Remove what-is-an-hsa
article thumbnail

IRS Sets Health Savings Account Maximums for 2023

InterWest Insurance Services

The IRS has announced significantly higher health savings account contribution limits for 2023, with the amount increasing more than 5% for individual HSA plans. Here are the new figures for 2023: HSA annual contribution limit. HSAs explained. Under federal law, an HSA must be tied to an HDHP.

article thumbnail

My Life in Benefits: Age 25, co-pay plan or HDHP?

Benefit Resource Inc.

Her company offers two health plan options: a co-pay plan and a high deductible health plan (HDHP) with an HSA. What makes an HDHP a good idea? Enrolling in the HDHP also means we can contribute to the Health Savings Account (HSA) from Sam’s company. With the HDHP and an HSA, our deductible for the year is $4,000.

401(k) 45
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Hall Pass (Episode 5): COVID-19 and Pre-Tax Accounts

Benefit Resource Inc.

Question 1: What should employers be doing to help their participants during COVID-19? Check out our blog on 10 new eligible items you can buy with your pre-tax dollars. Question 2: What changes can assist participants in the preservation of their pre-tax funds? Check out the video below: COVID-19 and Pre-Tax Accounts.

Taxes 52
article thumbnail

Enrolling in benefits creates a level of stress that’s scary

Benefit Resource Inc.

What makes enrolling in benefits stressful? 50% of participants incorrectly think HSA funds are treated like FSA funds and are forfeited at the end of the plan year instead of automatically rolling over from year to year. What you can do right now. Why an FSA is not the same as an HSA. Good luck with Open Enrollment!

article thumbnail

Creating a comprehensive benefits package to attract and retain top talent

PeopleStrategy

more than half of whom were employed: What is interesting is that even those who were unemployed said they would not immediately accept a high-paying job that offered no health insurance or other meaningful benefits. What does a comprehensive benefits package look like. While salary is still important (we all have bills to pay!),

article thumbnail

HRA vs. HSA: What you need to know

WEX Inc.

For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. We’ve outlined the key differences between an HRA and an HSA below so you can see how they work, the advantages of each, and if you should be offering one or both to your employees. Investment potential.

article thumbnail

Family Coverage Costs Hit Small-Business Workers Hardest: Study

InterWest Insurance Services

” The amount workers at small firms pay for single-only coverage is comparable to what their counterparts at larger firms pay (17% of the premium vs. 18%). With that lower premium, employees can set aside additional funds into an attached health savings account, a tax-benefited vehicle that is funded through pre-tax payroll deductions.