Benefit Resource Inc.

DECEMBER 30, 2022

Pre-tax benefits are growing in popularity amongst employers and employees alike. This is because they offer a great way to save on taxes while still being able to use funds for medical, dependent care, and other expenses. In the last year alone, we’ve learned a lot about pre-tax benefits and how to maximize their potential.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Stratus.HR

JUNE 11, 2021

High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA) are growing more and more popular each year. Considering they have lower premiums and provide the ability to use pre-tax dollars to pay for out-of-pocket costs, what’s not to love? HSA-Eligible Expenses. HSA as a Retirement Account.

Deductions 76

Deductions Deductible Out of Pocket Cost Health Savings Account 76

Stratus.HR

JUNE 16, 2022

When you first filled out your W-4 tax form as a new employee, you probably didn’t think much about it afterwards. But what if you’re filing your taxes a year later and you discover you had fewer taxes withheld from your paycheck than expected. What Is the function of the W-4 tax form?

Taxes 71

Taxes Outsourcing Payroll Deductions Deductible 71

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

Benefit Resource Inc.

JANUARY 14, 2022

We’re here to provide you with a short guide to help you understand the required tax documents for your pre-tax benefits. . A Health Savings Account (HSA) is a savings account that provides tax-free contributions and potential tax deductions for qualified medical expenses incurred by the holder.

Taxes 40

Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

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 95

Flexible Spending Account 401(k) Flexible Spending Deductions 95

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 Bonuses 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

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. 7,750 for family coverage (up $450). The takeaway.

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

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. Employers can opt to permit up to $500 to roll from one plan year to the next.

Medical 52

Medical Flexible Spending Account Health Savings Account Flexible Spending 52

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

Higginbotham

JANUARY 12, 2024

Special accounts designed to cover health care costs can help both workers and employers manage their expenses. These setups can often provide substantial tax benefits as well. While employers are not required to offer HSAs, FSAs or HRAs, many choose to do so. This can reduce the income taxes that employees owe.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 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.

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? Engage in opportunities to learn more about available plans.

401(k) 98

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

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

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

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

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) 245

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

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 98

Education 401(k) Deductions Deductible 98

Benefit Resource Inc.

MARCH 14, 2019

The name alone – “pre- tax benefit accounts” – implies there might be tax implications. You might be surprised to learn there are no tax implications for most of these benefits. Use these simple tips as your tax guide to pre-tax benefit accounts. In fact, they might be the easiest account at tax-time.

Taxes 63

Taxes Health Savings Account Deductions Deductible 63

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 Benefit Providers Deductions Deductible 90

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

Griffin Benefits

NOVEMBER 28, 2023

Has your company outgrown its Professional Employer Organization (PEO)? Plus, the PEO may not be as cost-effective these days for your expanding payroll, or maybe it’s time for the tax credits to start accruing to your company instead of the PEO. So can the necessity for multiple W2s and ACA tax forms.

Flexible Spending Account 64

Flexible Spending Account Workers’ Compensation Taxes Flexible Spending 64

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. This is money that employees can set aside to pay for out of pocket health care costs and they won’t be taxed on it. It’s no wonder that they’re struggling.

Flexible Spending Account 52

Flexible Spending Account Out of Pocket Cost Flexible Spending Deductions 52

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. TurboTax ) 401(k): Retirement plans named for the section of the tax code that governs them. (

Family and Medical Leave Act 52

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

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). This gives employers time to update their plan designs and make sure their plan administration is consistent with the new limits.

401(k) 52

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

NOVEMBER 28, 2022

Employers and employees alike are looking for ways to make health care more affordable. It can be funded on a pre-tax basis, and the owner can use the untaxed funds for qualified medical expenses. Unlike Flexible Spending Accounts (FSAs), which are owned by employers, individuals own HSAs. Who can own an HSA?

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. FSA Employer Contribution Limits for 2023.

401(k) 82

401(k) Retirement Plan Health Savings Account Deductions 82

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

Stratus.HR

NOVEMBER 30, 2020

If you’re planning your tax-sheltered income for 2021, the IRS did not increase the $2,750 limit you can contribute to a health Flexible Spending Account (FSA). Employers may continue to impose their own dollar limit on employee salary reduction contributions to Health FSAs. What is the 2021 health FSA contribution limit?

Health Savings Account 52

Health Savings Account Flexible Spending Account Flexible Spending Taxes 52

Benefit Resource Inc.

NOVEMBER 22, 2022

Pre-tax benefits save you money. With a pre-tax benefit, you’re able to deduct the cost of your benefits from your taxes before you calculate what you owe. That means you’ll end up paying less in taxes overall. With an HSA , you can use pre-tax dollars to pay for qualifying healthcare expenses.

Employee Benefits 52

Employee Benefits Flexible Spending Account Flexible Spending Health Savings Account 52

WEX Inc.

JANUARY 4, 2023

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 ). And, if you are no longer enrolled in an HSA-eligible health plan, you can’t contribute to your HSA, but you can still spend your HSA funds at any time.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

Benefit Resource Inc.

JUNE 1, 2023

” Although rising premium rates are an on-going challenge for employers, a primary (and popular) method to overcome this is to implement a high-deductible health plan (HDHP). Overcoming the Challenge Implement an HDHP with Complementary Accounts A growing number of employers have implemented an HDHP as a choice for employees.

Flexible Spending Account 52

Flexible Spending Account Healthcare Health Savings Account Deductions 52

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 98

Health Insurance Insurance Insurance Carriers Deductions 98

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. Any Employer-Sponsored Health Plan.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52