Benefit Resource Inc.

MAY 5, 2020

The CARES Act introduced new eligible items that you can purchase with funds from your pre-tax benefits accounts (FSAs, HSAs, and HRAs). Effective January 2020, menstrual care products are now considered eligible expenses. The post 10 new eligible items you can buy with your pre-tax dollars appeared first on BRI | Benefit Resource.

Taxes 77

Taxes Medical Deductions Deductible 77

Benefit Resource Inc.

JULY 8, 2021

If you have a Medical Flexible Spending Account (FSA), you may have the ability to take leftover funds from one plan year and transfer them to the next. Back in 2020, that amount was increased to $550 and is now adjusted annually for inflation. Other FAQ’s regarding the carryover feature: 2. KEY POINTS.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Medical Taxes 40

Benefit Resource Inc.

OCTOBER 27, 2020

The IRS released the 2021 limits for Mass Transit, Parking, Medical FSA and Adoption Assistance in Revenue Procedure 2020-45. There were no changes to limits for the commuter accounts or medical flexible spending account. Maximum Election : $270 / month (no change from 2020). Find it here: 2020 Limits: Pre-tax accounts.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending Medical 40

Benefit Resource Inc.

APRIL 7, 2020

Whether you have allergies or another ailment, you can use your HSA, FSA or HRA pre-tax dollars to help you get through it. Due to the recent passage of the CARES Act , you can now purchase OTC drugs and medicines without needing to obtain a prescription first (effective January 2020). OTC drugs and medicines. Decongestants.

Taxes 53

Taxes Medical Flexible Spending IT 53

InterWest Insurance Services

MARCH 4, 2022

You can claim a tax deduction for the funds you transfer to your employees’ HRAs, and the funds they withdraw from the accounts to reimburse for medical-related expenses are generally tax-free. Unlike HSAs and flexible spending accounts, though, HRAs are solely funded by employers.

Medical 98

Medical Health Insurance Out of Pocket Cost Deductions 98

Benefit Resource Inc.

FEBRUARY 11, 2020

As we welcome the first quarter of the year, we also prepare ourselves for tax season. Some of us may find ourselves dreading this task, knowing that we typically feel a little lost or overwhelmed when it comes to the specifics of filing our taxes. Make a Designated Tax File. Choose How You Will Prepare.

Taxes 51

Taxes Finance Banking Utilities 51

InterWest Insurance Services

DECEMBER 9, 2021

HDHP telehealth services — The CARES Act, signed into law in 2020 after the pandemic started, temporarily allowed high-deductible health plans to pay for telehealth services before an enrollee had met their deductible. Here’s a list of what to expect in 2022. That comes to an end Dec.

Health Insurance 98

Health Insurance Insurance Insurance Carriers Deductions 98

Benefit Resource Inc.

AUGUST 12, 2021

NOTE: A previous version of this blog on personal protective equipment was originally published in October 2020. Shipping and handling fees incurred to obtain eligible items are considered a qualifying expense and may be paid with funds from your pre-tax health account).

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending Medical 40

Business Management Daily

JANUARY 5, 2021

The law also extends expiring tax provisions and everything that could be jammed into 5,593 pages of federal legislation three days before Christmas. The key payroll provisions include: An extension of the paid sick/ family leave provisions and your tax credit for providing leave. Extensions of popular payroll tax provisions.

Family and Medical Leave Act 52

Family and Medical Leave Act Payroll 401(k) Taxes 52

Higginbotham

JULY 12, 2022

HRAs may sound like Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs), but there are key differences. The Tax Benefits of Health Reimbursement Arrangements. Employees generally do not pay taxes on health reimbursement arrangement funds used on eligible health care expenses. Comparing HRAs, HSAs and FSAs.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 52

Benefit Resource Inc.

JANUARY 2, 2020

From tax reform to how-to articles, here are the top 10 blogs from Benefit Resource: Check Your Balance. So far, prices have held steady… Pre-tax limits. Across 2018 and 2019, the announcement of pre-tax limits held employees’ attention. Stay on the ball and check view 2020 pre-tax limits here and here.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Health Savings Account Taxes 40

Griffin Benefits

OCTOBER 1, 2022

This reporting is due by December 27 of this year and must include information for the 2020 and 2021 calendar years, regardless of the plan or policy year. Additionally, account-based plans, like health reimbursement arrangements (HRAs) and health care flexible spending accounts (FSAs), are not required to report.

Insurance Carriers 65

Insurance Carriers Employment Flexible Spending Account Insurance 65

Business Management Daily

OCTOBER 28, 2021

Some payroll tax compliance items are completed quarterly, or more frequently throughout the year. While you need to have the W-4 form with the withholding selections from employees in order to pay them properly, W-9s are mostly used for year-end reporting, as taxes are not taken out from their checks.

Payroll 52

Payroll Family and Medical Leave Act PTO Flexible Spending Account 52

Higginbotham

MARCH 17, 2023

27, 2020, the CAA prohibits health plans and issuers from entering into contracts with health care providers, third-party administrators (TPAs) or other service providers that would restrict the plan or issuer from providing, accessing or sharing certain information about provider price and quality and deidentified claims. Effective Dec.

Health Insurance 52

Health Insurance Flexible Spending Account Insurance Benefits Package 52

Benefit Resource Inc.

DECEMBER 8, 2020

Families utilizing Dependent Care Flexible Spending Accounts (FSAs) are up against a December 31st deadline. The end of the year is a busy time for people with pre-tax benefits. If you have an FSA, there’s a high chance you’ll have to spend down the money in your account so you don’t lose it.

Flexible Spending Account 75

Flexible Spending Account Flexible Spending Transportation Medical 75

Benefit Resource Inc.

DECEMBER 30, 2021

Pre-tax Account Limits for 2022. Health Flexible Spending Account: $2,850 (Up from $2,750 in 2021) Health FSA Rollover: $570 (Up from $550. However, this relief only applied to the 2020 and 2021 Plan Years. If permitted by the plan, participants were able to make election changes for any reason in 2020 and 2021.

Health Savings Account 40

Health Savings Account Deductions Deductible Flexible Spending Account 40

Genesis HR Solutions

MAY 23, 2023

we have 3 million fewer Americans working today compared to February of 2020. Flexible Spending Account (FSA): An FSA (also known as a flexible spending arrangement) is a special account employees put money into that they use to pay for certain out-of-pocket health care costs. Where did all the workers go?!

Insurance 40

Insurance PTO Flexible Spending Human Resources 40

Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. Many of these contribution limits, though not all, are indexed to cost-of-living adjustments.

401(k) 55

401(k) Retirement Plan Health Savings Account Deductions 55

Benefit Resource Inc.

OCTOBER 1, 2020

ROCHESTER , NY, October 1 , 2020 – B enefit Resource , LLC (BRI) today announced the acquisition o f 121 Benefit s , a Minneapolis-based administrator of pre-tax benefits and benefit continuation services. This marks the first acquisition for BRI since its strategic partnership with CIP Capital in August 2019. . “

Flexible Spending Account 45

Flexible Spending Account Health Savings Account Flexible Spending Transportation 45

Benefit Resource Inc.

AUGUST 11, 2020

Many parents are expecting to go back to work in offices, albeit a limited number of days a week in some cases, when the last quarter of 2020 rolls around. So what options will parents be afforded when it comes to finding child care during COVID-19 as the remainder of 2020 stretches ahead? Option 1: Virtual Care.

Entertainment 81

Entertainment Work From Home Taxes Education 81

HR Professionals Magazine

MARCH 2, 2022

Reporting on Pharmacy Benefits and Drug Costs – Group health plans must report information on plan prescription drug spending to regulators, including plan year dates, number of enrollees, each state where coverage is provided, and most common and costly prescription drugs dispensed by the plan. Likely Effective in 2022.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Deductions Deductible 52

Benefit Resource Inc.

MARCH 2, 2021

FSAs are one of the most popular pre-tax benefits in United States. While certain spending avenues were opened after reform healthcare reform was released in 2020 due to the coronavirus pandemic, there are still certain items that you should not purchase with your FSA.

Taxes 76

Taxes Healthcare Medical Flexible Spending 76

AssuredPartners

DECEMBER 4, 2020

{"ops":[{"attributes":{"bold":true},"insert":"Health FSAs"},{"insert":"nOn October 27, 2020, the IRS announced in "},{"attributes":{"bold":true,"link":"[link] Proc. As it was for 2020, the dollar limit cap will continue to hold steady at $2,750. This applies to qualified parking and transit benefits alike.

Transportation 40

Transportation Flexible Spending Account Taxes Flexible Spending 40

Benefit Resource Inc.

DECEMBER 1, 2020

The end of 2020 is ( finally ) almost here. To avoid losing any of that pre-tax money to the use-it-or-lose-it rule, it’s important to plan your spending down to the last dollar. Check out some of our other blogs to discover more ways to use up the last of those pre-tax dollars on eligible medical expenses.

Medical 75

Medical Food Taxes Work From Home 75

Higginbotham

FEBRUARY 11, 2022

The FAQs also address how a plan’s or issuer’s coverage of OTC COVID-19 tests impacts health flexible spending arrangements (FSAs) and similar account-based plans. PCORI fees are reported and paid annually on IRS Form 720 (Quarterly Federal Excise Tax Return). Employer Takeaway. 1, 2022 , since July 31, 2022, is a Sunday.

Paid Sick Leave 52

Paid Sick Leave Insurance Carriers Paid Leave Flexible Spending 52

Benefit Resource Inc.

OCTOBER 20, 2020

Flexible Spending Accounts (FSAs) have always relied on a certain level of predictability when it comes time to estimating your election. But, with a year like 2020, it might take just a few extra steps to COVID-proof your election for 2021. Estimate your Guaranteed Expenses. We all have certain unavoidable medical expenses.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Medical Taxes 40

Benefit Resource Inc.

SEPTEMBER 8, 2021

Some people might want benefits that can be used to support children, like a General or Limited Flexible Spending Account (FSA) or a Dependent Care FSA. When it comes to pre-tax benefits, employees can put their hard-earned money where it will work best for them. Discuss money and communicate clearly. Tell us in the comments!

Health Savings Account 40

Health Savings Account Flexible Spending Account Finance Retirement Plan 40

Business Management Daily

SEPTEMBER 27, 2019

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. Advantage: Employees can contribute more on a pretax basis than they can put into flexible spending accounts.

Health Savings Account 40

Health Savings Account Deductions Deductible Flexible Spending Account 40

AssuredPartners

FEBRUARY 25, 2021

COBRA Subsidies Relying on data accumulated by the Kaiser Family Foundation (KFF), the American Rescue Plan stipulates that “roughly two to three million people lost employer sponsored health insurance between March and September [of 2020]”. Why This Is Important? The pandemic has of course added to the prevalence of such a scenario.

Flexible Spending Account 40

Flexible Spending Account Health Insurance Healthcare Flexible Spending 40

Benefit Resource Inc.

AUGUST 27, 2020

In April 2020, unemployment rates peaked at nearly 15%. Temporary furloughs or terminations can have payment considerations both for insurance and for pre-tax benefit accounts. Non-discrimination testing is required by the IRS for any plan sponsor offering benefits on a pre-tax or tax-free basis.

Payroll 40

Payroll Deductions Deductible Taxes 40

Business Management Daily

DECEMBER 6, 2021

Many who did get laid off in 2020 do not wish to return to their prior job roles or way of life. Many employers are seeing record turnover rates as the economy rebounds from the coronavirus pandemic. Employees largely put off changing jobs during the pandemic due to the level of instability in the labor market.

Employee Retention 119

Employee Retention Salary Overtime Flexible Spending Account 119

Benefit Resource Inc.

DECEMBER 2, 2021

A Dependent Care Flexible Spending Account (often shortened to ‘Dependent Care FSA’) is a pre-tax benefit account used to pay for eligible services such as preschool, summer day camp, before/after school programs, and child or adult daycare. 2022 Changes to Dependent Care.

Flexible Spending Account 105

Flexible Spending Account Flexible Spending Taxes Employment 105

Benefit Resource Inc.

NOVEMBER 1, 2018

As we look into our crystal ball, the future of pre-tax benefits comes into view. We clearly aren’t fortune tellers, but maybe we can shed some light on the possible future of pre-tax benefits. Let’s assume all of the stars align and pre-tax benefit accounts become a pillar for legislative priorities. The Optimist.

Taxes 49

Taxes Deductions Deductible Medical 49

WEX Inc.

JULY 20, 2023

HSA or FSA options Similar to the choice in health plans, many participants told us in the survey that they wanted to choose between either a health savings account (HSA) or a flexible spending account (FSA). It is not legal, financial, or tax advice. The information in this blog post is for educational purposes only.

Deductions 75

Deductions Deductible Flexible Spending Account Health Savings Account 75

AssuredPartners

NOVEMBER 12, 2021

2021-45 the annual inflation adjustments for the 2022 tax year. As a result of this news, employers should ensure that their health FSAs are administered in such a way as to prohibit employees from exceeding $2,850 in pre-tax contributions and, if applicable, no more than $570 in carryovers (from 2022 into 2023).

Healthcare 73

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 73

AssuredPartners

OCTOBER 18, 2022

2022-38 the annual inflation adjustments for the 2023 tax year. As a result of this news, employers should ensure that their health FSAs are administered in such a way as to prohibit employees from exceeding $3,050 in pre-tax contributions and, if applicable, no more than $610 in carryovers (from 2023 into 2024). This has now sunset.

Healthcare 52

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 52

Benefit Resource Inc.

MARCH 16, 2021

The limit for dependent care flexible spending accounts has been stuck at $5,000 since the account’s inception in the 1980s. It’s also worth noting that the maximum pre-tax contribution is the respective amount ($10,500 or $5,250) minus any rollover dollars. What is the new limit for Dependent Care?

Flexible Spending Account 76

Flexible Spending Account Benefit Providers Flexible Spending Deductions 76