Benefit Resource Inc.

JANUARY 16, 2024

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are two of the most effective instruments for optimizing health savings and financial flexibility for both employers and employees among the different components of a comprehensive benefits strategy.

Benefits Package 52

Benefits Package Flexible Spending Account Health Savings Account Flexible Spending 52

InterWest Insurance Services

MARCH 4, 2022

As rising health insurance premiums and out-of-pocket costs for health care are burdening workers, more employers are looking for ways to help their staff put aside money for those expenses. While health savings accounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans.

Medical 91

Medical Health Insurance Out of Pocket Cost Deductions 91

Benefit Resource Inc.

MARCH 28, 2024

Pre-tax benefits are a powerful tool for saving money and maximizing your income. From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. Plus, the funds can roll over year after year.

Flexible Spending Account 52

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

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. What is an FSA? How do I enroll in and contribute to an FSA?

Flexible Spending Account 98

Flexible Spending Account Deductions Deductible Health 98

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.

Medical 60

Medical Flexible Spending Account Health Savings Account Health Insurance 60

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. And because the funds are set aside pre-tax, you can save up to 30% on your eligible medical expenses.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

WEX Inc.

SEPTEMBER 14, 2023

When approaching open enrollment, do … Evaluate available health insurance plans. Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. The “daily grind” can often get in the way of the big picture, but don’t let it!

401(k) 98

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

WEX Inc.

SEPTEMBER 12, 2023

Considerations for choosing benefits When evaluating your options, consider your personal circumstances, health status, and financial situation. Keep these factors in mind: Medical needs: Estimate your medical needs for the coming year. HSA-eligible health plans typically have lower premiums but higher deductibles.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 52

WEX Inc.

AUGUST 15, 2023

Consider whether you typically have low or high medical expenses. If you rarely require medical care and prefer to save on monthly premiums, a plan with a higher deductible and lower premiums might be suitable. Learn more about HSA-eligible health plans (or high-deductible health plans ) in our graphic below.

Deductions 98

Deductions Deductible Healthcare Flexible Spending Account 98

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. The takeaway.

401(k) 88

401(k) Deductions Deductible Flexible Spending Account 88

InterWest Insurance Services

JANUARY 26, 2022

workers say expensive medical bills are having a major impact on their mental health. Mental health issues have come to the fore during the COVID-19 pandemic, spurring employers to expect their group health plans to do more for their workers in this area. A new study has found that more than one in four U.S.

Out of Pocket Cost 95

Out of Pocket Cost Deductions Deductible Flexible Spending Account 95

Higginbotham

JANUARY 12, 2024

When considering the three main types of health accounts (HRAs, HSAs and FSAs), it’s important to understand their pros and cons before deciding what to offer your employees. What are health accounts? HSA contributions, earned interest and withdrawals for qualified medical expenses are not taxed.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Benefit Resource Inc.

APRIL 20, 2023

While dusting, vacuuming, and packing away winter clothes may be on the top of your spring cleaning list, have you considered reviewing your eligible expenses and utilizing your Flexible Spending Account (FSA)? This could include things like dental visits, eye exams, and even over-the-counter medications.

Out of Pocket Cost 83

Out of Pocket Cost Flexible Spending Account Flexible Spending Health Savings Account 83

WEX Inc.

APRIL 24, 2023

Your health plan drives many of your decisions during open enrollment. One emerging trend is employers offering their employees health plan options. You and your family’s expenses During open enrollment, you may see tables or charts that show your available plans’ premiums, deductibles, and/or out-of-pocket responsibility.

401(k) 52

401(k) Health Savings Account Deductions Deductible 52

Stratus.HR

DECEMBER 13, 2021

If you’d like to tax-shelter a portion of your income for 2022, please see the increased contribution amounts below for both Flexible Spending Account (FSA) and Health Savings Account (HSA) participants. Remember, you must have a qualifying High Deductible Health Plan (HDHP) to be eligible for an HSA.

Health Savings Account 69

Health Savings Account Flexible Spending Account Flexible Spending Taxes 69

Business Management Daily

SEPTEMBER 9, 2021

Almost all health plans offer add-on accounts — health flexible spending accounts, health savings accounts, or health reimbursement accounts. You need to know how these accounts differ so you can communicate about them to employees. Health flexible spending accounts.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Employment Flexible Spending 52

WEX Inc.

APRIL 3, 2023

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.

Health Savings Account 52

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

Higginbotham

NOVEMBER 28, 2022

Employers and employees alike are looking for ways to make health care more affordable. Some are turning to Health Savings Accounts (HSAs). Although HSAs won’t work for everyone, the benefits of an HSA account make this an appealing option for some individuals. What is a Health Savings Account (HSA)?

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

Benefit Resource Inc.

DECEMBER 30, 2022

This is because they offer a great way to save on taxes while still being able to use funds for medical, dependent care, and other expenses. An HSA (Health Savings Account) is a great way to save up money tax-free for future medical expenses. DIFFERENT WAYS TO SPEND DEPENDENT CARE FUNDS.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

HR Professionals Magazine

AUGUST 1, 2023

Among health care coverage options, preferred provider organizations remained the most common (82%). High deductible health plans linked to health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) continue to gain popularity, with 64% of employers offering such plans, up from 61% in 2022.

Parental Leave 52

Parental Leave Flexible Spending Account Health Savings Account Flexible Spending 52

InterWest Insurance Services

JULY 20, 2022

Keep in mind that the ritual of choosing a benefits package is a brand-new experience for people who are new to the workforce, and you should prepare to educate new employees on how to effectively choose and use their new coverages, as well as all the details like premiums, deductibles and out-of-pocket expenses.

Education 93

Education 401(k) Deductions Deductible 93

Benefit Resource Inc.

JANUARY 3, 2023

So make sure you’re drinking plenty of water every day and get at least seven hours of quality sleep each night – both are essential for good physical health! Pre-tax benefits give employees an opportunity to save money on qualifying medical expenses , such as doctor visits and prescriptions. Add In Pre-Tax Benefits.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

Genesis HR Solutions

MAY 2, 2023

This cheat sheet explains several common human resource acronyms. 1099: A form that reports income from self employment earnings, interest and dividends, government payments, and more. TurboTax ) 401(k): Retirement plans named for the section of the tax code that governs them. (

Family and Medical Leave Act 52

Family and Medical Leave Act 401(k) Flexible Spending Account Health Savings Account 52

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.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Medical Healthcare 98

Stratus.HR

NOVEMBER 30, 2020

If you’re planning your tax-sheltered income for 2021, the IRS did not increase the $2,750 limit you can contribute to a health Flexible Spending Account (FSA). However, health savings account (HSA) participants will be able to contribute a little more in 2021. What is a Health Savings Account (HSA)?

Health Savings Account 52

Health Savings Account Flexible Spending Account Flexible Spending Taxes 52

Higginbotham

OCTOBER 13, 2023

Although Lifestyle Spending Accounts are not common in the U.S. yet, other types of employer-sponsored spending accounts are, such as Health Savings Accounts and Flexible Spending Accounts. These benefits programs differ in key ways. However, there’s a catch.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Taxes 52

HR Digest

APRIL 2, 2024

If you’re unfamiliar with the concept of a lifestyle spending account you’re not alone in your confusion. The lifestyle spending account benefits vary from employer to employer but they all have the freedom to set a range of categories where the funds in the account can be spent.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Medical Flexible Spending 52

Higginbotham

JUNE 14, 2022

Flexible Spending Accounts (FSAs) have emerged as one solution. FSA programs can be a good fit for many employee health benefit programs, but before being able to decide, you may have some questions – for example, how do FSAs work? Flexible Spending Account vs. Health Savings Account.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

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. But there are HSA rules and regulations you and your employees need to follow in order to stay compliant.

Health Savings Account 52

Health Savings Account Deductions Deductible Flexible Spending Account 52

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.

Flexible Spending Account 40

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

Genesis HR Solutions

JANUARY 24, 2023

Payroll deductions This item spells out each of the deductions the company withholds, including federal, state, and local taxes and other things, including voluntary deductions for benefits. An HSA can be used only if employees have a qualified High Deductible Health Plan (HDHP).

Family and Medical Leave Act 98

Family and Medical Leave Act Overtime Parental Leave Health and Welfare 98

Benefit Resource Inc.

NOVEMBER 22, 2022

With a pre-tax benefit, you’re able to deduct the cost of your benefits from your taxes before you calculate what you owe. There are several different types of pre-tax benefits that you may be eligible for, including Flexible Spending Accounts (FSA), Health Savings Accounts (HSA), and Commuter Benefits.

Employee Benefits 52

Employee Benefits Flexible Spending Account Flexible Spending Health Savings Account 52

Business Management Daily

DECEMBER 1, 2019

Hourly-paid nonexempts are impacted only to the extent of withholding and deductions. Employees’ benefits deductions and allowances (e.g., Savings bonds, United Way, creditor and child support garnishments, deductions for other outside groups and other voluntary deductions. Do nothing. Digging deeper.

Payroll 83

Payroll 401(k) Deductions Deductible 83

Higginbotham

FEBRUARY 21, 2023

Coinsurance Meaning in Health Insurance Plans HealthCare.gov says coinsurance is a percentage of covered health care expenses that the policyholder must pay after meeting the deductible. However, the copay is usually a fixed fee – such as $15 per doctor visit – whereas coinsurance is a percentage of the medical expenses.

Health Insurance 52

Health Insurance Out of Pocket Cost Insurance Deductions 52

Higginbotham

JULY 12, 2022

Health Reimbursement Arrangement and Group Health Plan. In the simplest terms, a medical expense reimbursement plan refunds employees for covered medical costs. There are several types of health reimbursement arrangements, and they work with group health plans in different ways. Funds do not expire.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 52

Benefit Resource Inc.

JANUARY 14, 2022

A Health Savings Account (HSA) is a savings account that provides tax-free contributions and potential tax deductions for qualified medical expenses incurred by the holder. A Flexible Spending Account (FSA) is a great way to save money on your healthcare costs.

Taxes 40

Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

Benefit Resource Inc.

FEBRUARY 6, 2020

Fortunately, since this shot is considered a medically necessary procedure, you can have the costs of getting it covered under one of your consumer spending accounts. 8,600,000 – 12,000,000 flu-related medical visits. Here are some ways to use your funds: For deductibles, coinsurance, and copays when visiting your doctor.

Flexible Spending Account 45

Flexible Spending Account Taxes Flexible Spending Health Savings Account 45