WEX Inc.

JULY 7, 2023

The IRS’ use-or-lose rule governs flexible spending accounts (FSAs). A flexible spending account (FSA) is an employer-sponsored benefit that allows employees to set aside a portion of their pre-tax salary to pay for qualified medical expenses or dependent care expenses. So what is the use-or-lose rule?

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account IT 52

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? Getting a second job.

Taxes 71

Taxes Outsourcing Payroll Deductions Deductible 71

Benefit Resource Inc.

APRIL 10, 2024

What is a Dependent Care Flexible Spending Account (DCFSA)? First things first, let’s clarify what a dependent care flexible spending account actually is. The Power of Pre-Tax Dollars One of the most significant advantages of a DCFSA is the ability to use pre-tax dollars for eligible expenses.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Taxes Utilities 52

WEX Inc.

OCTOBER 4, 2023

Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. Your employer owns your FSA.

401(k) 98

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

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Benefits Package Flexible Spending Account Health Savings Account Flexible Spending 52

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. If your employer offers both plans during your benefits enrollment, you’ll want to be familiar with what each plan covers.

Medical 98

Medical Flexible Spending Account Flexible Spending Deductions 98

WEX Inc.

MARCH 20, 2023

If you’re an employer, is your in-house benefits administration team struggling to juggle the multitude of complexities behind running a successful benefits administration program? Luckily for you, we’re sharing our insights on the top four questions employers ask when considering outsourcing benefits administration.

Employment 98

Employment Flexible Spending Account Flexible Spending Education 98

Benefit Resource Inc.

MARCH 28, 2024

Pre-tax benefits are a powerful tool for saving money and maximizing your income. From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. Here are some essential tips to help you navigate the early stages of the plan year.

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

Benefit Resource Inc.

JANUARY 12, 2024

For employees, it can manifest as increased stress, anxiety, and decreased productivity, making it a pivotal day for employers to address mental health concerns. Employers can play a crucial role in creating a supportive atmosphere that encourages open dialogue and access to mental health resources.

Taxes 52

Taxes Employee Wellness Utilities Healthcare 52

WEX Inc.

JULY 9, 2023

A dependent care flexible spending account lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping you save 30 percent or more on your dependent care costs.

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Flexible Spending Account Flexible Spending Taxes Consulting 98

WEX Inc.

MAY 4, 2023

The IRS requires your flexible spending account (FSA) participants to submit documentation to prove their purchase was an eligible expense. Because of an FSA’s tax advantages, the IRS requires employers and employees to prove that FSA funds are only being spent on eligible expenses. Why is substantiation required?

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Flexible Spending Account Flexible Spending Taxes Medical 98

Benefit Resource Inc.

NOVEMBER 6, 2023

As employers and HR professionals, it’s essential to take proactive measures to boost employee morale during this time. Let’s explore effective strategies for promoting employee well-being during the winter months and the role of pre-tax benefits in achieving this goal.

Flexible Spending Account 90

Flexible Spending Account Flexible Spending Health Savings Account Food 90

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

WEX Inc.

AUGUST 29, 2023

And did you know that a variety of fertility and infertility treatments are eligible for health savings account (HSA) and medical flexible spending account (FSA) funds? It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

WEX Inc.

SEPTEMBER 21, 2023

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. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

Health 98

Health Flexible Spending Account Health Savings Account Flexible Spending 98

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.

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Flexible Spending Account Deductions Deductible Health 98

Benefit Resource Inc.

NOVEMBER 15, 2023

In the dynamic landscape of the modern workforce, employers and HR professionals are faced with the challenge of not only attracting top talent but also ensuring the well-being of their existing employees. Employers can underscore the flexibility of FSAs and encourage employees to maximize their contributions for optimal financial advantage.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

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.

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Flexible Spending Account 401(k) Flexible Spending Deductions 95

WEX Inc.

SEPTEMBER 7, 2023

Flexible spending accounts (FSAs) are a powerful tool for individuals and employers to save money on healthcare and dependent care expenses. Illustrate how pre-tax contributions lead to significant savings over time, effectively reducing the impact on take-home pay. Let’s take a look. What you can do: Education is key.

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Flexible Spending Account Take Home Pay Flexible Spending Healthcare 98

WEX Inc.

AUGUST 7, 2023

Sunscreen can cost as much as $40 a bottle, but did you know you can actually use your health savings account (HSA) or medical flexible spending account (FSA) funds on many SPF-related expenses? Sunscreen There’s a good chance you’re planning on spending some time in the sun over the next few months. How’s your sunscreen stock?

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

WEX Inc.

MAY 24, 2023

Often, employees feel confused about their benefits plans options, especially if their employer is using “complicated HR jargon” in their benefits messaging. Let’s explore tips on how employers can effectively communicate benefits messaging to employees in a way that’s relatable and easy to understand.

Flexible Spending Account 97

Flexible Spending Account Health Savings Account Benefit Providers Flexible Spending 97

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

Griffin Benefits

OCTOBER 1, 2022

Among the various transparency rules contained within the Consolidated Appropriations Act is a requirement for employers to provide certain plan information about prescription drugs. Additionally, account-based plans, like health reimbursement arrangements (HRAs) and health care flexible spending accounts (FSAs), are not required to report.

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Insurance Carriers Employment Flexible Spending Account Insurance 65

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? If your employer offered you a raise, you wouldn’t say no, right?

401(k) 98

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

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

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

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 Payroll Software 98

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

Benefit Resource Inc.

JULY 31, 2023

Amidst the excitement, many may not know that their Flexible Spending Account (FSA) can be a valuable resource for purchasing back-to-school items. An FSA is a pre-tax benefit account offered by many employers as part of their benefits package. What is an FSA? How Does it Apply to Back-to-School Shopping?

Utilities 52

Utilities Flexible Spending Account Flexible Spending Medical 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

Benefit Resource Inc.

AUGUST 25, 2023

There are many common misconceptions regarding election changes when it comes to pre-tax benefit accounts. This is understandable given that flexible spending accounts have been available longer and are likely shaping people’s opinions regarding HSAs. HINT: It is more often than you might realize.)

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Medical 52

WEX Inc.

SEPTEMBER 12, 2023

Funds you or your employer contribute to your HSA can help with this. Exploring HSAs and FSAs HSAs and medical flexible spending accounts (FSAs) let you save money because the funds you contribute to them are pre-tax. FSAs are employer-owned, meaning you may lose the funds if you change job or health plans.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 52

Benefit Resource Inc.

FEBRUARY 18, 2020

So, it is not surprising that most people get stumped by the question, “What is the link between pre-tax benefits and COBRA? So, it is not surprising that most people get stumped by the question, “What is the link between pre-tax benefits and COBRA?” Understanding pre-tax benefits and COBRA.

Taxes 40

Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

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. Open enrollment typically occurs in late fall in October or November.

Employment 90

Employment Deductions Deductible Benefit Providers 90

Benefit Resource Inc.

MAY 11, 2021

We think it’s pretty obvious, but we LOVE Flexible Spending Accounts (FSAs). Whether you’re an employer or a plan participant, we have the resources you need to succeed. Throughout the year we deliberately write about helping employees understand the plans that their employers have selected for them. March 15th.

Flexible Spending Account 81

Flexible Spending Account Family and Medical Leave Act Flexible Spending Taxes 81

Benefit Resource Inc.

MARCH 20, 2024

Every day, we have the privilege of working closely with thousands of employers, employees, and consultants, fostering relationships built on trust to simplify benefits and offer tax-advantaged savings and peace of mind,” said Jennie Boeckmann, BRI regional sales manager.

Health Savings Account 52

Health Savings Account Flexible Spending Account Flexible Spending Taxes 52

Benefit Resource Inc.

APRIL 11, 2019

In this post, we’ll provide a bit of background about what the Flexible Spending Account (FSA) rollover option is and how it works. The FSA rollover option is offered by some employers to employees as a form of protection against losing funds in a Medical FSA. The employer decides the amount that can roll.

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Taxes Flexible Spending Account Medical Flexible Spending 76