Employee Benefits

MAY 22, 2023

What is private medical insurance (PMI)? PMI is a type of insurance designed to cover medical expenses incurred during illness or injury, such as operations, consultations, diagnostic investigations and tests. Are there any tax or legal implications? What are the cost implications?

Medical 105

Medical Insurance Healthcare Taxes 105

WEX Inc.

MAY 31, 2023

For those who have health savings accounts (HSAs) or medical flexible spending accounts (FSAs) , there are opportunities to save money on these expenses. We answer a few common dental-related questions as it relates to your HSA or medical FSA. Can I use my HSA or medical FSA to pay for dental expenses? However, medical FSAs do.

Medical 98

Medical Flexible Spending Account Health Savings Account Flexible Spending 98

WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? If you’re a first-time medical FSA participant, you may not be familiar with FSA definitions and rules. We’ve provided a list of the top things a first-time medical FSA participant should be aware of in order to take full advantage of their FSA.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

PeopleKeep

DECEMBER 15, 2020

Small employers on a tight budget are increasingly finding that reimbursing employees for medical expenses they incur is a great alternative to traditional group health insurance.

Medical 91

Medical Taxes Health Insurance Insurance 91

Benefit Resource Inc.

JANUARY 3, 2023

If you’re in the 70% of people who have health-related goals for 2023, let’s take a look at how pre-tax benefits can help set goals and prioritize your health this year and beyond. Add In Pre-Tax Benefits. Take Advantage of a Medical FSA. Plus, any interest earned on the account is tax free and the money is ALWAYS yours!

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

Benefit Resource Inc.

APRIL 7, 2023

Since April is Stress Awareness Month, we’ve highlighted five pre-tax benefit services and resources to keep your stress levels low and your health levels high. BONUS: ID Theft Services are comprehensive and can cover your bank accounts, medical IDs, social security numbers and even email addresses.

Taxes 98

Taxes Flexible Spending Account Health Savings Account Flexible Spending 98

Benefit Resource Inc.

APRIL 18, 2023

The cost of healthcare can be daunting, especially for those who do not have adequate insurance coverage or savings to cover medical expenses. Fortunately, there are ways to increase your financial well-being through medical savings. How Do They Help with Medical Savings? What is an HSA? What is an FSA?

Medical 52

Medical Flexible Spending Account Health Savings Account Flexible Spending 52

InterWest Insurance Services

MARCH 4, 2022

Employers fund these accounts, which reimburse your staff for qualified medical expenses and, in some cases, insurance premiums. You can claim a tax deduction for the funds you transfer to your employees’ HRAs, and the funds they withdraw from the accounts to reimburse for medical-related expenses are generally tax-free.

Medical 98

Medical Health Insurance Out of Pocket Cost Deductions 98

Benefit Resource Inc.

JANUARY 25, 2024

Whether you are a participant exploring your benefit options or an employer preparing a benefits package, you may have formed certain myths about pre-tax benefit accounts. To help cut through the “fuzzy” factor, we present 5 Myths (and Facts) about Pre-tax Benefit Accounts.

Taxes 52

Taxes Health Savings Account Benefits Package Medical 52

WEX Inc.

MARCH 7, 2023

The season for filing taxes is upon us once again. We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. Make sure your W-2 form shows HSA payroll contributions Provided by your employer, your W-2 shows the wages you earned and any taxes withheld.

Taxes 98

Taxes Health Savings Account Deductions Deductible 98

Benefit Resource Inc.

DECEMBER 30, 2022

Pre-tax benefits are growing in popularity amongst employers and employees alike. This is because they offer a great way to save on taxes while still being able to use funds for medical, dependent care, and other expenses. In the last year alone, we’ve learned a lot about pre-tax benefits and how to maximize their potential.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Benefit Resource Inc.

OCTOBER 31, 2022

But, there’s one thing that doesn’t have to be scary this Halloween —your pre-tax benefits! A Flexible Spending Account (FSA) account allows you to have pre-tax deductions for certain medical and dependent care expenses. There are plenty of great pre-tax benefits that can help you save. Source: EBRI.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

PeopleKeep

NOVEMBER 24, 2020

Health reimbursement arrangements (HRAs) enable employers to reimburse employees for premiums and out-of-pocket medical expenses “tax-free.” Customers frequently have questions about what the difference is between categories of health benefits that are tax-free, tax-deferred, and taxable.

Taxes 84

Taxes Medical Employment Health Insurance 84

Benefit Resource Inc.

MARCH 31, 2022

Health and medical expenses are covered by a Flexible Spending Account or Medical FSA to promote general well-being. These 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!

Medical 75

Medical Flexible Spending Account Health Savings Account Flexible Spending 75

Benefit Resource Inc.

MARCH 31, 2023

As an employee with a Health Savings Account (HSA), knowing what you need to report during tax season is important. Even though HSAs can be complex, tax reporting shouldn’t be a headache. With this information, you’ll be better equipped to tackle your HSA taxes. What are the tax benefits of an HSA?

Health Savings Account 52

Health Savings Account Taxes Healthcare Medical 52

Benefit Resource Inc.

OCTOBER 17, 2023

ROCHESTER, NY — (October 17, 2023) — Benefit Resource LLC (BRI), a Millennium Trust solution and a leading provider of dedicated pre-tax account administration and COBRA services nationwide, announced today that it will offer HealthLock to its customers who use its Beniversal ® Prepaid Mastercard ®. is chaotic and difficult to navigate.

Medical 52

Medical Out of Pocket Cost Healthcare Banking 52

McDermott Will & Emery Employee Benefits

MAY 31, 2023

For decades, promoters have marketed programs to employers seeking to leverage the favorable tax treatment accorded employer-provided medical benefits. These programs are variously described as “wellness” or “preventive services” arrangements, and they are usually wrapped in or offered with hospital indemnity policies.

Hospitality 70

Hospitality Taxes Payroll Medical 70

PeopleKeep

JULY 2, 2021

Since the Affordable Care Act created premium tax credits in 2014, millions of low-income Americans were able to get more affordable access to health insurance premiums on the state and federal exchanges. Watch our video to learn more about how premium tax credits work across all HRA types.

Taxes 98

Taxes Health Insurance Healthcare Insurance 98

PeopleKeep

DECEMBER 9, 2020

As leadership teams evaluate small business health insurance options , many want to know how they can reimburse employees tax-free for medical expenses.

Medical 95

Medical Health Insurance Taxes Insurance 95

Benefit Resource Inc.

FEBRUARY 17, 2023

Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are both incredibly valuable benefits to help employees use pre-tax dollars to pay for eligible medical expenses. Although this seems like a straightforward definition, there are some surprising eligible and ineligible medical expenses that you should be aware of.

Medical 52

Medical Telecommunication Flexible Spending Account Health Savings Account 52

PeopleKeep

SEPTEMBER 8, 2022

One of these plans is a medical expense reimbursement plan (MERP), also known as a medical reimbursement account (MRA) or MERP plan. With a MERP, organizations typically offer an allowance of tax-free money instead of a traditional benefit like group health insurance.

Medical 52

Medical Health Insurance Healthcare Insurance 52

Benefit Resource Inc.

DECEMBER 1, 2020

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. To help, we’ve put together a list of cheap eligible medical expenses that are always useful to have around the house. 15 Cheap Eligible Medical Expenses Under $15. Thermometer.

Medical 75

Medical Food Taxes Work From Home 75

BerniePortal

MARCH 2, 2023

HSAs are a fantastic way to optimize your spending on medical expenses. They allow you to put aside money to be used on qualified expenses with triple tax advantages. Read on to learn more about HSAs and the triple tax advantages that they offer.

Taxes 52

Taxes Healthcare Medical 52

Benefit Resource Inc.

JANUARY 14, 2022

We’re here to provide you with a short guide to help you understand the required tax documents for your pre-tax benefits. . A Health Savings Account (HSA) is a savings account that provides tax-free contributions and potential tax deductions for qualified medical expenses incurred by the holder.

Taxes 40

Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

Benefit Resource Inc.

MAY 15, 2024

Understanding the HSA Advantage HSAs are tax-advantaged savings accounts specifically designed to help individuals save for medical expenses. HSAs offer triple tax benefits: contributions are tax-deductible, funds grow tax-free, and withdrawals for qualified medical expenses are tax-free.

Health Savings Account 52

Health Savings Account Healthcare Benefits Package Taxes 52

Benefit Resource Inc.

OCTOBER 28, 2021

Pre-tax benefits are a great thing to take advantage of whether you’re male or female, young or old…and alive or dead ? For a little “Spooky Season” fun, we take a look at various monsters and match them up with the perfect pre-tax account to help employees see why they should enroll in pre-tax benefits.

Taxes 75

Taxes Health Savings Account Bonuses Health 75

Employee Benefit News

APRIL 8, 2024

They can be a more tax-effective way to save for retirement than an IRA for those who are able to max out contributions and pay for medical expenses with other funds.

Taxes 83

Taxes Medical Healthcare 83

Fringe Benefit Analysts

JUNE 15, 2020

When the Affordable Care Act (ACA) was signed into law on March 23, 2010, it included a provision that provided funding for medical research and established the Patient-Centered Outcomes Research Trust Fund (PCORTF). Also known as a PCORI fee, it had a sunset date on a group’s medical plan anniversary date in 2019.

Medical 52

Medical Insurance Carriers Health Insurance Taxes 52

InterWest Insurance Services

APRIL 11, 2024

Chamber of Commerce, found that firms with 100 or more workers to whom they offer group health benefits gained from increased productivity, reduced direct medical costs (for self-insured firms), tax benefits and improved retention and recruitment.

401(k) 90

401(k) Health Insurance Insurance Taxes 90

PeopleKeep

MARCH 8, 2021

Many employers are particularly interested in Medical Expense Reimbursement Plans (MERPs), also known as Medical Reimbursement Accounts (MRAs). A lot of new health benefits plans have become available to employers in the last few years.

Medical 52

Medical Health Insurance Insurance Taxes 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

Benefit Resource Inc.

MARCH 14, 2019

The name alone – “pre- tax benefit accounts” – implies there might be tax implications. You might be surprised to learn there are no tax implications for most of these benefits. Use these simple tips as your tax guide to pre-tax benefit accounts. In fact, they might be the easiest account at tax-time.

Taxes 63

Taxes Health Savings Account Deductions Deductible 63

Benefit Resource Inc.

OCTOBER 11, 2018

What is a pre-tax benefit account? A pre-tax benefit account allows you to set aside money from your paycheck before taxes to use for IRS-approved purchases. The items you can pay for through a pre-tax benefit account depends on which plan(s) you have. Let’s start by exploring a Medical FSA. Medical FSA.

Taxes 74

Taxes Health Savings Account Medical Deductions 74

CorpStrat

JULY 30, 2021

What if we told you there was a way you can deduct all of the medical expenses that are not covered by your insurance plan. Basically, all the things that you shake your head at and wonder, “why am I paying thousands of dollars for every year, after tax dollars? Doesn’t that sound interesting? Sole Proprieters.

Deductions 52

Deductions Deductible Medical Insurance 52

BerniePortal

JANUARY 22, 2020

Trying to beat the tax time rush? Mid-January marks the start of tax season! Along with the new W-4, the IRS has updated its online tax withholding estimator. Employees are able to utilize the estimator to ensure they've withheld the correct amount of income tax from their paychecks. Review Health Savings Account.

Taxes 64

Taxes Health Savings Account Health Insurance Medical 64

WEX Inc.

APRIL 25, 2024

Similar to other health plans, once you meet the deductible, insurance begins to cover a portion of medical expenses. An HDHP provides coverage for a wide range of medical expenses. An HSA is a tax-advantaged savings account that allows you to save money specifically for medical expenses. It is not legal or tax advice.

Health Savings Account 52

Health Savings Account Deductions Deductible Out of Pocket Cost 52

Benefit Resource Inc.

JANUARY 3, 2022

Benefit Resource (BRI) is here to help you use your pre-tax funds to combat some of the costs that come with welcoming your new addition. This allows you to save on monthly premiums while putting tax-free money aside in your HSA. As a bonus, all of your gains will come out pre-tax! Let’s Start from the Beginning.

Taxes 72

Taxes 401(k) Out of Pocket Cost Health Savings Account 72