Understanding the codes on your medical receipts

PeopleKeep

These codes are a quick way for you to see which items on your receipt can be paid for through your health savings account (HSA), your flexible spending account (FSA), or are eligible for reimbursement through your health reimbursement arrangement (HRA).

Can I have an HRA and an FSA at the same time?

PeopleKeep

From choosing your own individual health insurance plan to spending your HRA dollars on the qualifying out-of-pocket medical expenses that make sense for you, an HRA gives you the freedom to choose. Flexible Spending Accounts Health Reimbursement Arrangement

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Small Business 101 - Reimburse employees for medical expenses

PeopleKeep

Flexible Spending Accounts HSA Health Reimbursement Arrangement Human ResourcesAs leadership teams evaluate small business health insurance options , many want to know how they can reimburse employees tax-free for medical expenses.

HRA vs. HSA vs. FSA comparison chart

PeopleKeep

One way small employers can avoid high insurance costs while still offering a formal health benefit to recruit and retain top talent is an account-based health plan (ABHP). Flexible Spending Accounts HSA Health Reimbursement Arrangement

FSA-HSA Contribution Limits For 2022

Stratus.HR

If you’d like to tax-shelter a portion of your income for 2022, please see the increased contribution amounts below for both Flexible Spending Account (FSA) and Health Savings Account (HSA) participants. What is a Health Savings Account (HSA)?

How Section 125 cafeteria plans work

PeopleKeep

Section 125 Flexible Spending Accounts Health Savings AccountsMany working Americans have access to a Section 125 Cafeteria Plan at some point during their working career, yet many do not take full advantage of them.

COVID-19 Bill Boosts Benefits of FSA—But Only If Employers Act

benefitexpress

Many employees took advantage of health and dependent care flexible spending accounts (FSAs) in 2020, only to see those funds languish unused as day cares closed and routine medical visits were put off to protect family members. Reimbursement Accounts COVID-19

Unexpected Healthcare Services that are FSA-Eligible | BerniePortal

BerniePortal

From service animal training to sleep deprivation treatment, these six medical products and services are eligible to be purchased using a wide variety of flexible spending accounts (FSAs). FSAs Benefits & Healthcare

What Is a Dependent Care FSA and How Does It Work?

BerniePortal

This is typically paid out via a Flexible Spending Account (FSA). Dependent care FSAs can also be referred to as dependent care reimbursement accounts or DCRAs.

What Is an FSA?

Patriot Software

An FSA, also known as a flexible spending account (or arrangement), is a tax-free fund that […] READ MORE. As an employer, you can offer various benefits to your employees. There are pre-tax and post-tax benefits for employees to enjoy.

Flexible Benefit Plans Give Employees More Options

InterWest Insurance Services

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Flexible spending account. Remember: Flexible benefit plans are not without their drawbacks. Flexible spending accounts.

Can You Use FSA and HSA Together? | BerniePortal

BerniePortal

For healthcare, one of the most common questions that may come up is whether or not users can own both a health savings account (HSA) and a flexible spending accounts (FSA).

Defined: The Difference Between HSAs and FSAs | BerniePortal

BerniePortal

For healthcare, one of the most common questions that may come up is the difference between health savings accounts (HSAs) and flexible spending accounts (FSAs).

What to Expect from Dependent Care in the New Year

Benefit Resource Inc.

A Dependent Care Flexible Spending Account (often shortened to ‘Dependent Care FSA’) is a pre-tax benefit account used to pay for eligible services such as preschool, summer day camp, before/after school programs, and child or adult daycare.

How to Be Smart About FSA Spending

Benefit Resource Inc.

We think it’s pretty obvious, but we LOVE Flexible Spending Accounts (FSAs). With roughly 160 Flexible Spending Account (FSA)-related blogs on our site concentrating on eligibility, spending options, plan strategy, savings, and more…we cover it all! Spend those hard-earned FSA dollars productively and sensibly. You might be able to use your dependent care flexible spending account to pay for it. Flexible Spending

17 Surprising Ways to Use your Medical FSA Funds

Benefit Resource Inc.

Health and medical expenses are covered by a Flexible Spending Account or Medical FSA to promote general well-being. These accounts are used to cover health and medical expenses both for you and your dependents (usually children). As an FSA account holder, you have access to your entire annual amount as soon as you choose it, and it can be used for medical, dental & vision costs. Flexible Spending Health Accounts

2021 Year-End Compliance Checklist

The Olson Group

Cafeteria Plan and Flexible Spending Account (FSA) Plan Amendments. 2021 has been another challenging, exciting, and ever evolving year for the business world.

Why you should have a plan for unused FSA funds

Benefit Resource Inc.

If you are in charge of the decision to offer a Flexible Spending Account (FSA) at your company, you should have a plan for unused FSA funds. There are costs associated with offering this account. These suggestions are only for medical Flexible Spending Accounts (FSAs).

FSA eligible expenses — what purchases count?

Business Management Daily

Flexible Spending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. These funds are placed in an FSA account that employees can use to pay for eligible expenses.

Financial and Lifestyle Insights- Part 3

Money Talk

Decumulate Carefully- Consider a webinar speaker’s observation that spending down accumulated savings in retirement is more complex and has higher stakes than saving during working years. Check Your FSA - Learn the rules for your flexible spending account (FSA).

Taxes 165

FSA Carryover: Everything You Need to Know About this Feature

Benefit Resource Inc.

If you have a Medical Flexible Spending Account (FSA), you may have the ability to take leftover funds from one plan year and transfer them to the next. This plan feature (referred to the IRS as a “carryover”; also known as a “rollover”) gives you additional flexibility with your pre-tax funds and allows you to stretch that dollar even more. Go to the “Flexible Spending Accounts (FSAs)” section of your Plan Highlights.

Protect Your Family: Get a Flu Shot with Your Tax-Free FSA Funds

Benefit Resource Inc.

Fortunately, since this shot is considered a medically necessary procedure, you can have the costs of getting it covered under one of your consumer spending accounts. 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.

Reconsidering your employee benefits priorities

Health Consultants Group

Flexible work options. Health Savings Accounts. Flexible Spending Accounts: funded by salary reduction. IRS guidelines restrict certain spending account benefits to maximum annual amounts. Reconsidering your employee benefits priorities.

Addressing Employee Financial Wellness in an Era of Extreme Financial Stress

Griffin Benefits

Consider that 43% of employees spend time working on their personal finances while at work. To evaluate the needs of the employee population, account for their age, income level, life experience, financial goals, and seniority.

Spend Down Your FSA Funds

Benefit Resource Inc.

As the end of 2021 and the plan year looms, it’s crucial to consider what you can do with any remaining funds in your Flexible Spending Account (FSA). Most of the funds in your FSA need to be spent before the end of the plan year because you may lose what you don’t spend. Unfortunately, unlike a Health Savings Account (HSA), you don’t get to keep your FSA money year after year. Flexible Spending

What is a cafeteria plan? (Hint: It’s not related to lunch)

Benefit Resource Inc.

Flex Account. One of the most common cafeteria plans is a flex account, or flexible spending account (FSA). This type of cafeteria plan gives employees the option to enroll in an account that allows them to set aside money from their paycheck tax-free and use it for qualified medical expenses. It is not uncommon for an employer to offer a POP Plan and a Flexible Spending Account to employees at the same time. Dependent Care Account.

What is a cafeteria plan? (Hint: It’s not related to lunch)

Benefit Resource Inc.

Flex Account. One of the most common cafeteria plans is a flex account, or flexible spending account (FSA). This type of cafeteria plan gives employees the option to enroll in an account that allows them to set aside money from their paycheck tax-free and use it for qualified medical expenses. It is not uncommon for an employer to offer a POP Plan and a Flexible Spending Account to employees at the same time. Dependent Care Account.

FSAs, HSAs, HRAs: What employers need to understand

Business Management Daily

Almost all health plans offer add-on accounts — health flexible spending accounts, health savings accounts, or health reimbursement accounts. You need to know how these accounts differ so you can communicate about them to employees.

FSA-HSA Contribution Limits for 2021

Stratus.HR

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.

How HRAs Can Help Your Employees Pay for Medical Expenses

InterWest Insurance Services

While health savings accounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans. Employers fund these accounts, which reimburse your staff for qualified medical expenses and, in some cases, insurance premiums.

3 Reasons to Love Your Benefits

Benefit Resource Inc.

A Medical Flexible Spending Account (Medical FSA), Health Savings Account (HSA), or Health Reimbursement Account (HRA) are great places to start. If you already offer one or all of those to your employees, you could also consider adding a Specialty Account. These accounts provide extreme flexibility and can play an essential part in building a corporate culture that encourages success, loyalty, and job satisfaction. Love is in the air!

How to Keep up with the Changing Landscape of Certified Employee Benefits

Benefit Resource Inc.

BRI provides dedicated administration of tax-free certified employee benefits programs for the following: Commuter Benefit Plans Flexible Spending Accounts Health Reimbursement Accounts Health Savings Accounts. Benefit Resource (BRI) has been simplifying the complexity of benefits for maximum savings and peace of mind for almost 30 years. Employers have come to trust and rely on BRI for their tax-free benefits needs.

Congress temporarily changes limit for dependent care

Benefit Resource Inc.

The limit for dependent care flexible spending accounts has been stuck at $5,000 since the account’s inception in the 1980s. Assuming employers adopt the increased limit for dependent care, employees can take advantage of the new provision by logging into their personal accounts and updating their elections. Once elections are updated, reimbursements will still be made based on the available cash balance in the account.

2022 Health Insurance Outlook, Changes

InterWest Insurance Services

For health flexible spending accounts (FSAs), allowing participants to enroll mid-year, increase or decrease their annual contribution amount, or pull out of the plan altogether and stop contributing.

Which solution(s) should I choose? Comparing FSAs, HSAs and HRAs

Benefit Resource Inc.

” 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. Recommendation: Health Savings Account or Health Reimbursement Account. Recommendation: Health Reimbursement Account. Recommendation: Health Savings Account.

What to know about medical reimbursement plans

PeopleKeep

There are a few different types of medical reimbursement plans including: Health Reimbursement Arrangements (HRAs), Healthcare Reimbursement Plans (HRPs), Health Savings Accounts (HSAs), and Health Flexible Spending Accounts (FSAs). Flexible Spending Accounts (FSAs).

3 Useful Reasons to Admire Your Trusted HRA VEBA

Benefit Resource Inc.

VEBA stands for “Voluntary Employees’ Beneficiary Association” and is a type of Health Reimbursement Account (HRA). Your employer contributes funds into a trust account, tax-free, for you to use towards eligible health care expenses. Between the long-term benefits and short-term flexibility of these accounts, we’re flabbergasted we don’t see them utilized more often!