of tax-saving benefits for employers. Flexible spending accounts.

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WEX Inc.

APRIL 12, 2023

Health saving accounts (HSAs) offer an excellent opportunity for participants to save money on healthcare expenses and for employers to support their employees’ wellness needs in a cost-efficient way. With employer-sponsored health plans, there’s fiduciary oversight. An article from SHRM says employers have to: File Form 5500s.

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Benefit Resource Inc.

JANUARY 16, 2020

So, how will this affect tax advantaged accounts like Flexible Spending Accounts and Health Reimbursement Accounts? By addressing employees’ fears, employers are able to increase HSA participation and curb rising premium costs. The net impact becomes a win-win for employees and employers.

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Health Savings Account Flexible Spending Account Flexible Spending Taxes 73

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. The Social Security Administration […] The post IRS Announces 2024 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG.

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WEX Inc.

SEPTEMBER 6, 2023

Being able to differentiate yourselves as an employer by saying ‘Whatever is important to you (like your pets) is important to us too’ really helps employers to stand out,” said Moszer on our Benefits Buzz podcast. The information in this blog post is for educational purposes only. It is not legal or tax advice.

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Recruitment Flexible Spending Account Health Savings Account Medical 59

Benefit Resource Inc.

OCTOBER 21, 2019

” In the case of pre-tax benefits, we like to say “There’s a plan for that” Regardless of your benefits problem, by comparing Flexible Spending Accounts, Health Savings Accounts and Health Reimbursement Accounts, you can find the right plan to fit your needs. Recommendation: Medical Flexible Spending Account.

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Flexible Spending Account Health Savings Account Flexible Spending 401(k) 40

McDermott Will & Emery Employee Benefits

OCTOBER 21, 2022

The Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2023.

Employee Benefits 80

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Benefit Resource Inc.

OCTOBER 27, 2020

There were no changes to limits for the commuter accounts or medical flexible spending account. Employers must initiate a change. For more guidance on simplifying the complexity of benefits for maximum savings and peace of mind, subscribe to the Benefit Resource Blog today. Details below. 2021 Limit: Medical FSA.

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Flexible Spending Account Health Savings Account Flexible Spending Medical 40

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. Every year, the employee must decide how much they want their employer to deduct (pre-tax) from their paycheck to set aside in their HSA. 7,750 for family coverage (up $450).

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Benefit Resource Inc.

JUNE 27, 2019

As an overview, a pre-tax account is a type of benefit your employer may offer to help you cover out-of-pocket expenses. Two of the most common accounts are a Health Savings Account (HSA) and a Flexible Spending Account (FSA). Check out these blogs we’ve written: Top 10 Weirdest Eligible Expenses.

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Flexible Spending Account Health Flexible Spending Health Savings Account 63

Benefit Resource Inc.

FEBRUARY 18, 2020

It is important to understand the specific rules for your employer’s plan. Flexible Spending Accounts start to get messy as they are ‘sometimes’ subject to COBRA. Flexible Spending Accounts are subject to COBRA if the total year-to-date deposits is greater than the year-to-date withdrawals.

Taxes 40

Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

InterWest Insurance Services

SEPTEMBER 27, 2023

This is especially true if you are making changes to cost-sharing, introducing new plans, or offer voluntary benefits, a wellness plan or health savings account or flexible spending account. The takeaway Open enrollment can be a hectic and stressful time for both the employer and workers.

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Out of Pocket Cost Flexible Spending Account Health Savings Account Health Insurance 91

Benefit Resource Inc.

JUNE 4, 2019

Through an account like a Flexible Spending Account or Health Savings Account (or Health Reimbursement Account, depending on the employer), the exorbitant expense of IVF and insulin are made somewhat more manageable. Both IVF and insulin treatments are considered eligible expenses under pre-tax benefit accounts.

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Flexible Spending Account Flexible Spending Health Savings Account Insurance 85

Benefit Resource Inc.

APRIL 21, 2021

Please continue to check our blog page for updates on this developing topic. Flexible Spending Accounts are not eligible for subsidy. Individuals who voluntarily termed employment, who are eligible for Medicare or eligible for any other Group Health Plan are not eligible. Eligibility. What benefits are eligible?

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