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. ‘Tis the season to make and finalize FSA contributions for the 2022 plan year.

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).

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BRI is Your “Lucky Charm” for Great Benefits

Benefit Resource Inc.

With hundreds of blogs and other resources on our site focusing on eligibility, spending options, plan strategy, savings, and more…we cover it all! Flexible Spending Health Accounts Health Savings Specialty AccountsHere at BRI, there are a few things that many of us enjoy. (A

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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

Register for Our Upcoming Webinar: Legislative Check-in – What You Need to Know Regarding Employee Benefits

Benefit Resource Inc.

Dependent Care Flexible Spending Health Accounts Health Reimbursement Health Savings Specialty AccountsJoin Benefit Resource (BRI) for our webinar, Thursday, June 2nd at 11 am EDT. There are so many things to take our attention these days, that it is easy to overlook the less intensive world of employee benefits.

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. Flexible Spending Health AccountsThese accounts are used to cover health and medical expenses both for you and your dependents (usually children). Take advantage of your pre-tax benefits this year! You may be able to save on routine expenses, like preventative healthcare costs.

2022 Contribution Limits Announced For FSA and Commuter

Benefit Resource Inc.

Commuter Benefits Flexible Spending Health Accounts Open Enrollment Resources & GuidesThe IRS released the 2022 contribution limits for Mass Transit, Parking, Medical FSA, and Adoption Assistance in Revenue Procedure 2021-45.

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

Plans like health reimbursement arrangements (HRAs), health savings accounts (HSAs), and flexible spending accounts (FSAs) are all ABHPs that are growing in popularity. Flexible Spending Accounts HSA Health Reimbursement Arrangement

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. Below are some helpful tips to ensure you’re spending your FSA wisely: What Can You Purchase with Your FSA Funds? Flexible Spending

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.

3 Lessons I Wish I Knew About TPAs

Benefit Resource Inc.

We have individuals throughout the organization who are certified in flexible benefits and COBRA administration. Flexible SpendingLife is good. You have contracted with a third-party administrator (or TPA) for your pre-tax benefit program. Time to move on to the next benefits crisis, right? But, then you start to realize not everything is as it seemed. Lesson 1: There are generally two kinds of TPAs.

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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. Don’t wait until December to spend your funds.

Register for Our Upcoming Webinar: How to Keep Participants Informed All Year Long

Benefit Resource Inc.

Dependent Care Flexible Spending Health Accounts Health Reimbursement Health Savings Specialty AccountsJoin Benefit Resource (BRI) for our webinar, Tuesday, April 26th at 11 am EDT. We live in a world where personalization is everything, and benefits should be no exception. As employees continue to demand more from their employers both digitally and physically, companies must find ways to elevate their benefits offerings.

Help Employees Use Pre-tax Funds to Save for a New Baby

Benefit Resource Inc.

Flexible Spending Health Accounts Health Savings The Press RoomThe cost of having a baby can be overwhelming, even if you have insurance. However, there are ways for employees and employers alike to help make it more affordable. BRI’s VP of Strategy, Becky Seefeldt recently shared her thoughts with BenefitsPRO. It can be hard to manage the things needed to welcome the newest family member, but there are tools available.

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Quick Reference Guide to Acronyms used in Benefits

Benefit Resource Inc.

Commuter Benefits Flexible Spending Health Accounts Resources & GuidesIf you are feeling like you need a special decoder ring to understand your benefits, you are not likely alone. But we have just what you need. We’ll break down common (and not so common) acronyms used in benefits. To make it (hopefully) a little easier, we will tackle it through four groups: Rules and Enforcers. The Pre-tax Toolbox. Accounting and HR Terms. General Benefits Terms.

3 products you should stop buying with your FSA

Benefit Resource Inc.

While certain spending avenues were opened after reform healthcare reform was released in 2020 due to the coronavirus pandemic, there are still certain items that you should not purchase with your FSA. Flexible SpendingFSAs are one of the most popular pre-tax benefits in United States. In 2019, more than 68% of employees had enrolled in the account*. Given this fact, it may come as a surprise that there are limits on what can be purchased through an FSA.

Are There Tax Documents for Your Pre-Tax Benefits?

Benefit Resource Inc.

A Flexible Spending Account (FSA) is a great way to save money on your healthcare costs. Flexible Spending Health Accounts Health SavingsBenefit Resource (BRI) has been simplifying benefits for 30 years. We’re here to provide you with a short guide to help you understand the required tax documents for your pre-tax benefits. .

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Take care of your teeth by doing these 3 things

Benefit Resource Inc.

Fortunately, there’s another option… Enroll in a Limited Purpose Flexible Spending Account (FSA). Here are some examples of what you can spend those funds on: Artificial teeth/dentures/denture cleaners. Flexible SpendingAccording to the CDC , oral health problems plague U.S. adults, with 26% having untreated tooth decay and 46% of those 30 years or older show signs of gum disease. Are you making the effort to take care of your teeth?

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). Are over-the-counter medicines eligible expenses under a Flexible Spending Account (FSA or Flex Spending)?

What’s In and What’s Out: Review of Expiring Legislative Relief and Looking Ahead to 2022

Benefit Resource Inc.

Health Flexible Spending Account: $2,850 (Up from $2,750 in 2021) Health FSA Rollover: $570 (Up from $550. Commuter Benefits Dependent Care Flexible Spending Health Accounts Health SavingsSometimes change comes roaring in with a big splash and flashing lights. But other times, change comes quietly. You have to read the fine print to even know that it is happening.

Going Virtual: The future of child care during COVID-19?

Benefit Resource Inc.

COVID-19 Flexible SpendingChild care during COVID-19 has been one of the most discussed topics after the pandemic itself, alongside shifting work environments and how companies and the economy are responding. Many parents are expecting to go back to work in offices, albeit a limited number of days a week in some cases, when the last quarter of 2020 rolls around.

What you need to know about the CARES Act

Benefit Resource Inc.

Flexible Spending Health Accounts Health Reimbursement Health SavingsThe new CARES Act, formally named ‘‘Coronavirus Aid, Relief, and Economic Security Act’’, brings a variety of actions aimed to aid in the fight of COVID-19, along with spurring economic stability and growth. You can view the various inclusions in this Forbes article. We, however, will focus on the three possible changes to tax-free account holders. Where does the CARES Act stand?

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. These changes enable you to avoid the end-of-year rush to spend your pre-tax funds and give you peace of mind.

FSA Relief Considerations Q&A

Benefit Resource Inc.

We are excited to provide you with some additional insight into the FSA relief options for Health and Dependent Care Flexible Spending Accounts, included in the year-end spending bill signed into law on December 27, 2020. COVID-19 Flexible Spending Q&A Videos

Personal protective equipment: Buying masks and hand sanitizer?

Benefit Resource Inc.

” What you need to know: COVID-19 PPE items such as masks, hand sanitizer, and sanitizing wipes purchased on 1/1/2020 or later are eligible for reimbursement from Medical Flexible Spending Accounts and Health Savings Accounts. These accounts include health savings accounts , flexible spending accounts and health reimbursement accounts (or arrangements). COVID-19 Flexible Spending Health Accounts Health Reimbursement Health Savings HRA VEBA

Do you need to make benefit changes because of COVID-19?

Benefit Resource Inc.

Even apart from COVID-19, HSAs are fairly flexible when it comes to making changes. While some employers may restrict how often election changes can take place, there is still a good degree of flexibility. Commuter Benefits Flexible Spending Health AccountsCOVID-19 has caused upheaval in many ways. This includes employees’ work benefits, particularly pre-tax accounts.

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Winter skincare items to splurge on

Benefit Resource Inc.

Flexible Spending Health Accounts Health Reimbursement Health SavingsSave twice when you shop for these eligible winter skin care items leading up to Black Friday.

Will COVID-19 affect non-discrimination testing results?

Benefit Resource Inc.

COVID-19 Flexible SpendingThe time is fast approaching to complete your non-discrimination testing. Obviously with COVID-19, this year was quite a bit different than the previous. So, comes the question: will COVID-19 affect your non-discrimination testing results?

15 Eligible Medical Expenses Under $15

Benefit Resource Inc.

To avoid losing any of that pre-tax money to the use-it-or-lose-it rule, it’s important to plan your spending down to the last dollar. Additionally, Check out the FSA Store’s FSA Deadline Spending Guide for more ideas. Flexible Spending Health Accounts Health SavingsThe end of 2020 is ( finally ) almost here. That means it’s time to start planning how you’re going to use up those extra FSA funds.

How to Resolve Common FSA Pain Points

Winston Benefits

Flexible spending accounts (FSAs) can be especially confusing. FSA flexible spending accountThere are always questions surrounding new benefits and accounts. Luckily, 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.

Putting the “Fun” in FSA Funds

Benefit Resource Inc.

5 Ways to Spend Your Funds Before the End of the Year. Starting the new year with lost Fl exible Spending Account (FSA) funds probably doesn’t sound like y our idea of a good time. So, here’s a list of five fun ways to spend down your FSA and start 2021 off on the right foot! . Want more ideas on ways to spend down your FSA funds? Flexible SpendingCongratulations on making it to the home stretch of 2020!

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Which one is right for you? The DC FSA or the child and dependent care tax credit?

Benefit Resource Inc.

A Dependent Care Flexible Spending Account (DC FSA) helps employees pay for eligible child care expenses by reducing taxable income through payroll deductions. Flexible SpendingIf you have children, you know that the price of raising them and giving them the best life adds up quickly. However, there are ways you can save on certain expenses. Two of the most common options are a Dependent Care FSA or the child care tax credit.

How can we make IVF and insulin more affordable?

Benefit Resource Inc.

Through an account like a Flexible Spending Account or Health Savings Account (or Health Reimbursement Account, depending on the employer), the exorbitant expense of IVF and insulin are made somewhat more manageable. Flexible Spending Health Accounts Health SavingsAnyone who has encountered IVF treatments or insulin payments is familiar with the overwhelming costs associated with each. In some instances, insurance may be available to ease the sky high payments.

2021 limits now out for commuter, FSA

Benefit Resource Inc.

There were no changes to limits for the commuter accounts or medical flexible spending account. Commuter Benefits Flexible SpendingThe IRS released the 2021 limits for Mass Transit, Parking, Medical FSA and Adoption Assistance in Revenue Procedure 2020-45. The limits are effective for plan years that begin on/or after January 1, 2021. Details below. 2021 Limits: Mass Transit and Parking. Maximum Election : $270 / month (no change from 2020). 2021 Limit: Medical FSA.

5 benefits trends to watch in 2020

Benefit Resource Inc.

So, how will this affect tax advantaged accounts like Flexible Spending Accounts and Health Reimbursement Accounts? Qualified Health Savings Account Distribution Act: Modifies rules for terminating or converting from a flexible spending account or health reimbursement account to a health savings account. Commuter Benefits Flexible Spending Health Accounts Health Reimbursement Health Savings

A new way to save on feminine care products

Benefit Resource Inc.

Tax free benefits accounts that can be used to purchase these products include: Flexible spending accounts (referred to as FSAs). Flexible Spending Health Accounts Health Reimbursement Health SavingsThanks to a recent wave of legislation that passed back in March, all products for “that time of the month” can now be purchased at a 25 to 40 percent discount.

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