article thumbnail

Celebrating 20 Years of Health Savings Accounts

Benefit Resource Inc.

The idea was to combine a high-deductible health plan (HDHP) with a tax-advantaged savings account, allowing individuals to set aside pre-tax dollars for qualified medical expenses. Contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

article thumbnail

Maximizing Health Savings and Financial Flexibility through a Well-Designed Benefits Package

Benefit Resource Inc.

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.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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. Retirement plan maximums.

401(k) 89
article thumbnail

4 considerations when choosing employee benefits for the first time

WEX Inc.

Keep these factors in mind: Medical needs: Estimate your medical needs for the coming year. Do you anticipate regular doctor visits, ongoing prescriptions, or any planned medical procedures. Watch the video to hear more from our own Jason Cook about the retirement-planning potential of an HSA.

article thumbnail

PES Benefits

HR Lineup

PES Benefits provides a comprehensive suite of employee benefits, covering various areas such as health and wellness, retirement planning, and financial security. Retirement planning is another crucial aspect of PES Benefits’ offerings.

article thumbnail

Start your new benefits plan year off right with these 8 tips

WEX Inc.

And just because you have an entire plan year ahead doesn’t mean you should wait until November or December to put time and energy into your employee benefits. In fact, staying on top of your health savings account (HSA) , flexible spending account (FSA) , or any other plan you signed up for throughout the year can pay off for you.

article thumbnail

Choosing an HDHP versus a PPO/traditional health plan

WEX Inc.

That’s a critical first step when weighing your choice of an HDHP versus a PPO or another type of traditional health plan. If you don’t anticipate you (or your family) will require a lot of medical care in the coming year, it may make sense to participate in an HDHP so you can save money by paying less in premiums.

401(k) 52