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.

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. Flexible Spending Health Savings

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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

The maximum salary reduction limit for a health flexible spending account (Health FSA) increased to $3,050 for 2023 (from $2,850 in 2022), and the Health FSA carryover […].

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.

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. A Flexible Spending Account (FSA) account allows you to have pre-tax deductions for certain medical and dependent care expenses. An FSA is an easy way to use your pre-tax funds, but don’t forget to spend them or you risk losing the funds at the end of the year.

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Account-based health plans vs. healthcare reimbursement plans

PeopleKeep

Flexible Spending Accounts HSA Health Reimbursement Arrangement High Deductible Health Plans Qualified Small Employer HRA Group Coverage HRA Individual Coverage HRAAs an employer, you always want to offer the best possible healthcare benefits for your employees.

5 Reasons to Give Thanks for Employee Benefits This Thanksgiving

Benefit Resource Inc.

There are several different types of pre-tax benefits that you may be eligible for, including Flexible Spending Accounts (FSA), Health Savings Accounts (HSA), and Commuter Benefits. Commuter Benefits Dependent Care Flexible Spending Health Savings

Taxes 52

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.

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).

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

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

Estimated Time on HR: Procuring Benefit Plans and Open Enrollment Administration Tasks

Stratus.HR

But before open enrollment can happen, you will need to spend some time procuring the right plan(s) for your company’s HR (human resources) strategy. . Administering a Flexible Spending Account (i.e.,

2023 Contribution Limits Announced for FSA and Commuter

Benefit Resource Inc.

Commuter Benefits Flexible SpendingThe IRS released the 2023 contribution limits for Mass Transit and Parking, Medical FSA, and Adoption Assistance in Revenue Procedure 2022-38. The limits are effective for plan years that begin on or after January 1, 2023.

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

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.

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. Flexible Spending Health Accounts Health SavingsAs the weather heats up, so do the prices on many summertime necessities. Beat the heat this summer by taking advantage of your FSA or HSA to purchase eligible items.

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.

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.

What is Substantiation and Why is it Required?

Benefit Resource Inc.

Flexible Spending Health ReimbursementYou went to the local pharmacy, picked up your medicine, and then received a request for substantiation a few days later. If you’ve ever wondered, “what is substantiation and why is it required?” ” you’re not alone.

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.

The Pros and Cons of EMV Credit Cards

Benefit Resource Inc.

Flexible Spending Health SavingsIn recent years, credit cards with a chip have become increasingly popular. This is because they are seen as more secure than traditional credit cards. While this is true, there are also some disadvantages to using credit cards with a chip.

Maintaining A Healthy Lifestyle At Work

Benefit Resource Inc.

During the week, we spend a lot of our time at work, which can make it a bit challenging to follow consistent healthy habits. The intent of these accounts is to reimburse for fitness and other physical activities that you may spend your money on throughout the year. Flexible Spending Health Accounts Health Savings Specialty Accounts

IRS Announces 2023 COLAs for Transportation Fringes, FSA Deferrals

American Payroll Association

The IRS released cost-of-living-adjustments (COLAs) for 2023 reflecting any increases in excludable transportation fringes and flexible spending arrangements (FSAs

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

Projected 2023 Contribution Limits for FSA

Benefit Resource Inc.

Flexible SpendingThe IRS is expected to release its indexed limits for 2023 in late October/November 2022. However, to aid in Open Enrollment Planning, BRI is providing the projected limits which have been calculated in the same manner the IRS uses. To take advantage of the expanded limits, plan sponsors must amend their plans to reflect the new limit. Reference Information on the Limits for 2023.

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.

A Generational Overview of Employee Benefits

Benefit Resource Inc.

Some examples of benefits that would appeal to this generation include: Student loan repayment assistance Tuition reimbursement On-site childcare Flexible work hours Generous paid time off. Some examples of benefits that would appeal to this generation include: 401(k) matching programs Health benefits with multiple coverage options Job flexibility. Commuter Benefits Dependent Care Flexible Spending Health Reimbursement Health Savings Specialty Accounts

Your Cheat Sheet for Open Enrollment

Benefit Resource Inc.

Flexible Spending Health Accounts Health Reimbursement HRA VEBA Open Enrollment The Press RoomThere are a lot of different benefits plans out there, and choosing the right one can sometimes feel like gambling. But with BRI’s help, you’ll be able to make the choice that works best for your company. BRI’s VP of Strategy, Becky Seefeldt , put together a cheat sheet for Open Enrollment with Employee Benefit News.

REGISTER FOR OUR UPCOMING WEBINAR: CHILD CARE LANDSCAPE – FAMILY CHALLENGES AND EMPLOYER SOLUTIONS

Benefit Resource Inc.

Dependent Care Flexible Spending Resources & GuidesJoin Benefit Resource (BRI) for our webinar, Tuesday, September 20th at 2:00 pm EDT. It’s no secret that working parents struggle to find and secure the child care they need to work and with inventory declines and price increases at care centers across the country the impact on families and your bottom line is larger than ever.

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.

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?

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.

It’s Time to Check-In on your FSA Funds

Benefit Resource Inc.

If you have a Flexible Spending Account (FSA), you probably have some funds to spend before the end of the year. It’s not too late to start planning how to spend your account funds. Remember, in most cases, FSA funds don’t rollover each year, which means you lose the funds you don’t spend by the end of 2022. How to Spend Your FSA Funds. Be aware that you can only spend funds from one account in each category. Flexible Spending