Money Talk

JUNE 28, 2023

It’s halftime for your 2023 finances and a perfect time to review where you stand, make mid-year adjustments, and complete recommended financial planning action steps. Below are ten mid-year financial tweaks and tasks: Tax-Deferred Savings Tweak - Perhaps you will get a raise on July 1. Even 1% more of pay in savings adds up over time.

Flexible Spending Account 239

Flexible Spending Account Banking Health Savings Account Finance 239

AssuredPartners

MAY 1, 2022

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. The adjusted limits will go into effect as of January 1, 2023. HDHP Minimum Deductibles.

Health Savings Account 98

Health Savings Account Deductions Deductible Employment 98

InterWest Insurance Services

MARCH 7, 2024

If you have staff with health savings accounts, they still have until April 15 to make additional contributions to their accounts if they want to reduce their tax bills for last year. Under IRS rules, for 2023 employers and employees can contribute a combined $3,850 for single employees and $7,750 for families.

401(k) 98

401(k) Health Savings Account Pharmaceutical Deductions 98

Money Talk

MAY 18, 2022

Normal” tax rules apply in 2022, however, which may require a withholding change for many families to avoid getting a smaller refund, or owing tax, in 2023. Since there is no longer a non-itemizer’s charitable deduction in 2022 and only about 10% of tax filers itemize, you’ll probably have fewer receipts to save.

Taxes 262

Taxes 401(k) Deductions Deductible 262

Proskauer's Employee Benefits & Executive Compensa

JUNE 27, 2023

As a reminder, if an HDHP covers medical items and services before the participant satisfies the IRS minimum deductible (self-only or family), that coverage may disqualify the participant’s HSA contributions. Notice 2023-37 can be downloaded here. Yes, for a limited time.

Deductions 52

Deductions Deductible Health Savings Account Medical 52

AssuredPartners

FEBRUARY 16, 2022

The Department of Health and Human Services (HHS) recently announced the proposed 2023 Benefit Parameters, outlining the maximum out-of-pocket (OOP) limits applicable to non-grandfathered plans for plan years beginning in 2023. The 2023 HDHP/HSA limits have yet to be released by the IRS for 2023.

Health Savings Account 98

Health Savings Account Deductions Deductible Insurance 98

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! 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

WEX Inc.

MAY 17, 2023

2024 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. Health savings account (HSA) contribution limits are on the rise again in 2024. These are increases of $300 and $550, respectively, from 2023 HSA contribution limits. What are the 2024 HSA contribution limits?

Health Savings Account 98

Health Savings Account Deductions Deductible Taxes 98

WEX Inc.

MARCH 7, 2023

We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. It also shows pre-tax contributions made to your account by you and your employer through payroll deductions. The season for filing taxes is upon us once again.

Taxes 98

Taxes Health Savings Account Deductions Deductible 98

Benefits Notes

OCTOBER 24, 2022

On October 21, 2022, the Internal Revenue Service (IRS) released Notice 2022-55 , which sets forth the 2023 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2023 limits for benefit plans. HDHP Minimum Deductible Limits.

401(k) 52

401(k) Deductions Deductible Health Savings Account 52

CorpStrat

JANUARY 17, 2023

The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). Health flexible spending accounts (FSAs). DOWNLOAD OUR FREE PDF DETAILING 2023 LIMIT INCREASES: DOWNLOAD PDF. 401(k) plans. Increased Limits.

401(k) 52

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

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 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. Employees can deposit an incremental $200 into their Health Care FSAs in 2023.

401(k) 82

401(k) Retirement Plan Health Savings Account Deductions 82

HR Professionals Magazine

AUGUST 1, 2023

With over 4,000 respondents, the Society for Human Resource Management’s 2023 Employee Benefits Survey found that the number of employers offering family support and leave benefits has significantly increased since 2022. Among health care coverage options, preferred provider organizations remained the most common (82%).

Parental Leave 52

Parental Leave Flexible Spending Account Health Savings Account Flexible Spending 52

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! 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

Benefit Resource Inc.

JANUARY 3, 2023

Whether you’re looking to retire, advance your career, or prioritize your health, now is the perfect time to start planning your journey. If you’re in the 70% of people who have health-related goals for 2023, let’s take a look at how pre-tax benefits can help set goals and prioritize your health this year and beyond.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 21, 2022

On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. Health FSAs. . Increase from 2022 to 2023. Increase from 2022 to 2023.

Transportation 52

Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

Griffin Benefits

JUNE 7, 2023

On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. HSA/HDHP Limits The following chart shows the HSA and HDHP limits for 2024 as compared to 2023.

Health Savings Account 77

Health Savings Account Deductions Deductible Taxes 77

Joe Markland

OCTOBER 11, 2020

Over the past 6 years I have published several articles on the need to personalize health insurance (and get the employer out of the way) by making an individual insurance policy tax deductible. Employers are forcing employees to pay more for health insurance leaving less money to pay for actual health care.

Health Insurance 130

Health Insurance Insurance Health Savings Account Employment 130

InterWest Insurance Services

DECEMBER 29, 2023

Workers at smaller firms, defined as those with fewer than 200 employees, are especially affected as they typically have to pay a larger share of the family coverage premium than their large-employer counterparts (38% vs. 25%), according to the 2023 Kaiser Family Foundation “Employer Health Benefits Survey.”

Deductions 97

Deductions Deductible Out of Pocket Cost Health Savings Account 97

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

Benefits Notes

NOVEMBER 21, 2023

On November 1, 2023, the Internal Revenue Service (IRS) released Notice 2023-75 , which sets forth the 2024 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The 2023 limits are provided for reference. The 2023 limits are provided for reference.

401(k) 52

401(k) Health Savings Account Retirement Plan Deductions 52

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. 7,750 for family coverage (up $450).

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

AssuredPartners

JANUARY 11, 2023

The current limits applicable to 2023 plan years is $9,100 for self-only coverage and $18,200 for family coverage. The 2024 limits will be raised to $9,450 for self-only coverage and $18,900 for family coverage, respectively. The 2024 HDHP/HSA limits have yet to be released by the IRS.

Health Savings Account 98

Health Savings Account Deductions Deductible Insurance 98

InterWest Insurance Services

DECEMBER 7, 2023

Earlier in 2023, the IRS also announced the maximum contribution limits to health savings accounts, which are similar to FSAs, but they must be attached to a high-deductible health plan.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 98

InterWest Insurance Services

JANUARY 18, 2024

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

Out of Pocket Cost 74

Out of Pocket Cost Deductions Deductible Voluntary Benefits 74

AssuredPartners

AUGUST 23, 2022

While most of the IRA was focused on tax reform, climate change, and healthcare costs, there was a significant provision included that can be used to protect a taxpayer’s HSA (Health Savings Account), while also expanding coverage for insulin. So, calendar year plans may adopt these changes for January 1, 2023.

Health Savings Account 98

Health Savings Account Deductions Deductible Healthcare 98

InterWest Insurance Services

JUNE 8, 2023

The IRS has raised the maximum amount people can funnel into their health savings accounts by 7.8% The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. for 2024, the largest increase ever, brought to you by inflation.

Deductions 52

Deductions Deductible Health Savings Account Medical 52

AssuredPartners

OCTOBER 18, 2022

2022-38 the annual inflation adjustments for the 2023 tax year. For 2023, the dollar limit cap is permitted to increase (by $200) from $2,850 to $3,050. Although, it should of course be noted that employers have the right to impose a maximum limit on employee contributions to health FSAs that is lower than what the ACA permits.

Healthcare 52

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 52

InterWest Insurance Services

MAY 18, 2023

A new study has found that people enrolled in traditional PPOs and HMOs are more satisfied with their plans than those who are enrolled in high-deductible health plans. The sticker shock that comes with paying for those deductibles is likely partly responsible for those feelings.

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Deductions Deductible 98

AssuredPartners

MAY 16, 2023

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 16, 2023, the IRS released Revenue Procedure 2023-23.

Health Savings Account 52

Health Savings Account Deductions Deductible Management 52

InterWest Insurance Services

AUGUST 22, 2023

Besides the above, you will also need to decide if you want to reduce the premium for your organization and staff by offering high-deductible health plans. These plans can be either an HMO or a PPO, but they have the same feature of having a high deductible that needs to be met before benefits really kick in.

Family and Medical Leave Act 98

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 98

InterWest Insurance Services

AUGUST 5, 2022

As the 2023 group health open enrollment season nears, more employers have heard concerns among their staff and are focusing on affordability and easier access to health care services, according to a new study. The survey found that 70% of all large employers were planning benefit enhancements for 2023.

Health Insurance 98

Health Insurance Insurance Deductions Deductible 98

InterWest Insurance Services

AUGUST 1, 2023

Besides the above, you will also need to decide if you want to reduce the premium for your organization and staff by offering high-deductible health plans. These plans can be either an HMO or a PPO, but they have the same feature of having a high deductible that needs to be met before benefits really kick in.

Family and Medical Leave Act 98

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 98

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. In 2023, the maximum an employee can carry over is $610.

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Medical Health Insurance 98

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. Commuting by public transportation can save you money on gas as well as wear and tear on your car. Howling Good HSAs.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

WEX Inc.

AUGUST 2, 2023

Unlike a medical FSA, a limited FSA can be paired with a health savings account (HSA) and a high-deductible health plan (HDHP). Combination FSA, which is a limited FSA that converts into a medical FSA once the IRS deductible is met. Your employer can contribute to the FSA, but is not required to.

Flexible Spending Account 98

Flexible Spending Account Deductions Deductible Health 98

Griffin Benefits

DECEMBER 30, 2022

On nearly the eve of its expiration, Congress has extended the ability of high deductible health plans (“HDHPs”) to offer first-dollar telehealth coverage through plan years beginning before January 1, 2025. Any HDHP that does not have a calendar plan year would have a similar gap between January 1, 2023 and its plan year start.

Deductions 81

Deductions Deductible Health Savings Account Taxes 81