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. It is not legal or tax advice.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Taxes Medical 98

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. It is not legal or tax advice. What are fertility benefits?

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

WEX Inc.

MARCH 20, 2023

If you’re an employer, is your in-house benefits administration team struggling to juggle the multitude of complexities behind running a successful benefits administration program? Luckily for you, we’re sharing our insights on the top four questions employers ask when considering outsourcing benefits administration.

Employment 98

Employment Flexible Spending Account Flexible Spending Education 98

WEX Inc.

OCTOBER 4, 2023

Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. Your employer owns your FSA.

401(k) 98

401(k) Flexible Spending Account Health Savings Account Flexible Spending 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. The Power of Pre-Tax Dollars One of the most significant advantages of a DCFSA is the ability to use pre-tax dollars for eligible expenses.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Taxes Utilities 52

WEX Inc.

AUGUST 14, 2023

A flexible spending account (FSA) carryover is one way you can provide flexibility to employees who participate in these accounts. Read our blog posts on grace periods and run-out periods for the rest of the series. The employer determines the amount of the carryover (up to the IRS limit).

Flexible Spending Account 98

Flexible Spending Account IT Flexible Spending Taxes 98

WEX Inc.

SEPTEMBER 21, 2023

However, for participants of health savings accounts (HSAs) or medical flexible spending accounts (FSAs) , there are ways to alleviate the financial burden associated with vision-related costs. The information in this blog post is for educational purposes only. It is not legal or tax advice.

Health 98

Health Flexible Spending Account Health Savings Account Flexible Spending 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

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)? A medical FSA is a tax-advantaged employee benefit that gives participants the opportunity to save on out-of-pocket medical, dental, and vision eligible expenses.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

Benefit Resource Inc.

MARCH 28, 2024

Pre-tax benefits are a powerful tool for saving money and maximizing your income. From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. Here are some essential tips to help you navigate the early stages of the plan year.

Flexible Spending Account 52

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

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. So far, prices have held steady… Pre-tax limits. 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

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. How’s your sunscreen stock?

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

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. Illustrate how pre-tax contributions lead to significant savings over time, effectively reducing the impact on take-home pay. It is not legal, financial, or tax advice.

Flexible Spending Account 98

Flexible Spending Account Take Home Pay Flexible Spending Healthcare 98

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

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. It is not legal or tax advice.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account IT 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. For example, do you have any new dependents who have healthcare needs and could be covered by a pre-tax benefits plan? If your employer offered you a raise, you wouldn’t say no, right?

401(k) 98

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

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. This includes tax regulations, employment laws, minimum wage requirements, and any changes in payroll-related legislation.

Payroll 98

Payroll Flexible Spending Account Overtime Payroll Software 98

WEX Inc.

SEPTEMBER 12, 2023

In the second blog post in our three-part series to educate first-time participants, we walk through a few factors you should consider when choosing among employee benefits accounts for the first time. Click here for the first blog post in our series on choosing a health plan for the first time.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 52

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).

401(k) 245

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

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.

Flexible Spending Account 81

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

WEX Inc.

JANUARY 4, 2023

In this blog post, we outline some of the ways your ability to use your employee benefits changes when you elect COBRA. Flexible Spending Account (FSA) If you were enrolled in an FSA prior to electing COBRA, you may still be able to tap into your FSA funds. 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

Benefit Resource Inc.

FEBRUARY 18, 2020

So, it is not surprising that most people get stumped by the question, “What is the link between pre-tax benefits and COBRA?” It is important to understand the specific rules for your employer’s plan. Flexible Spending Accounts start to get messy as they are ‘sometimes’ subject to COBRA.

Taxes 40

Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

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.

Taxes 76

Taxes Flexible Spending Account Medical Flexible Spending 76

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. Since the salary reductions are not received by the employee, they are not considered wages for income tax purposes. Flexible spending account. Set-up and tax implications.

Flexible Spending Account 81

Flexible Spending Account 401(k) Flexible Spending Deductions 81

Benefit Resource Inc.

MARCH 12, 2019

This may be the shortest blog on pre-tax benefits you will ever read. We’re going to take 5 minutes to redefine 9 confusing pre-tax phrases used in pre-tax benefits. Pre-tax benefits. Pre-tax benefits are, in effect, a way to decrease your income before taxes so you pay less in taxes.

Taxes 63

Taxes Flexible Spending Account Health Savings Account Medical 63

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. Also, employees can’t be enrolled in Medicare or be claimed as a dependent on someone else’s tax return. Follow DOL claims procedures.

Health Savings Account 52

Health Savings Account Deductions Deductible Flexible Spending Account 52

Benefit Resource Inc.

JANUARY 16, 2020

Incorporating lifestyle components into pre-tax accounts. So, how will this affect tax advantaged accounts like Flexible Spending Accounts and Health Reimbursement Accounts? Tools like HSA Bridge allows employees to pay for qualified expenses with tax-free money before their HSA balance has built up.

Health Savings Account 73

Health Savings Account Flexible Spending Account Flexible Spending Taxes 73

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. HSAs allow your staff to set aside a portion of their pre-tax earnings into an account they can tap later to reimburse for qualified medical expenses, including copays, coinsurance, deductibles and medications.

401(k) 89

401(k) Deductions Deductible Flexible Spending Account 89

McDermott Will & Emery Employee Benefits

NOVEMBER 9, 2022

The post Fun For the Whole Family: More ACA Subsidies Apply appeared first on EMPLOYEE BENEFITS BLOG.

Taxes 79

Taxes Flexible Spending Account Employee Benefits Employment 79

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

Benefit Resource Inc.

MARCH 17, 2022

Throughout the year, we deliberately write about helping employees understand the plans their employers have selected for them. With hundreds of blogs and other resources on our site focusing on eligibility, spending options, plan strategy, savings, and more…we cover it all! They also grow tax-deferred. It’s a win-win!

Taxes 98

Taxes Medical Flexible Spending Employment 98

Benefit Resource Inc.

JUNE 27, 2019

In honor of National Sunglasses Day, we wanted to highlight eligible vision expenses you can pay for with your pre-tax accounts. As an overview, a pre-tax account is a type of benefit your employer may offer to help you cover out-of-pocket expenses. Check out these blogs we’ve written: Top 10 Weirdest Eligible Expenses.

Flexible Spending Account 63

Flexible Spending Account Health Flexible Spending Health Savings Account 63

Benefit Resource Inc.

APRIL 21, 2021

Many of them affected pre-tax benefits plan and continuation coverage, also referred to as COBRA. Please continue to check our blog page for updates on this developing topic. Flexible Spending Accounts are not eligible for subsidy. When do employers need to provide the completed Participant Lookback Report?

Flexible Spending Account 74

Flexible Spending Account Taxes Flexible Spending Insurance 74

Benefit Resource Inc.

OCTOBER 27, 2020

There were no changes to limits for the commuter accounts or medical flexible spending account. If you have a Medical FSA and/or Adoption Assistance plan year that begins January 1, 2020 and would like to increase your tax-free limits, please contact your assigned Client Services Specialist. Employers must initiate a change.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending Medical 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. Employers fund these accounts, which reimburse your staff for qualified medical expenses and, in some cases, insurance premiums. per month).

Medical 93

Medical Health Insurance Out of Pocket Cost Deductions 93

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. You can teach them about these tax-advantaged accounts and the importance of saving for retirement. The importance of this can’t be overstated. Financial wellness.

Education 94

Education 401(k) Deductions Deductible 94