Benefit Resource Inc.

JANUARY 16, 2024

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are two of the most effective instruments for optimizing health savings and financial flexibility for both employers and employees among the different components of a comprehensive benefits strategy.

Benefits Package 52

Benefits Package Flexible Spending Account Health Savings Account Flexible Spending 52

Benefit Resource Inc.

JANUARY 3, 2023

Whether you’re looking to retire, advance your career, or prioritize your health, now is the perfect time to start planning your journey. 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.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

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 as a Retirement Account. Do Your Homework.

Deductions 76

Deductions Deductible Out of Pocket Cost Health Savings Account 76

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. It is not legal or tax advice. What is an FSA?

Flexible Spending Account 98

Flexible Spending Account Deductions Deductible Health 98

WEX Inc.

SEPTEMBER 14, 2023

When approaching open enrollment, do … Evaluate available health insurance plans. Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. Will anyone in your family have anticipated healthcare costs in the upcoming year?

401(k) 98

401(k) Health Savings Account Flexible Spending Account Healthcare 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. How Do They Help with Medical Savings?

Medical 52

Medical 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

WEX Inc.

SEPTEMBER 12, 2023

Understanding HSAs The number of health savings accounts (HSAs) has doubled nationwide in the last seven years , as more Americans turn to these accounts as a way to save on healthcare costs and prepare for retirement. HSA-eligible health plans typically have lower premiums but higher deductibles.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 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. The takeaway.

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

WEX Inc.

AUGUST 15, 2023

If you rarely require medical care and prefer to save on monthly premiums, a plan with a higher deductible and lower premiums might be suitable. On the other hand, if you anticipate regular medical visits, chronic conditions, or potential emergencies, a plan with lower deductibles and higher premiums may offer better cost protections.

Deductions 98

Deductions Deductible Healthcare Flexible Spending Account 98

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 21, 2022

On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. Health FSAs. . The new limits are set forth below. Carryover Limit.

Transportation 52

Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

Higginbotham

JANUARY 12, 2024

Health accounts or arrangements are designed to cover the costs of eligible health care services, typically including medical , vision and dental expenses. These setups can often provide substantial tax benefits as well. Taxes: Withdrawals are not typically subject to income tax, and contributions may be tax-free as well.

Flexible Spending Account 52

Flexible Spending Account 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

WEX Inc.

APRIL 24, 2023

Your health plan drives many of your decisions during open enrollment. One emerging trend is employers offering their employees health plan options. 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.

401(k) 52

401(k) Health Savings Account Deductions Deductible 52

Higginbotham

NOVEMBER 28, 2022

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)? An HSA is a special type of savings account. Who can own an HSA?

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 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). However, health savings account (HSA) participants will be able to contribute a little more in 2021.

Health Savings Account 52

Health Savings Account Flexible Spending Account Flexible Spending Taxes 52

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. Health Savings Account—Tax-time pay-offs.

Taxes 63

Taxes Health Savings Account Deductions Deductible 63

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.

401(k) 52

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

Genesis HR Solutions

MAY 2, 2023

TurboTax ) 401(k): Retirement plans named for the section of the tax code that governs them. ( IRS ) W-4: A form used by employers to withhold the proper amount of federal income tax from employees’ paychecks. ( TurboTax ) 401(k): Retirement plans named for the section of the tax code that governs them. ( Which ones did I miss?

Family and Medical Leave Act 52

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

Education 98

Education 401(k) Deductions Deductible 98

Genesis HR Solutions

JANUARY 24, 2023

Payroll deductions This item spells out each of the deductions the company withholds, including federal, state, and local taxes and other things, including voluntary deductions for benefits. An HSA can be used only if employees have a qualified High Deductible Health Plan (HDHP).

Family and Medical Leave Act 98

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

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

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

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.

Health Savings Account 52

Health Savings Account Deductions Deductible Flexible Spending Account 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

Although Lifestyle Spending Accounts are not common in the U.S. yet, other types of employer-sponsored spending accounts are, such as Health Savings Accounts and Flexible Spending Accounts. Why offer a Lifestyle Spending Account? However, there’s a catch.

Flexible Spending Account 52

Flexible Spending Account Health Savings 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. Each type of benefit can help you save money in different ways.

Employee Benefits 52

Employee Benefits Flexible Spending Account Flexible Spending Health Savings Account 52

Benefit Resource Inc.

FEBRUARY 6, 2020

If you have a Health Savings Account (HSA) , Flexible Spending Account (FSA) , or Health Reimbursement Account (HRA) , you can typically cover the costs of getting the flu vaccination since it is considered a medically necessary procedure. Already Have the Flu? Sources: [link].

Flexible Spending Account 45

Flexible Spending Account Taxes Flexible Spending Health Savings Account 45

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

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.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending 401(k) 40

Higginbotham

JUNE 14, 2022

Flexible Spending Accounts (FSAs) have emerged as one solution. FSA programs can be a good fit for many employee health benefit programs, but before being able to decide, you may have some questions – for example, how do FSAs work? Flexible Spending Account vs. Health Savings Account.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Benefit Resource Inc.

MAY 2, 2023

Significant areas of focus are healthcare costs and pre-tax benefits. Offering pre-tax benefits First, if employee benefits aren’t already offered, employers can help alleviate the financial burden of healthcare costs for their employees by providing pre-tax benefits.

Employment 52

Employment Flexible Spending Account Benefits Package Healthcare 52

Stratus.HR

JANUARY 24, 2022

To do this, log into the Stratus System , click the green $ sign, go to Taxes (W2 Info), then click the blue Edit button. If you made any pre-tax contributions last year, your YTD earnings will not match Box 1 of your W-2. However, the wages shown in Box 1 of your W-2 is only the amount of earnings subject to federal taxes.

Taxes 64

Taxes Payroll IT Deductions 64

Benefit Resource Inc.

NOVEMBER 4, 2021

Health Saving Accounts (HSAs) help you play a more informed and active role in controlling your family’s health care costs. HSAs are one tool in the ever-expanding toolbox of health care plans. Regardless of where you fall on the income spectrum, these accounts can provide a unique triple tax benefit.

401(k) 75

401(k) Flexible Spending Account Deductions Deductible 75

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

Benefit Resource Inc.

MAY 27, 2021

Fortunately, there’s another option… Enroll in a Limited Purpose Flexible Spending Account (FSA). A Limited Purpose FSA (also known as a Limited FSA or Limited Medical FSA) allows you to pay for dental and vision services with tax-free money. Copayments and dental plan deductibles.

Flexible Spending Account 75

Flexible Spending Account Flexible Spending Health Savings Account Health 75