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Protect Your Family: Get a Flu Shot with Your Tax-Free FSA Funds

Benefit Resource Inc.

According to estimates taken between October 1, 2019 to January 25, 2020, there have been approximately: 19,000,000 – 26,000,000 flu-related illnesses. Note that if you have a Limited Care Flexible Spending Account or a Dependent Care Flexible Spending Account, these accounts cannot be used to pay for the shot.

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HDHPs can cover more preventive services

Business Management Daily

An ounce of prevention may be worth a pound of cure, but up until this point, high-deductible health plans have been boxed in regarding tax-free reimbursements for most preventive care services or items. Reason: With certain exceptions, HDHPs can’t start reimbursing employees until they meet those high deductibles.

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CARES Act - Impact on HSAs, HCFSAs, and HRAs

AssuredPartners

This provision is effective for purchases made after December 31, 2019, and for reimbursements of expenses incurred after December 31, 2019. Consumers may also receive reimbursement for OTC purchases through those accounts. This provision is effective immediately and will expire December 31, 2021.

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IRS Offers Guidance and Flexibility for Employee Benefit Plans

AssuredPartners

The notice increases the limit for unused healthcare FSA carryover amounts from $500, to a maximum of $550, as adjusted annually for inflation.n"},{"attributes":{"bold":true},"insert":"Note:"},{"insert":" The Healthcare FSA per employee maximum for 2020 is $2,750.

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New COVID relief package extends payroll provisions

Business Management Daily

The tax credit also applied if you suffered a significant decline in gross receipts, defined as a 50% drop in quarterly gross receipts when compared to the same quarter during 2019. Advances are limited to 70% of average quarterly wages paid during 2019. Expanded meal deduction. PPP loans are expanded. Tax extenders.

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Top 10 Employee Benefits for 2021

Best Money Moves

Employers who don’t offer health insurance might want to reconsider and employers who do should audit their healthcare offerings to determine the out of pocket costs of deductibles, prescriptions, copays and then work with benefits brokers to provide better coverage. . 4 Paid Time Off. 9 Pet-Friendly Employee Benefits.

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How Employee Perks Can Help Companies in the US

Vantage Circle

In this, employees can elect to have a portion of their earnings automatically deducted from their paychecks and directed into their investment account. By the end of 2019, 42.1% Although many companies today offer flexible hours, they often come with certain minimum core hours that need to be completed. Additionally, 31.3%