WEX Inc.

AUGUST 29, 2023

And did you know that a variety of fertility and infertility treatments are eligible for health savings account (HSA) and medical flexible spending account (FSA) funds? The information in this blog post is for educational purposes only. What are fertility benefits? Here are a few to-dos for you.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? What is a medical flexible spending account (FSA)? They are employer-owned accounts. However, the IRS does allow employers the option to offer an FSA carryover option to their employees.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

WEX Inc.

JULY 9, 2023

A dependent care flexible spending account lets participants set aside pre-tax dollars to help pay for dependent care. To be eligible for this type of FSA when offered through your employer, you and your spouse (if applicable) must be employed, or your spouse must be a full-time student or looking for work.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Taxes Consulting 98

WEX Inc.

MAY 4, 2023

The IRS requires your flexible spending account (FSA) participants to submit documentation to prove their purchase was an eligible expense. Because of an FSA’s tax advantages, the IRS requires employers and employees to prove that FSA funds are only being spent on eligible expenses. Why is substantiation required?

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Taxes Medical 98

WEX Inc.

AUGUST 7, 2023

Sunscreen can cost as much as $40 a bottle, but did you know you can actually use your health savings account (HSA) or medical flexible spending account (FSA) funds on many SPF-related expenses? Sunscreen There’s a good chance you’re planning on spending some time in the sun over the next few months.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

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. FSAs are an employer-owned account , and the IRS sets limits on annual FSA contributions.

Flexible Spending Account 98

Flexible Spending Account Deductions Deductible Health 98

Benefit Resource Inc.

APRIL 10, 2024

What is a Dependent Care Flexible Spending Account (DCFSA)? First things first, let’s clarify what a dependent care flexible spending account actually is. We’re here to help you navigate the world of employee benefits and ensure you’re getting the most out of what they have to offer.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Taxes Utilities 52

WEX Inc.

JULY 7, 2023

The IRS’ use-or-lose rule governs flexible spending accounts (FSAs). A flexible spending account (FSA) is an employer-sponsored benefit that allows employees to set aside a portion of their pre-tax salary to pay for qualified medical expenses or dependent care expenses. What is a FSA?

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account IT 52

WEX Inc.

SEPTEMBER 7, 2023

Flexible spending accounts (FSAs) are a powerful tool for individuals and employers to save money on healthcare and dependent care expenses. The information in this blog post is for educational purposes only. WEX receives compensation from some of the merchants identified in its blog posts. Download now!

Flexible Spending Account 98

Flexible Spending Account Take Home Pay Flexible Spending Healthcare 98

Benefit Resource Inc.

JANUARY 2, 2020

As we close out the decade, we look back at the most educational, news breaking blogs. From tax reform to how-to articles, here are the top 10 blogs from Benefit Resource: Check Your Balance. Turns out Health Reimbursement Accounts are confusing for employees and employers. Top 8 places to use your Health FSA.

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Flexible Spending Account Flexible Spending Health Savings Account Taxes 40

WEX Inc.

MAY 24, 2023

Often, employees feel confused about their benefits plans options, especially if their employer is using “complicated HR jargon” in their benefits messaging. Let’s explore tips on how employers can effectively communicate benefits messaging to employees in a way that’s relatable and easy to understand. It is not legal or tax advice.

Flexible Spending Account 97

Flexible Spending Account Health Savings Account Benefit Providers Flexible Spending 97

Money Talk

MAY 18, 2022

In an earlier blog post , I described 12 tax planning topics for 2022. Ramp Up Retirement Savings - Consider increasing retirement savings in a tax-deferred employer retirement savings plan (e.g., Now that 2021 income tax season has been over for a month and the dust has settled, it is time to start some serious tax planning for 2022.

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Taxes 401(k) Deductions Deductible 262

Benefit Resource Inc.

MARCH 28, 2024

From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. Know Your Pre-Tax Benefit Options Flexible spending accounts (FSAs): An FSA allows you to set aside pre-tax dollars for eligible healthcare expenses.

Flexible Spending Account 52

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

WEX Inc.

SEPTEMBER 14, 2023

Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. If you rarely go to the doctor or would like to enroll in a health savings account (HSA) , an HSA-eligible health plan may be right for you! Open enrollment comes just once a year.

401(k) 98

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

WEX Inc.

SEPTEMBER 12, 2023

If you’ve never been asked if you would like to participate in an employee benefits account before, you might be asking yourself, “What are all these acronyms?” Click here for the first blog post in our series on choosing a health plan for the first time. Funds you or your employer contribute to your HSA can help with this.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 52

WEX Inc.

JANUARY 4, 2023

And election of COBRA can affect your ability to use the reimbursement accounts in which you were participating prior to your COBRA eligibility. In this blog post, we outline some of the ways your ability to use your employee benefits changes when you elect COBRA. The information in this blog post is for educational purposes only.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

Qandle

JUNE 20, 2023

This includes employee details such as names, addresses, social security numbers, tax withholding information, bank account details for direct deposit, and any changes in employment status or compensation. Payroll Reconciliation: Before processing payroll, perform a thorough reconciliation of all payroll-related accounts.

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Payroll Flexible Spending Account Overtime Payroll Software 98

Benefit Resource Inc.

MAY 11, 2021

We think it’s pretty obvious, but we LOVE Flexible Spending Accounts (FSAs). Whether you’re an employer or a plan participant, we have the resources you need to succeed. Throughout the year we deliberately write about helping employees understand the plans that their employers have selected for them. March 15th.

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Flexible Spending Account Family and Medical Leave Act Flexible Spending Taxes 81

InterWest Insurance Services

MARCH 22, 2022

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Flexible spending account. Section 125 plans offer a number of tax-saving benefits for employers. Flexible spending accounts.

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Flexible Spending Account 401(k) Flexible Spending Deductions 95

Money Talk

JUNE 29, 2022

Last year, I wrote a blog post about mid-year financial check-up s for the OneOp Personal Finance team. In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status. 401(k) or 403(b) plan).

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401(k) Out of Pocket Cost Finance Flexible Spending Account 245

Benefit Resource Inc.

MARCH 21, 2023

Employers who take the time to educate employees will find a happier, stronger, and more productive workforce with an overall improved company culture. Depression alone results in 200 million lost workdays , costing employers up to 44 billion dollars. Check out our podcast episode: Mental Health & the Workplace or visit our blog.

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Flexible Spending Account Flexible Spending Health Savings Account Education 52

Benefit Resource Inc.

DECEMBER 30, 2022

Pre-tax benefits are growing in popularity amongst employers and employees alike. Take a quick walk through the process of checking an account balance. Choosing between a Health Savings Account (HSA) and a Flexible Spending Account (FSA) can be overwhelming. visit bri blog. learn more.

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Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

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. With employer-sponsored health plans, there’s fiduciary oversight. An article from SHRM says employers have to: File Form 5500s.

Health Savings Account 52

Health Savings Account Deductions Deductible Flexible Spending Account 52

WEX Inc.

SEPTEMBER 6, 2023

Being able to differentiate yourselves as an employer by saying ‘Whatever is important to you (like your pets) is important to us too’ really helps employers to stand out,” said Moszer on our Benefits Buzz podcast. The information in this blog post is for educational purposes only. It is not legal or tax advice.

Recruitment 59

Recruitment Flexible Spending Account Health Savings Account Medical 59

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

Benefit Resource Inc.

JANUARY 16, 2020

So, how will this affect tax advantaged accounts like Flexible Spending Accounts and Health Reimbursement Accounts? In the coming years, it is likely that these accounts will incorporate wellness benefits. The net impact becomes a win-win for employees and employers.

Health Savings Account 73

Health Savings Account Flexible Spending Account Flexible Spending Taxes 73

McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Internal Revenue Service recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. The Social Security Administration […] The post IRS Announces 2024 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG.

Health and Welfare 87

Health and Welfare Employee Benefits Flexible Spending Account Health Savings Account 87

InterWest Insurance Services

SEPTEMBER 27, 2023

This is especially true if you are making changes to cost-sharing, introducing new plans, or offer voluntary benefits, a wellness plan or health savings account or flexible spending account. The takeaway Open enrollment can be a hectic and stressful time for both the employer and workers.

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Out of Pocket Cost Flexible Spending Account Health Savings Account Health Insurance 91

McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

On November 9, 2023, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain health and welfare plan benefits, including those for health flexible spending arrangements and commuter benefit plans, among other important updates.

Health and Welfare 83

Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 83

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. Problem: Increasing premiums.

Flexible Spending Account 40

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

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

Benefit Resource Inc.

APRIL 21, 2021

Please continue to check our blog page for updates on this developing topic. Flexible Spending Accounts are not eligible for subsidy. Individuals who voluntarily termed employment, who are eligible for Medicare or eligible for any other Group Health Plan are not eligible. Notification & Elections. Eligibility.

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Flexible Spending Account Taxes Flexible Spending Insurance 74

InterWest Insurance Services

DECEMBER 9, 2021

These rules were all not mandatory and employers could choose whether to relax them or not. For health flexible spending accounts (FSAs), allowing participants to enroll mid-year, increase or decrease their annual contribution amount, or pull out of the plan altogether and stop contributing.

Health Insurance 98

Health Insurance Insurance Insurance Carriers Deductions 98

McDermott Will & Emery Employee Benefits

OCTOBER 21, 2022

The Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2023.

Employee Benefits 81

Employee Benefits Flexible Spending Account Employment Health Savings Account 81

Benefit Resource Inc.

OCTOBER 27, 2020

There were no changes to limits for the commuter accounts or medical flexible spending account. Employers must initiate a change. Find it here: 2020 Limits: Pre-tax accounts. 2020 Limits: Health savings accounts. The limits are effective for plan years that begin on/or after January 1, 2021.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending Medical 40

InterWest Insurance Services

JULY 20, 2022

If they are not educated on their options and how health plans work, those new to employment can make poor decisions that could have serious financial repercussions. The various accounts have different rules for what services or medical costs can be reimbursed by these accounts. The importance of this can’t be overstated.

Education 98

Education 401(k) Deductions Deductible 98

Benefit Resource Inc.

APRIL 11, 2019

In this post, we’ll provide a bit of background about what the Flexible Spending Account (FSA) rollover option is and how it works. The FSA rollover option is offered by some employers to employees as a form of protection against losing funds in a Medical FSA. The employer decides the amount that can roll.

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Taxes Flexible Spending Account Medical Flexible Spending 76