Fun For the Whole Family: More ACA Subsidies Apply

McDermott Will & Emery Employee Benefits

Benefit Controversies Health and Welfare Plans ACA marketplace Affordable Care Act (ACA) cafeteria plan employer-sponsored group health plan flexible spending account plan Internal Revenue Service IRS premium tax credits (PTCs) Section 125 plans US Department of Treasury

IRS Announces Cost-of-Living Adjustments for Health and Welfare Plans

McDermott Will & Emery Employee Benefits

On October 18, 2022, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain account-based health and welfare plans (see Rev.


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IRS Announces 2023 Employee Benefit Plan Limits

McDermott Will & Emery Employee Benefits

The Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2023.

Account-based health plans vs. healthcare reimbursement plans


Two popular benefits that have gained traction lately are account-based health plans (ABHPs) and health reimbursement plans. Let’s go over account-based health plans and health reimbursement plans, their pros and cons, and when they can work for your business and employees.

Small Business 101 - Reimburse employees for medical expenses


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.

Understanding the codes on your medical receipts


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).

How Section 125 cafeteria plans work


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.

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


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

FSA-HSA Contribution Limits For 2022


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 to Resolve Common FSA Pain Points

Winston Benefits

There are always questions surrounding new benefits and accounts. Flexible spending accounts (FSAs) can be especially confusing. FSA flexible spending accountLuckily, thanks to our partnership with ConnectYourCare, we don’t just have answers — we have solutions. Winston and ConnectYourCare are committed to easing the pain of setting up and using new voluntary benefits.

Use It or Lose It? Here’s What Happens to Unused FSA Funds

Patriot Software

Many employers use flexible spending accounts (FSAs) to help employees pay for their medical-related expenses. Years ago, the “use it or lose it” rule was the main guideline for how employees could spend their money.

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


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

FSA vs. HSA: Which camp are you?

Benefit Resource Inc.

For a long time, I believed you were either for Health Savings Accounts (HSAs) or you were for Flexible Spending Accounts (FSAs), but you couldn’t be for both. To learn more about FSAs and HSAs, download our account comparison chart.

Unexpected Healthcare Services that are FSA-Eligible | 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 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.

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


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.

More than FSAs: Get Employees Ready for Open Enrollment

Benefit Resource Inc.

Many employers offer Flexible Spending Accounts (FSAs) as a way to help employees cover out-of-pocket medical expenses. FSAs are a great way to save money on things like co-pays and prescriptions, but they’re not the only account worth considering. BRI’s VP of Strategy, Becky Seefeldt , shares the importance of reviewing the different types of accounts available and determining which ones make the most sense for your company and your employees.

IRS Announces 2023 Increases to Health FSA and Transportation Fringe Benefit Limits

Proskauer's Employee Benefits & Executive Compensa

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.

Defined: The Difference Between HSAs and FSAs | 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).

Employees and Employers Save with Cafeteria Plans

InterWest Insurance Services

Flexible spending account: With an FSA an employee pays — on a pre-tax basis through salary reduction — for out-of-pocket medical expenses that aren’t covered by insurance (for example, annual deductibles, doctor’s office copayments, prescriptions, eyeglasses and dental costs).

Can You Use FSA and HSA Together? | 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).

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.

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.

Pre-Tax Benefits Don’t Have to be Scary

Benefit Resource Inc.

Commuter benefits, flexible spending accounts, dependent care, and health savings accounts are just a few of the great employee benefits available to help you save money and reduce stress. You can select from a mass transit account and a parking account. A Flexible Spending Account (FSA) account allows you to have pre-tax deductions for certain medical and dependent care expenses. It’s that time of year again!

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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

IRS Announces 2023 Increases to Qualified Retirement Plan Limits

Proskauer's Employee Benefits & Executive Compensa

Earlier last week, the IRS announced the 2023 inflation adjustments for Flexible Spending Accounts and transportation fringe benefits, as discussed here.

New HSA, FSA, 401(k) Contribution Levels Set

InterWest Insurance Services

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.

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

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).

It’s Time for a Mid-Year Financial Check-Up

Money Talk

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. It’s that time again…time for a mid-year financial check-up!

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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.

Ten Tax Planning Tips for 2022

Money Talk

2021) or 90% of current year (2022) tax liability using a W-4 form at work for job-related income tax withholding; withholding for Social Security, a pension, and required minimum distributions through account custodians; and/or quarterly estimated payments using IRS Form 1040-ES. Also consider some savings in taxable and/or tax-free accounts so you have tax diversification (i.e., Take time now to research potential account custodians.

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Eligible Expenses to Help Beat the Heat

Benefit Resource Inc.

Many people don’t realize that their Flexible Spending Account (FSA) or Health Savings Account (HSA) can be used on various health-related purchases beyond doctor visits and prescriptions. You may be able to save yourself some money by using your pre-tax accounts to pay for them. Flexible Spending Health Accounts Health SavingsAs the weather heats up, so do the prices on many summertime necessities.

How to Use Your FSA for Eye Care

Benefit Resource Inc.

Did you know you can use your Flexible Spending Account (FSA) funds to cover a wide range of out-of-pocket healthcare costs, including vision care. Remember that you can only use your FSA funds for eligible expenses, so be sure to keep track of what you are spending your money on. Flexible SpendingEligible expenses include annual eye exams, contact lenses, and eyeglasses.

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.