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17 Surprising Ways to Use your Medical FSA Funds

Benefit Resource Inc.

Take advantage of your pre-tax benefits this year! 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. These accounts are used to cover health and medical expenses both for you and your dependents (usually children).

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Increase Your Financial Well-Being Through Medical Savings

Benefit Resource Inc.

One such way is by utilizing health savings accounts (HSAs) and flexible spending accounts (FSAs). Health Savings Accounts allow employees (and employers) to contribute to a tax-free account to be used for eligible medical expenses. HSAs allow for tax-free contributions and growth, making them an excellent long-term investment.

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What is a POP (Premium Only Plan)?

Higginbotham

A Premium Only Plan is an option that may offer significant tax savings for all involved parties. With a POP plan, employees can use their pre-tax compensation to buy a group insurance plan or other qualifying benefit. This allows employees to pay using pre-tax dollars. What is a Premium Only Plan? How much can employers save?

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What is ancillary health insurance?

Higginbotham

Ancillary benefits can also include benefits outside your medical insurance, such as dental, vision, life and disability insurance. Vision Insurance. Vision insurance can provide coverage for preventative services, such as eye exams, and discounts on eyewear, such as glasses or contact lenses, and procedures, such as LASIK.

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4 Life Hacks to Extend the Value of Your Benefits

Benefit Resource Inc.

While you should consult your tax or investment advisor, prior to making your retirement plans official, ask how COBRA and an HSA could fit in with your early retirement strategy. This essentially means you are paying premiums that likely exceed the services that you will utilize. By age 65 (or 63.5

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Financial Wellness Series Part Four – Build, Educate & Engage: Financial Wellness Benefits

AssuredPartners

Employer-sponsored retirement plans have long been used to help employees prepare financially for the future, while also being utilized as recruitment and retention tools. Utilize eligibility and entry dates that best suit plan demographics. Provide after-tax accounts (i.e. Tip: Consider a stretch match or profit sharing.

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Open enrollment checklist for employers

Business Management Daily

The survey results will help you prioritize the benefit changes or expansions that would be most impactful for your current employees so that you can utilize your benefits budget effectively. Many businesses start out with basic health plans and then add on dental and vision once they’re able to. They also cover dental care expenses.