Benefit Resource Inc.

MARCH 28, 2024

Pre-tax benefits are a powerful tool for saving money and maximizing your income. From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. Here are some essential tips to help you navigate the early stages of the plan year.

Flexible Spending Account 52

Flexible Spending Account 401(k) Health Savings Account Flexible Spending 52

Benefit Resource Inc.

DECEMBER 8, 2023

The Birth of HSAs HSAs were created with the vision of empowering individuals to take control of their healthcare expenses while providing tax advantages. 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.

Health Savings Account 98

Health Savings Account Flexible Spending Account Healthcare Taxes 98

WEX Inc.

AUGUST 7, 2023

Sunscreen can cost as much as $40 a bottle, but did you know you can actually use your health savings account (HSA) or medical flexible spending account (FSA) funds on many SPF-related expenses? Sunscreen There’s a good chance you’re planning on spending some time in the sun over the next few months.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

InterWest Insurance Services

MARCH 22, 2022

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Since the salary reductions are not received by the employee, they are not considered wages for income tax purposes. Flexible spending account. Set-up and tax implications.

Flexible Spending Account 95

Flexible Spending Account 401(k) Flexible Spending Deductions 95

WEX Inc.

SEPTEMBER 7, 2023

Flexible spending accounts (FSAs) are a powerful tool for individuals and employers to save money on healthcare and dependent care expenses. Illustrate how pre-tax contributions lead to significant savings over time, effectively reducing the impact on take-home pay. What you can do: Highlight the flexibility of FSAs.

Flexible Spending Account 98

Flexible Spending Account Take Home Pay Flexible Spending Healthcare 98

Business Management Daily

NOVEMBER 15, 2021

Flexible Spending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. While flexible spending accounts are typically associated with medical costs there are a couple of different types of FSAs. Medical Marijuana.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Medical Healthcare 98

Higginbotham

JANUARY 12, 2024

Health accounts or arrangements are designed to cover the costs of eligible health care services, typically including medical , vision and dental expenses. These setups can often provide substantial tax benefits as well. Taxes: Withdrawals are not typically subject to income tax, and contributions may be tax-free as well.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

WEX Inc.

APRIL 24, 2023

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. Pre-tax benefits savings Premiums aren’t the only way you can save on healthcare costs.

401(k) 52

401(k) Health Savings Account Deductions Deductible 52

Benefit Resource Inc.

DECEMBER 20, 2021

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. Use it, or lose it, before December 31st!

Flexible Spending Account 75

Flexible Spending Account Health Savings Account Flexible Spending Medical 75

Genesis HR Solutions

SEPTEMBER 22, 2020

There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Medical Insurance. Medical insurance is likely a no-brainer— it’s one of four major types of benefits most employers offer. Vision Insurance. Flexible Spending Account (FSA).

401(k) 98

401(k) Employee Benefits Disability Insurance roth 401(k) 98

Benefit Resource Inc.

NOVEMBER 29, 2023

You have a healthy retirement plan with a 401K, but lack options for comprehensive group medical benefits. Many employees feel forced to remain in a full-time job with medical benefits until they become eligible for Medicare. PLUS, an HSA is a great way to pay for out-of-pocket medical expenses throughout retirement.

401(k) 98

401(k) Medical Retirement Plan Health Savings Account 98

Stratus.HR

NOVEMBER 30, 2020

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)?

Health Savings Account 52

Health Savings Account Flexible Spending Account Flexible Spending Taxes 52

Genesis HR Solutions

JANUARY 24, 2023

Payroll deductions This item spells out each of the deductions the company withholds, including federal, state, and local taxes and other things, including voluntary deductions for benefits. Employees don’t pay taxes on this money, which means they save an amount equal to the taxes they would have paid on the money you set aside.

Family and Medical Leave Act 98

Family and Medical Leave Act Overtime Parental Leave Health and Welfare 98

Benefit Resource Inc.

JUNE 27, 2019

In honor of National Sunglasses Day, we wanted to highlight eligible vision expenses you can pay for with your pre-tax accounts. As an overview, a pre-tax account is a type of benefit your employer may offer to help you cover out-of-pocket expenses. Eligible vision expenses. Prescription sunglasses.

Flexible Spending Account 63

Flexible Spending Account Health Flexible Spending Health Savings Account 63

Higginbotham

JANUARY 27, 2023

Glassdoor surveyed workers and found that when choosing between a high-paying job and a low-paying job with better benefits, health insurance and flexible hours could spur them to pick the lower-paying job with better benefits. families say they’ve avoided health care – including vaccinations, annual exams and medications – due to the cost.

Health Insurance 52

Health Insurance Insurance Benefits Package Out of Pocket Cost 52

Benefit Resource Inc.

MAY 27, 2021

Fortunately, there’s another option… Enroll in a Limited Purpose Flexible Spending Account (FSA). A Limited Purpose FSA (also known as a Limited FSA or Limited Medical FSA) allows you to pay for dental and vision services with tax-free money. Copayments and dental plan deductibles.

Flexible Spending Account 75

Flexible Spending Account Flexible Spending Health Savings Account Health 75

Benefit Resource Inc.

APRIL 10, 2023

To review, an IIAS merchant has an Inventory Information Approval System (IIAS) that automatically identifies eligible medical expenses. Pay for all the eligible medical items first with your pre-tax benefits card. Pay for all the eligible medical items first with your pre-tax benefits card.

Insurance Carriers 98

Insurance Carriers Hospitality Deductions Deductible 98

Benefit Resource Inc.

OCTOBER 18, 2018

If you have a Flexible Spending Account (FSA), you know that every year during Open Enrollment (OE), you choose how much to put aside in the account, otherwise known as your election. Let’s be honest– one of the main reasons you enrolled in a pre-tax account was to save money. Annual vision costs after insurance.

Deductions 74

Deductions Deductible Health Flexible Spending Account 74

Higginbotham

JULY 12, 2022

In the simplest terms, a medical expense reimbursement plan refunds employees for covered medical costs. This may be a good option for employers that want to simplify their health plan administration while giving employees flexibility. Covering Out-of-Pocket Expenses and Medical Expenses. Comparing HRAs, HSAs and FSAs.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 52

Higginbotham

JUNE 14, 2022

Flexible Spending Accounts (FSAs) have emerged as one solution. Flexible Spending Account vs. Health Savings Account. An FSA is a type of savings account that lets people pay for certain out-of-pocket medical expenses using tax-free dollars. Flexible Health Spending Account Rules. Dental care.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Benefit Resource Inc.

OCTOBER 21, 2019

” 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. Problem: Increasing premiums.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending 401(k) 40

Griffin Benefits

OCTOBER 1, 2022

Spending by Category – This reporting requirement primarily relates to medical benefits, not prescription drugs offered under the prescription drug portion of the plan. stand-alone vision or dental, among others) that are generally exempt from Affordable Care Act requirements are also exempt from this reporting.

Insurance Carriers 65

Insurance Carriers Employment Flexible Spending Account Insurance 65

Benefit Resource Inc.

NOVEMBER 19, 2019

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. This is a popular cafeteria plan option.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Taxes Take Home Pay 40

Benefit Resource Inc.

NOVEMBER 19, 2019

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. This is a popular cafeteria plan option.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Taxes Take Home Pay 40

Benefit Resource Inc.

JANUARY 25, 2022

Within the tax code, there is a rule that states every expense or transaction from an FSA or HRA must be substantiated. This means there needs to be proof or evidence that the funds were only used for eligible medical expenses. Then, you use your pre-tax benefits card to pay for the expense. Let’s start with the basics.

IT 98

IT Taxes Health Medical 98

Higginbotham

MAY 11, 2023

Such accounts help employees save on health-related costs and taxes and are also valuable to employers. Three standard tax-free savings accounts that employees can use to pay for qualified medical expenses include health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement accounts (HRAs).

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Genesis HR Solutions

MAY 23, 2023

Offering extended medical insurance. Basic medical insurance is expected— it’s one of four major types of benefits most employers offer. Flexible Spending Account (FSA): An FSA (also known as a flexible spending arrangement) is a special account employees put money into that they use to pay for certain out-of-pocket health care costs.

Insurance 40

Insurance PTO Flexible Spending Human Resources 40

CorpStrat

APRIL 30, 2021

The subsidy requirement applies to major medical, dental, and vision plans offered by employers, but does not apply to Health Flexible Spending Accounts (HFSA). Will AEIs be responsible for COBRA taxes? What tax benefit will employers receive?

Flexible Spending Account 52

Flexible Spending Account Taxes Flexible Spending Insurance 52

Benefit Resource Inc.

OCTOBER 16, 2018

” Too bad making your pre-tax benefit account decisions is not as easy as pointing and saying “Eenie meenie miney mo – Which account should I choose?” What if you could choose the right pre-tax benefit accounts by answering four questions? This provides an illustration of how tax advantaged accounts save you money.

Health Savings Account 55

Health Savings Account Flexible Spending Account Flexible Spending Medical 55

Business Management Daily

SEPTEMBER 15, 2021

Despite the emergence of the healthcare marketplace, people still look to their employer as the first and most cost-effective choice for medical insurance. Medical plans with no or low-cost deductibles. Dental insurance and vision insurance. A survey shows that many employers are increasing the amount they spend on telemedicine.

Benefits Package 52

Benefits Package Family and Medical Leave Act Health Insurance PTO 52

Benefit Resource Inc.

JUNE 18, 2019

A Limited FSA, or a Limited Purpose FSA, is one of several pre-tax accounts you may be able to sign up for through your company. It is used to pay for vision and dental expenses that are not covered by insurance. A Limited Purpose FSA can sometimes be confused with a Medical FSA. Expenses covered. They are mutually exclusive.

Health Savings Account 63

Health Savings Account Health Medical Taxes 63

Benefit Resource Inc.

APRIL 21, 2021

Many of them affected pre-tax benefits plan and continuation coverage, also referred to as COBRA. There is a subsidy for 100% of premiums (including 2% administration fees) for the cost of Group Health Plans, including: Medical, Dental, Vision, and most HRAs. Flexible Spending Accounts are not eligible for subsidy.

Flexible Spending Account 74

Flexible Spending Account Taxes Flexible Spending Insurance 74

Benefit Resource Inc.

AUGUST 27, 2019

Flexible Spending Accounts are one of the most popular tax-advantaged accounts employees choose during open enrollment. First, you might list all the medical items and procedures you can pay with an FSA. Little do they know that they are only considering a Medical FSA. However, no such account exists.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Medical Taxes 40

Business Management Daily

DECEMBER 1, 2019

Although most companies choose this option, it may be a costly decision, since employees will receive an extra paycheck, along with extra taxes withheld and extra benefits provided. No federal or state agency requires you to adjust employees’ pay for the extra pay period. Figure pay based on 52.143 weekly pay periods or 26.07

Payroll 83

Payroll 401(k) Deductions Deductible 83

Benefit Resource Inc.

MARCH 7, 2019

So far, I’ve shared my experiences about how I saved on my commute and health insurance with tax-free accounts. On top of my CBP and my HSA, I can now sign up for a Dependent Care Flexible Spending Account (DC FSA). We often think of FSAs as being used for qualified medical, dental or vision purchases.

Flexible Spending Account 40

Flexible Spending Account Taxes Medical Health 40

AssuredPartners

FEBRUARY 25, 2021

The premium reduction would go into effect beginning with the first of the month following the date the new law is enacted (or as early as April 1st of this year) but would not be applicable if an individual is eligible for other medical coverage or Medicare. Why This Is Important? percent of their income for coverage.”

Flexible Spending Account 40

Flexible Spending Account Health Insurance Healthcare Flexible Spending 40

Business Management Daily

SEPTEMBER 11, 2023

Providing benefit enrollment information and forms Again, break this down further by type, such as: Medical Dental Vision Retirement Life insurance Flexible Spending Account (FSA) Giving links to videos or tutorials on company history and mission. Securing uniforms, badges, tech equipment, and other necessary supplies.

Flexible Spending Account 52

Flexible Spending Account Construction Education Flexible Spending 52