WEX Inc.

MARCH 16, 2023

How much should I contribute to my health savings account (HSA) each month? If you’re covered by an HSA-eligible health plan (or high-deductible health plan ), the IRS allows you to put as much as $3,650 per year (in 2022) into your health savings account (HSA). What is an HSA? What is an HSA?

Health Savings Account 98

Health Savings Account Deductions Deductible Healthcare 98

WEX Inc.

SEPTEMBER 21, 2023

Visual health is a vital component of overall well-being, and unexpected eye-related expenses can put a strain on your finances. 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.

Health 98

Health Flexible Spending Account Health Savings Account Flexible Spending 98

WEX Inc.

AUGUST 10, 2023

Are you preparing to send your kids back to school soon? You might be surprised to learn that your health savings account (HSA) and medical flexible spending account (FSA) can help you save on purchases of a variety of back-to-school, expenses, including: Thermometers. Vaccinations. OTC medicines.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

WEX Inc.

MAY 17, 2023

Key takeaways - 2024 HSA contribution limits 2024 HSA contribution limits will increase to $4,150 and $8,300 for self-only and family HSAs, respectively. 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.

Health Savings Account 98

Health Savings Account Deductions Deductible Taxes 98

InterWest Insurance Services

NOVEMBER 10, 2022

They also miss out on preventative services that insurers are required to provide without cost-sharing and that can help them maintain their health. A recent study, the fifth annual “HSA Bank Health & Wealth Index,” noted that targeted communications to millennials and Gen Zers are key to sparking their interest.

401(k) 97

401(k) Health Savings Account Health Insurance Insurance 97

WEX Inc.

APRIL 25, 2024

However, navigating the complexities can be daunting, so let’s break it down. The deductible is the amount you must pay out-of-pocket for covered healthcare services before your insurance plan begins to pay. Similar to other health plans, once you meet the deductible, insurance begins to cover a portion of medical expenses.

Health Savings Account 52

Health Savings Account Deductions Deductible Out of Pocket Cost 52

WEX Inc.

JUNE 13, 2023

Keep reading to learn more about the causes and potential solutions so you can do more to support your employees. The importance of a retirement plan Do you know what the average amount of savings for retirement should be? This can be estimated to cost half a trillion dollars! This could be an HSA, 401(k), IRA, and more.

Retirement Plan 98

Retirement Plan 401(k) IT Healthcare 98

InterWest Insurance Services

NOVEMBER 25, 2022

You’ll want to make note of the changes when discussing your employee benefits during annual open enrollment. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. Here’s the rundown of the changes going into 2023: HSAs and HDHPs.

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

Benefit Resource Inc.

DECEMBER 27, 2022

But, what exactly happens to HSA funds at the end of the year? In 2003, Health Savings Accounts (HSA) were established, bringing forth a new pre-tax plan option that effectively eliminated the concerns over lost funds. And, as a portable account, the HSA remains yours even if employment changes. You are in control.

Health Savings Account 75

Health Savings Account Taxes Healthcare Medical 75

InterWest Insurance Services

MAY 12, 2022

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.

Health Savings Account 98

Health Savings Account Deductions Deductible Health 98

WEX Inc.

SEPTEMBER 7, 2023

What you can do: Education is key. Participants want fast reimbursement of claims, and technology and automation can give them that. For example, with WEX, they can use: The WEX benefits card , which is the only card our participants need to spend funds from their WEX benefits plans.

Flexible Spending Account 98

Flexible Spending Account Take Home Pay Flexible Spending 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% for 2024, the largest increase ever, brought to you by inflation. Under its rules, HSAs, which help employees save for medical expenses, are only available to those enrolled in qualified HDHPs. You are not taxed on withdrawals.

Deductions 52

Deductions Deductible Health Savings Account Medical 52

WEX Inc.

APRIL 24, 2023

If so, here are four factors you should consider when choosing an HDHP versus a PPO. You and your family’s expenses During open enrollment, you may see tables or charts that show your available plans’ premiums, deductibles, and/or out-of-pocket responsibility. Does your employer offer options?

401(k) 52

401(k) Health Savings Account Deductions Deductible 52

Benefit Resource Inc.

FEBRUARY 23, 2023

Health Savings Accounts (HSAs) are tax-advantaged accounts that allow you to pay for medical expenses now and in the future. Whether you already have an HSA or are looking at this account for the first time, BRI is here to share why we love this account so much. HSAs Are Not Use-It-Or-Lose.

Health Savings Account 52

Health Savings Account 401(k) Retirement Plan Taxes 52

Benefit Resource Inc.

MARCH 31, 2023

As an employee with a Health Savings Account (HSA), knowing what you need to report during tax season is important. Even though HSAs can be complex, tax reporting shouldn’t be a headache. In this guide, we’ll cover what you must report for your HSA and how to know what you need to report.

Health Savings Account 52

Health Savings Account Taxes Healthcare Medical 52

WEX Inc.

AUGUST 15, 2023

Whether you're transitioning from your parents' insurance, landed your first full-time job, or are simply obtaining coverage for the first time, choosing health plans and employee benefits options can be overwhelming. Consider whether you typically have low or high medical expenses.

Deductions 98

Deductions Deductible Healthcare Flexible Spending Account 98

Benefit Resource Inc.

MARCH 28, 2024

Here are some essential tips to help you navigate the early stages of the plan year. Know Your Pre-Tax Benefit Options Flexible spending accounts (FSAs): An FSA allows you to set aside pre-tax dollars for eligible healthcare expenses. Plus, the funds can roll over year after year.

Flexible Spending Account 52

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

WEX Inc.

MAY 8, 2024

In our latest podcast episode, we delved into the motivators and demotivators influencing employees’ healthcare decisions to empower you with the tools you need to engage your employees. With busy schedules as working professionals, finding time for a doctor’s visit can seem like a luxury.

Health Savings Account 52

Health Savings Account Benefits Package Healthcare Voluntary Benefits 52

WEX Inc.

JANUARY 30, 2023

And a new health savings account (HSA). This scenario can play out often over the course of your life. Since HSAs are employee-owned, they stay with you even when you leave your employer. The funds are yours. The funds are yours. This process is completed by your current and former HSA custodian.

Health Savings Account 52

Health Savings Account Taxes Consulting Medical 52

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. But there are HSA rules and regulations you and your employees need to follow in order to stay compliant.

Health Savings Account 52

Health Savings Account Deductions Deductible Flexible Spending Account 52

Benefit Resource Inc.

JANUARY 3, 2022

Having a baby can be expensive, but it’s never too early to start saving. Even with health insurance, labor and delivery can cost around $5,000, and without insurance, it can be upwards of $40,000. Fortunately, one great way to help with out-of-pocket costs is utilizing a Health Savings Account (HSA).

Taxes 72

Taxes 401(k) Out of Pocket Cost Health Savings Account 72

Benefit Resource Inc.

NOVEMBER 4, 2021

Whether it’s prepping meals for the next week or setting your sights on goals that are years away, planning ahead can be overwhelming. We’re sharing how HSAs work for different income levels and helping you plan ahead with the one plan to rule them all! First and foremost, HSAs are for everyone! Contributions.

401(k) 75

401(k) Flexible Spending Account Deductions Deductible 75

Benefit Resource Inc.

JUNE 23, 2020

In addition to a general retirement account, consider a Health Savings Account (HSA). Making HSA investments enables you to grow this tax advantaged account at a greater rate long-term, while giving you a reliable source of funds to turn to for both emergency and everyday medical expenses. Invest you say?

401(k) 76

401(k) Health Savings Account Banking Taxes 76

Benefit Resource Inc.

MARCH 17, 2022

As you prep your corned beef and cabbage, let’s take a brief moment to reflect on a few things we’re lucky to have. (We Please know, we do understand that pre-tax benefits can be complex for people who don’t live and breathe the regulations surrounding them. Any contributions you make to your HSA are made before taxes are applied.

Taxes 98

Taxes Medical Flexible Spending Employment 98

Benefit Resource Inc.

APRIL 18, 2023

The cost of healthcare can be daunting, especially for those who do not have adequate insurance coverage or savings to cover medical expenses. One such way is by utilizing health savings accounts (HSAs) and flexible spending accounts (FSAs). What is an HSA? The HSA provides a savings mechanism to pay for out-of-pocket expenses.

Medical 52

Medical Flexible Spending Account Health Savings Account Flexible Spending 52

Benefit Resource Inc.

FEBRUARY 2, 2021

If you’ve already finished the first season of Bridgerton on Netflix and are looking for another love story to dive into, we’re here to tell you about a love story for the ages: a 401(k) & HSA. We’re here to tell you that it makes more sense than you think. 401(k) + HSA =.

401(k) 75

401(k) Healthcare Finance Health 75

Benefit Resource Inc.

MARCH 18, 2021

So, how can you use your Health Savings Account to save up your half? Here’s a very rudimentary breakdown of the numbers: The current 2021 HSA contribution limit is $3,600. If you max out your HSA contribution each year and don’t withdraw any funds until age 65, it would take 53 years to save up $200,000.

401(k) 68

401(k) Health Savings Account Taxes IT 68

BerniePortal

APRIL 4, 2023

They are an excellent investment tool that can be used to pay for health expenses both now and in the future. The funds also never expire and can even be invested. But like anything, there are always questions about how a benefit works and HSAs are no exception.

Healthcare 52

Healthcare 52

Benefit Resource Inc.

FEBRUARY 4, 2021

We are here to sing the praises of HSAs in five parts: You keep your funds forever. We did a quick Q&A with Squints from The Sandlot about HSAs: BRI: So, Squints, how long do you get to keep your HSA funds? You also get to keep them into retirement and if you switch employers.

Health Savings Account 73

Health Savings Account 401(k) Retirement Plan Taxes 73

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. Or check out this episode of Benefits Buzz to learn eight things you should know about medical FSAs.

Flexible Spending Account 98

Flexible Spending Account Deductions Deductible Health 98

WEX Inc.

JANUARY 3, 2023

To kick off another year of providing you with the employee benefits tips and information you need, we wanted to look back at your favorite blog posts from the last year. Here are our top 10 blog posts from 2022: Your HSA when you change jobs Were you among the 20% of workers expected to quit their jobs in 2022?

Education 52

Education Flexible Spending Account Health Savings Account Flexible Spending 52

Benefit Resource Inc.

OCTOBER 14, 2021

HRA VEBAs may not be as common as they once were, but we still have three great reasons for you to consider them. Your employer contributes funds into a trust account, tax-free, for you to use towards eligible health care expenses. ” Unlike an FSA, your funds roll over year to year and will not expire. Free money!

Flexible Spending Account 75

Flexible Spending Account Flexible Spending Taxes Utilities 75

Benefit Resource Inc.

JANUARY 3, 2023

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. SMART stands for Specific, Measurable, Attainable, Realistic, and Timely – and setting goals with these criteria will help ensure you reach them!

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

Benefit Resource Inc.

JUNE 28, 2022

While this may be bad news for the overall economy, it could actually be good news for those with a Health Savings Account (HSA). What is an HSA? HSA’s are the only account to provide a triple-tax benefit. Funds deposited into an HSA tax-free, grow tax-deferred, and remain tax-free. Invest or Save?

Health Savings Account 40

Health Savings Account Taxes Medical Healthcare 40

Benefit Resource Inc.

DECEMBER 8, 2022

Let’s take a look at how these accounts can help your business. Employers that offer HSAs allow their employees to control their healthcare costs and make smart decisions about using their HSA funds each year. This kind of investment into HSA accounts can lead to tax breaks for employers and employees.

Health Savings Account 40

Health Savings Account Healthcare Taxes Flexible Spending 40

Benefit Resource Inc.

NOVEMBER 1, 2022

Health savings accounts (HSAs) are becoming a popular way for investors to save for retirement. HSAs allow you to save money tax-free to use towards medical expenses. In addition, HSAs can be used to help fund your retirement. You can also use the money in your HSA to pay for long-term care costs.

Health Savings Account 40

Health Savings Account Retirement Plan Deductions Deductible 40

Stratus.HR

JUNE 11, 2021

High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA) are growing more and more popular each year. Well, there’s a flipside of HDHPs and HSAs that includes a higher deductible and added out-of-pocket costs. So how do you know if this is the right plan for you? HSA Bank Fees. HSA-Eligible Expenses.

Deductions 76

Deductions Deductible Out of Pocket Cost Health Savings Account 76