Benefit Resource Inc.

DECEMBER 10, 2020

Many of the plans focus on savings, financial wellness, and health. We wanted to share the main lessons BRI employees learned about financial wellness in 2020. . Telehealth appointments may be covered by your health plan and tax-free benefit plans could supplement the cost. 2020 has proven why HSA’s are so important.

Health Savings Account 45

Health Savings Account Medical Taxes Deductions 45

WEX Inc.

MAY 12, 2023

There are a variety of ways you can promote mental health in the office , and one way is to provide benefits that support your employees' needs. For example, your employees can use their health savings account (HSA) to improve their financial wellness and save money on a variety of mental health-related expenses.

Health Savings Account 98

Health Savings Account Medical Retirement Plan Taxes 98

WEX Inc.

MAY 8, 2023

HDHPs can actually be a great healthcare saving option for employees of all ages. Along with paying a lower premium, HDHPs offer financial opportunities that PPOs do not because employees can enroll in a health savings account (HSA) , but only if they’re also enrolled in an HSA-eligible HDHP.

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

BerniePortal

JUNE 3, 2019

The IRS has released the new Health Savings Accounts contribution limits and maximum out-of-pocket figures for 2020. Limits slightly increased. Next year, contribution limits for individuals rise to $3,550, from $3,500 in 2019. For families, limits rise to $7,100, from 2019’s $7,000.

Health Savings Account 40

Health Savings Account 40

BerniePortal

NOVEMBER 14, 2019

Slightly increased contribution limits for 2020. Learn more about Health Savings Accounts. Here's a breakdown of what you need to know. HSA Contribution Limits -. $50 50 increase for individuals and $100 increase in family contribution cap. The catch-up contribution limit remains the same at $1,000.

Health Savings Account 40

Health Savings Account Healthcare 40

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

provisions make some significant changes for retirement plans , but CAA 2023 also extends the telehealth plan safe harbor for high-deductible health plans (“HDHPs”) that were first introduced in the 2020 CARES Act. Not only do the CAA 2023’s “SECURE 2.0” The two-year extension continues the relief until January 1, 2025.

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

PeopleKeep

OCTOBER 26, 2020

The percentage of workers covered under HDHP plans has increased from four percent of all employer-sponsored health insurance plans in 2006 to 31 percent in 2020. A high deductible health plan (HDHP) paired with a Health Savings Account (HSA) is growing in popularity because it allows employees to pay for medical expenses tax-free.

Deductions 75

Deductions Deductible Health Savings Account Health Insurance 75

InterWest Insurance Services

JUNE 2, 2023

Employers offer flexible savings accounts and health savings accounts to their employees so they can build up funds with pre-tax dollars to pay for health care and related expenses. As a result, while employees with HSAs are not pressured to spend funds in their accounts every year, those with FSAs are.

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Medical Health Insurance 98

Proskauer's Employee Benefits & Executive Compensa

MARCH 22, 2022

Effective April 1, 2022, high-deductible health plans can once again offer first-dollar coverage for telehealth and other remote services without making participants ineligible for health savings account (“HSA”) contributions.

Deductions 97

Deductions Deductible Health Savings Account Taxes 97

Health Consultants Group

OCTOBER 1, 2021

In 2020, they surveyed 2,504 active HR professionals. Their Employee Benefits in 2020: Executive Summary report discusses their primary findings. . Based on SHRM’s research, benefits that supported remote work, caregiving, and health became essential during the pandemic. Accident and Health Benefits . Adoption Benefits.

Employee Benefits 86

Employee Benefits Family and Medical Leave Act Flexible Spending Account Health Savings Account 86

InterWest Insurance Services

JULY 6, 2023

Telemedicine services expanding Before the COVID-19 pandemic uptake of telemedicine had been slow, but usage increased dramatically when hospitals closed to all but emergency cases and as many people were afraid to see their doctors in a health care setting in fear of contracting the disease. 31, 2024.

Insurance 95

Insurance Out of Pocket Cost Hospitality Health Savings Account 95

InterWest Insurance Services

JANUARY 27, 2023

Recent studies have highlighted an alarming trend in American health care: More and more people are struggling with medical bills and many are delaying care due to high costs. That’s up from 26% in 2020 and 2021. Urge any employees in HDHPs to sock away funds in their attached health savings accounts for future medical expenses.

Out of Pocket Cost 98

Out of Pocket Cost 401(k) Deductions Deductible 98

Snell & Wilmer Benefits

JANUARY 24, 2023

There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years.

Deductions 52

Deductions Deductible Family and Medical Leave Act Health and Welfare 52

Benefit Resource Inc.

FEBRUARY 4, 2021

Health Savings Accounts (HSAs) are basically the hot new(ish) accessory in the benefits world these days. No matter where you are in your career, or in life, your Health Savings Account will be your constant companion. We are here to sing the praises of HSAs in five parts: You keep your funds forever.

Health Savings Account 73

Health Savings Account 401(k) Retirement Plan Taxes 73

Proskauer's Employee Benefits & Executive Compensa

JUNE 27, 2023

In essence, this guidance puts a deadline on IRS Notice 2020-15 , which provided that an HDHP could cover medical items and services relating to COVID-19 testing and treatment without impacting participant eligibility to make HSA contributions.

Deductions 52

Deductions Deductible Health Savings Account Medical 52

Benefit Resource Inc.

SEPTEMBER 29, 2020

Employers can make sure they are maximizing each employee dollar with a health savings account and/or flexible spending account. But, if you are in the benefits or health care industry, the growing trends for virtual health care and virtual enrollment are hot topics that are difficult to ignore.

Flexible Spending Account 56

Flexible Spending Account Health Savings Account Flexible Spending Medical 56

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

BerniePortal

JANUARY 22, 2020

Employees have likely already received their W-2s (January 31 deadline) and are preparing to file for 2020. Now's a good time for HR to advise employees to review paycheck withholdings and health care items. Although it's late for employees to adjust their withholding for 2019, there's still time to get it right for 2020!

Taxes 64

Taxes Health Savings Account Health Insurance Medical 64

Benefits Notes

OCTOBER 28, 2020

On October 26, 2020, the Internal Revenue Service (IRS) released Notice 2020-79 , which sets forth the 2021 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The 2020 limits are provided for reference. . Elective Deferral Limit 401(k), 403(b), 457(b).

401(k) 40

401(k) Health Savings Account Retirement Plan Deductions 40

Snell & Wilmer Benefits

JANUARY 24, 2023

There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years.

Deductions 40

Deductions Deductible Family and Medical Leave Act Health and Welfare 40

Best Money Moves

AUGUST 18, 2021

Accessible and comprehensive health benefits. Over half of all Americans receive health insurance from their employers, according to 2019 census data. So it’s not surprising that in a 2020 survey of 2000 multigenerational participants, dental and vision insurance topped the list of most wanted Employee Benefits.

Health Insurance 103

Health Insurance Health Savings Account Insurance Benefits Package 103

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 98

Medical Health Insurance Out of Pocket Cost Deductions 98

AssuredPartners

JANUARY 4, 2023

During the final week of December 2022, Congress approved the Consolidated Appropriations Act, 2023 (CAA 2023) which included, among other provisions affecting employers, a temporary telehealth services safe harbor for High Deductible Health Plans (HDHP) first-dollar coverage without violating Health Savings Account (HSA) contribution rules.

Health Savings Account 52

Health Savings Account Deductions Deductible Healthcare 52

Wellable

AUGUST 28, 2019

For the second year in a row, fewer large employers are offering high-deductible health plans (HDHP) as the only option for employees. National Business Group on Health's Health Care Strategy and Plan Design Survey found that for 2020, 25% of large employers will offer only a high-deductible health plan with a health savings account.

Health Savings Account 41

Health Savings Account Employment Deductions Deductible 41

Wellable

MAY 1, 2019

The number of Health Savings Accounts (HSAs) is growing rapidly, with no signs of slowing down. Devenir projects that by 2020, the number of HSAs will be at 30 million, with $75 billion in investment assets. At the same time, investment assets grew 19% to $53.8

Health Savings Account 45

Health Savings Account 45

Benefit Resource Inc.

AUGUST 12, 2021

NOTE: A previous version of this blog on personal protective equipment was originally published in October 2020. Reimbursement is permitted for Health Reimbursement Accounts that currently allow over-the-counter medical supplies as eligible expenses. How does something become eligible? Good question.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending Medical 40

Benefit Resource Inc.

MARCH 23, 2020

However, state deadlines and the impact on contributions to a Health Savings Account remain less clear. The deadline was extended from April 15, 2020 to July 15, 2020 for the 2019 tax year. The deadline was extended from April 15, 2020 to July 15, 2020 for the 2019 tax year. What are the details?

Taxes 49

Taxes Health Savings Account IT 49

Benefit Resource Inc.

DECEMBER 30, 2021

Limits for Health Savings Accounts (HSAs) were released earlier this year. 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. Health Savings Account Limits for 2022. Up from $270/mo.

Health Savings Account 40

Health Savings Account Deductions Deductible Flexible Spending Account 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. But others may be interested in long-term saving goals or retirement planning. Instead, stick to the basics of how to use accounts. Tell us in the comments!

Health Savings Account 40

Health Savings Account Flexible Spending Account Finance Retirement Plan 40

AssuredPartners

MARCH 11, 2020

{"ops":[{"insert":"Today, in "},{"attributes":{"link":"[link] Notice 2020-15"},{"insert":", the Internal Revenue Service advised that HDHPs (High-Deductible Health Plans) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status.

Insurance Carriers 40

Insurance Carriers Health Savings Account Deductions Deductible 40

Benefit Resource Inc.

SEPTEMBER 2, 2020

FSAstore.com is the only e-commerce store that exclusively stocks thousands of FSA-eligible products to make it easier for account holders to utilize their tax-free benefits. Other websites powered by FSAstore include HSAstore.com (for health savings account users) and WellDeservedHealth.com (for those with wellness rewards).

Health Savings Account 97

Health Savings Account Banking Taxes Medical 97

Higginbotham

JUNE 9, 2023

As a result, these fees will continue to apply for the 2020-2029 fiscal years. The PCORI fee applies separately to “specified health insurance policies” and “applicable self-insured health plans,” and is based on the average number of lives covered under the plan or policy (see more information here ).

Deductions 52

Deductions Deductible Health Insurance Taxes 52

AssuredPartners

MAY 12, 2021

Each year around this time the IRS announces the inflation-adjusted limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs), as they are required to do so annually prior to June 1st. On May 10, 2021, the IRS released Revenue Procedure 2021-25.

Health Savings Account 40

Health Savings Account Deductions Deductible Management 40

Flimp Communications

FEBRUARY 7, 2020

2020 Tax Season Changes. The IRS recently released its 2020 Form W-4 , which, as promised, streamlines how employees make accurate income tax withholdings. Employees hired after January 1, 2020 are required to use this form, while everyone else must use the new certificate when adjusting their withholdings.

Taxes 53

Taxes 401(k) Health Savings Account Finance 53

Business Management Daily

SEPTEMBER 27, 2019

To temper an HDHP’s bite, they can be paired with health savings accounts. Advantage: Employees can contribute more on a pretax basis than they can put into flexible spending accounts. 2020 adjustments for group health plans set. The minimum annual deductible for an HDHP is $1,400 ($1,350 for 2019).

Health Savings Account 40

Health Savings Account Deductions Deductible Flexible Spending Account 40

Business Management Daily

OCTOBER 15, 2020

Employers can expect health benefit costs to rise 4.4% on average in 2021, compared to 2020, according to early results from the Mercer consulting firm’s National Survey of Employer-Sponsored Health Plans 2020. Seven in 10 employees surveyed said improving their financial health is a top goal this year.

Health Savings Account 52

Health Savings Account Healthcare Life Insurance Insurance 52

Griffin Benefits

NOVEMBER 11, 2021

Together, these combined announcements by the IRS detail 2022 adjusted limits to the amounts employees can tuck away pretax into Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), transportation benefits, and retirement plans such as 401(k)s. HSA & HDHP Limits Increase for 2022.

401(k) 55

401(k) Retirement Plan Health Savings Account Deductions 55