Benefit Resource Inc.

NOVEMBER 8, 2023

If you’re wondering what the difference is between a Medical Flexible Spending Account (Medical FSA) and a Dependent Care Flexible Spending Account (DC FSA), you are not alone. Participants often do not understand that separate elections must be made for Medical and Dependent Care Accounts.

Medical 98

Medical Flexible Spending Account Flexible Spending Deductible 98

InterWest Insurance Services

JULY 4, 2024

workers choosing high-deductible health plans has leveled off during the last two years, uptake has been growing rapidly among one segment of the working population: Gen Z employees. The report notes 84% of employers offer both HDHPs and traditional health plans to ensure that they can met the needs of a multi-generational workforce.

Voluntary Benefits 82

Voluntary Benefits Flexible Spending Account Deductions Deductible 82

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.

JANUARY 16, 2024

Organizations are continuously looking for strategies to draw in and keep top talent in the highly competitive employment market of today. Integrating HSAs and FSAs: Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are two valuable tools that contribute significantly to an employee’s health and financial well-being.

Benefits Package 52

Benefits Package Flexible Spending Account Health Savings Account Flexible Spending 52

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

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. Remember: Flexible benefit plans are not without their drawbacks.

Flexible Spending Account 79

Flexible Spending Account 401(k) Flexible Spending Deductions 79

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

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) 88

401(k) Deductions Deductible Flexible Spending Account 88

Benefit Resource Inc.

MAY 2, 2023

As a result, many employers are in hyper-vigilance mode, anticipating the next recession and bracing themselves for a potentially difficult ride. In this climate, employers are considering a range of strategies to mitigate their financial risks in anticipation of a possible recession.

Employment 52

Employment Flexible Spending Account Benefits Package Healthcare 52

WEX Inc.

SEPTEMBER 12, 2023

To take advantage of an HSA, you need to participate in an HSA-eligible health plan (or high-deductible health plan). HSA-eligible health plans typically have lower premiums but higher deductibles. Assess your ability to cover the deductible before choosing this plan.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 52

WEX Inc.

JUNE 13, 2024

Flexible spending accounts (FSAs) allow your employees to use pre-tax dollars to cover eligible out-of-pocket healthcare expenses, providing a tax-efficient way to manage medical costs and helping you and your employees save money. Combination FSA: A limited FSA that converts into a medical FSA once the IRS deductible is met.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account Taxes 52

Benefit Resource Inc.

APRIL 18, 2023

One such way is by utilizing health savings accounts (HSAs) and flexible spending accounts (FSAs). Health Savings Accounts allow employees (and employers) to contribute to a tax-free account to be used for eligible medical expenses. HSAs and FSAs also offer flexibility in how you use your funds.

Medical 52

Medical Flexible Spending Account 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

Business Management Daily

SEPTEMBER 22, 2021

Some employers start as early as September. Most employees elect coverage through their employer, but some may be eligible for marketplace coverage as well. Most employers have an open enrollment period of at least 2 to 4 weeks. Eligibility for HSAs is generally limited to people enrolled in High Deductible Health Plan (HDHP).

Employment 90

Employment Deductions Deductible Benefit Providers 90

Higginbotham

JANUARY 12, 2024

Special accounts designed to cover health care costs can help both workers and employers manage their expenses. When considering the three main types of health accounts (HRAs, HSAs and FSAs), it’s important to understand their pros and cons before deciding what to offer your employees.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductible Deductions 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.

Payroll 72

Payroll Flexible Spending Account Overtime Payroll Software 72

Money Talk

JUNE 29, 2022

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. This is a great time to increase emergency savings or automatic deposits into an employer retirement savings plan (e.g.,

401(k) 246

401(k) Out of Pocket Cost Finance Flexible Spending Account 246

WEX Inc.

APRIL 24, 2023

One emerging trend is employers offering their employees health plan options. Nearly two-thirds of large employers provide their employees with the choice of a high-deductible health plan (HDHP) and a traditional health plan, such as a preferred provider organization (PPO), during open enrollment.

401(k) 52

401(k) Health Savings Account Deductions Deductible 52

CorpStrat

FEBRUARY 22, 2023

People are already struggling to pay for the insurance premiums but on top of that, they’re afraid deductibles, prescriptions, and co-insurance might push them into the red. So if you go to Rite Aid and you buy toilet paper and cough medicine, it’s going to know which one can be deducted from your FSA and pay for it on that card.

Flexible Spending Account 52

Flexible Spending Account Out of Pocket Cost Flexible Spending Deductible 52

InterWest Insurance Services

JULY 20, 2022

Keep in mind that the ritual of choosing a benefits package is a brand-new experience for people who are new to the workforce, and you should prepare to educate new employees on how to effectively choose and use their new coverages, as well as all the details like premiums, deductibles and out-of-pocket expenses. Financial wellness.

Education 92

Education 401(k) Deductions Deductible 92

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 91

Medical Health Insurance Out of Pocket Cost Deductions 91

Business Management Daily

NOVEMBER 15, 2021

Employers are constantly looking for ways to remain competitive in their benefits offerings, and an FSA is a great add-on to your benefits package. Flexible Spending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. Types of FSA Plans.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Medical Healthcare 98

WEX Inc.

JANUARY 4, 2023

Health Savings Account (HSA) HSAs are individually owned accounts, so your HSA will stay with you no matter whether or how you qualify for COBRA. You are still eligible to participate and contribute to an HSA while on COBRA as long as: You’re enrolled in an HSA-eligible health plan (or high-deductible health plan ).

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

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

Benefit Resource Inc.

APRIL 20, 2023

While dusting, vacuuming, and packing away winter clothes may be on the top of your spring cleaning list, have you considered reviewing your eligible expenses and utilizing your Flexible Spending Account (FSA)? While doing your spring cleaning, don’t forget to look at your FSA.

Out of Pocket Cost 83

Out of Pocket Cost Flexible Spending Account Flexible Spending Health Savings Account 83

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). HDHP limits for minimum deductibles and out-of-pocket maximums. 401(k) plans. Transportation fringe benefit plans.

401(k) 52

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

Genesis HR Solutions

JANUARY 24, 2023

Handbooks help manage your employees and keep your business compliant with the ever-growing list of employment rules and regulations. Notice and disclaimer / Acknowledgement of Receipt A notice and disclaimer indicates the handbook is not a contract of employment and that the handbook is subject to change.

Family and Medical Leave Act 98

Family and Medical Leave Act Overtime Parental Leave Health and Welfare 98

InterWest Insurance Services

DECEMBER 9, 2021

HDHP telehealth services — The CARES Act, signed into law in 2020 after the pandemic started, temporarily allowed high-deductible health plans to pay for telehealth services before an enrollee had met their deductible. 1, 2022, HDHPs must charge enrollees for telehealth services if they have not yet met their deductible. .

Health Insurance 87

Health Insurance Insurance Insurance Carriers Deductions 87

Genesis HR Solutions

MAY 2, 2023

For employers and employees, there are myriad HR terms to know and understand. 1099: A form that reports income from self employment earnings, interest and dividends, government payments, and more. IRS ) W-4: A form used by employers to withhold the proper amount of federal income tax from employees’ paychecks. (

Family and Medical Leave Act 52

Family and Medical Leave Act 401(k) Flexible Spending Account Health Savings Account 52

Benefit Resource Inc.

JANUARY 3, 2023

With a Flexible Spending Account (FSA), you can set aside up to $3,050 in pre-tax dollars per calendar year to pay for eligible medical expenses like doctor visits, hospitalizations, and prescription medications. HRAs can be designed by an employer to fit a variety of needs and program designs. How Employers Can Help.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

InterWest Insurance Services

SEPTEMBER 27, 2023

Employees have a right to understand the costs they’ll be facing in each plan, including: Their share of the premium, Their deductible, Their copays or coinsurance, and Other out-of-pocket expenses. The lower the premium on the plan, the higher the deductibles and copays. Get an early start If your plan year starts Jan.

Out of Pocket Cost 72

Out of Pocket Cost Flexible Spending Account Health Savings Account Health Insurance 72

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. First, employees need to be covered by an HSA-eligible health plan, otherwise known as a high-deductible health plan (HDHP).

Health Savings Account 52

Health Savings Account Deductions Deductible Flexible Spending Account 52

Higginbotham

OCTOBER 13, 2023

As employers search for new benefit strategies to meet the needs of a diverse workforce, a Lifestyle Spending Account benefit program is worth considering. What are Lifestyle Spending Accounts? Alternatively, the employer may provide a special debit card that the employee can use to access the account.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Taxes 52

Griffin Benefits

NOVEMBER 1, 2022

Together, these combined announcements by the IRS detail 2023 adjusted limits to the amounts employees can tuck away pretax into Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), transportation benefits, and retirement plans such as 401(k)s. FSA Employer Contribution Limits for 2023.

401(k) 82

401(k) Retirement Plan Health Savings Account Deductible 82

Higginbotham

JUNE 14, 2022

Flexible Spending Accounts (FSAs) have emerged as one solution. Flexible Spending Account vs. Health Savings Account. An FSA is a type of savings account that lets people pay for certain out-of-pocket medical expenses using tax-free dollars. Funds Owned by Employer. Portability.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Higginbotham

NOVEMBER 28, 2022

Employers and employees alike are looking for ways to make health care more affordable. Some are turning to Health Savings Accounts (HSAs). Although HSAs won’t work for everyone, the benefits of an HSA account make this an appealing option for some individuals. What is a Health Savings Account (HSA)? Who can own an HSA?

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

Griffin Benefits

NOVEMBER 28, 2023

Has your company outgrown its Professional Employer Organization (PEO)? But employees who participate in flexible spending accounts need ample notice to take advantage of available funds, and there’s typically a 30-day, post-termination window for submitting receipts. It happens for all sorts of reasons.

Flexible Spending Account 64

Flexible Spending Account Workers’ Compensation Taxes Flexible Spending 64