Benefit Resource Inc.

AUGUST 25, 2023

The Basic Rules of FSA and HSA Election Changes Flexible Spending Accounts: An FSA election change can occur at open enrollment each year or when a qualifying event has occurred (if permitted by the employer). However, there are no other restrictions on changing your pre-tax HSA elections. Scenario #2: I just got married.

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Flexible Spending Account Health Savings Account Flexible Spending Medical 52

Benefit Resource Inc.

JULY 5, 2022

Beat the heat this summer by taking advantage of your FSA or HSA to purchase eligible items. 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. VIEW ON HSA Store.

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Flexible Spending Account Health Savings Account Flexible Spending Medical 75

Benefit Resource Inc.

OCTOBER 31, 2022

If you choose to have have both expenses, you must make separate elections for each. FSAs are Frightfully Easy. A Flexible Spending Account (FSA) account allows you to have pre-tax deductions for certain medical and dependent care expenses. Howling Good HSAs. Source: IRS. Don’t be Scared of Dependent Care.

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Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Benefit Resource Inc.

MARCH 28, 2024

Know Your Pre-Tax Benefit Options Flexible spending accounts (FSAs): An FSA allows you to set aside pre-tax dollars for eligible healthcare expenses. Health savings accounts (HSAs): HSAs are available to those with qualifying high-deductible health plans (HDHPs). Plus, the funds can roll over year after year.

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

Benefit Resource Inc.

APRIL 10, 2023

To review, an IIAS merchant has an Inventory Information Approval System (IIAS) that automatically identifies eligible medical expenses. Vision care expenses at a local optical center are often flagged for receipt requests. For an HSA, you should always save your receipts in case you are ever subject to an IRS audit.

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Insurance Carriers Hospitality Deductions Deductible 98

Benefit Resource Inc.

DECEMBER 30, 2022

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. HOW TO AVOID PENALTIES ON AN HSA WITHDRAWAL. An HSA (Health Savings Account) is a great way to save up money tax-free for future medical expenses. learn more.

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Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Benefit Resource Inc.

JANUARY 3, 2023

Pre-tax benefits give employees an opportunity to save money on qualifying medical expenses , such as doctor visits and prescriptions. In addition, these benefits can be used to pay for eligible expenses like fitness programs, workout equipment, nutrition counseling services, smoking cessation programs — even weight loss programs.

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Utilities Taxes Flexible Spending Account Flexible Spending 98

Benefit Resource Inc.

MARCH 17, 2022

With hundreds of blogs and other resources on our site focusing on eligibility, spending options, plan strategy, savings, and more…we cover it all! Any contributions you make to your HSA are made before taxes are applied. Our friends at the FSA Store have great tips on managing your hangover during this festive occasion.

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Taxes Medical Flexible Spending Employment 98

Benefit Resource Inc.

JUNE 1, 2023

An additional tool can be pairing an HSA-HDHP with a Limited Flexible Spending Account (or Limited FSA). By offering an HSA with a Limited FSA, you help reduce healthcare costs. Employees can use two tax-advantaged accounts to cover many primary eligible expenses. appeared first on BRI | Benefit Resource.

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Benefit Resource Inc.

MAY 29, 2023

HSAs and FSAs are two popular healthcare savings options that provide individuals with tax advantages when it comes to managing their medical expenses. Download our new ebook, Decoding the Dollars: Unraveling FSA vs. HSA.

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Healthcare Benefits Package Medical Taxes 52

Benefit Resource Inc.

JANUARY 11, 2023

We’re trying to save money and use our FSA or HSA accounts, so we tuck away that medical receipt in a safe place for later. Many clinics and medical facilities provide online access to look-up, review expenses and often pay expenses online. The post The Lost Receipt appeared first on BRI | Benefit Resource.

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Benefit Resource Inc.

MAY 12, 2023

Taking care of our health is a top priority, but it can also be expensive. Luckily, pre-tax savings benefits like FSAs and HSAs can help alleviate some of that financial burden. However, many employees may not realize the extent of which expenses are actually eligible.

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Benefit Resource Inc.

DECEMBER 20, 2021

Benefit Resource (BRI) is here with some helpful tips to consider regarding your FSA funds, so you don’t lose your money. 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). Know your FSA balance.

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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. One such way is by utilizing health savings accounts (HSAs) and flexible spending accounts (FSAs). What is an HSA? What is an FSA? How Do They Help with Medical Savings?

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Medical Flexible Spending Account Health Savings Account Flexible Spending 52

Benefit Resource Inc.

DECEMBER 27, 2022

Participants in FSAs, HRAs and even HSAs begin to evaluate their account balances. But, what exactly happens to HSA funds at the end of the year? In 2003, Health Savings Accounts (HSA) were established, bringing forth a new pre-tax plan option that effectively eliminated the concerns over lost funds. Sky’s the limit!

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Benefit Resource Inc.

FEBRUARY 2, 2021

If you’ve already finished the first season of Bridgerton on Netflix and are looking for another love story to dive into, we’re here to tell you about a love story for the ages: a 401(k) & HSA. 401(k) + HSA =. The goal of a 401(k), like any retirement account, is to help you save for those expenses in retirement.

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Benefit Resource Inc.

NOVEMBER 6, 2023

Mental Health Resources: Ensure employees have access to mental health resources and counseling services to help manage the emotional challenges of the season. The post Health and Wellness Initiatives to Boost Employee Morale in the Winter Months appeared first on BRI | Benefit Resource. Some strategies include: a.

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Benefit Resource Inc.

JANUARY 14, 2022

Benefit Resource (BRI) has been simplifying benefits for 30 years. 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. There are three tax documents associated with HSAs: Form 1099-SA Form 5498-SA Form 8889.

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Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

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 ®. The Bancorp Bank, N.A.,

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Benefit Resource Inc.

MAY 11, 2021

We think it’s pretty obvious, but we LOVE Flexible Spending Accounts (FSAs). Whether you’re an employer or a plan participant, we have the resources you need to succeed. FSAs are usually funded from your paycheck. If your employer offers an FSA, you’ll get the option to sign-up during open enrollment. No problem!

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Flexible Spending Account Family and Medical Leave Act Flexible Spending Taxes 81

Benefit Resource Inc.

OCTOBER 28, 2021

Why should Dracula enroll in a Limited Purpose FSA? A Limited Purpose FSA makes those dental bills less of a pain-in-the-neck. A Limited Purpose FSA makes those dental bills less of a pain-in-the-neck. This account covers dental and vision expenses for himself, his many brides, and their offspring. YAAAS QUEEN!

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Taxes Health Savings Account Bonuses Health 75

Benefit Resource Inc.

NOVEMBER 22, 2022

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. For example, with an FSA you can use pre-tax dollars to pay for qualifying medical expenses and dependent care.

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Employee Benefits Flexible Spending Account Flexible Spending Health Savings Account 52

Benefit Resource Inc.

MAY 27, 2021

And what about other expensive dental-related costs such as orthodontia? 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.

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Higginbotham

NOVEMBER 28, 2022

Although HSAs won’t work for everyone, the benefits of an HSA account make this an appealing option for some individuals. What is a Health Savings Account (HSA)? An HSA is a special type of savings account. The owner of the account can use it to pay for qualified medical expenses. Who can own an HSA?

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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. For fun, or possibly just curiosity, we researched and wanted to highlight some of the more surprising eligible and ineligible medical expenses.

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Medical Telecommunication Flexible Spending Account Health Savings Account 52

Benefit Resource Inc.

OCTOBER 11, 2018

There are three categories a pre-tax benefit account can fall under: Medical (Medical FSA, HSA, HRA). Childcare/Adult Care (Dependent Care FSA). Also known as “out-of-pocket” expenses). Let’s start by exploring a Medical FSA. Medical FSA. Commuter (Mass Transit or Parking).

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Taxes Health Savings Account Medical Deductions 74

Benefit Resource Inc.

MARCH 27, 2020

In general, Telehealth services are already considered an eligible expense for use with an Health Savings Account (HSA). However, these expenses cannot be covered until an individual meets a minimum deductible. Finally, menstrual care products were added as an eligible expense for use with an HSA, FSA or HRA.

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Health Savings Account Deductions Deductible Taxes 76

Benefit Resource Inc.

FEBRUARY 14, 2022

A Medical Flexible Spending Account (Medical FSA), Health Savings Account (HSA), or Health Reimbursement Account (HRA) are great places to start. Dependent Care FSA (DC FSA) is a helpful resource for parents and caretakers that can provide additional structure in the work-life balancing act, resulting in increased productivity.

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Benefit Resource Inc.

NOVEMBER 4, 2021

Rather than a “use it or lose it” approach like a Flexible Spending Account (FSA), HSAs serve as a “stow it and grow it” form of savings that accumulate over time. First and foremost, HSAs are for everyone! An HSA is a tax-free investment account that saves proceeds exclusively for medical expenses.

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401(k) Flexible Spending Account Deductions Deductible 75

Benefit Resource Inc.

FEBRUARY 9, 2021

By doing so, we hope that it will help you assist your employees in finding the resources they need. With child care options more limited due to the pandemic, Dependent Care FSA account holders wanted to know if their pre-tax dollars could be used to pay for a babysitter. Eligible expenses and eligible merchants for health accounts.

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Taxes Banking Medical Employment 40

Genesis HR Solutions

MAY 23, 2023

However, there are branches of medical insurance that have not always been included in benefits offerings, which include the following Vision Insurance: Insurance designed to help your employees cover and budget for ongoing vision care expenses like routine eye exams, prescription glasses, and contact lenses. Employers fund and own accounts.

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Insurance PTO Flexible Spending Human Resources 40

Benefit Resource Inc.

APRIL 2, 2019

Health Savings Accounts (or HSAs) are taking a seat at the benefits table. According to the Devenir 2018 Year-end HSA Research Report , there are an estimated 25 million HSA accounts (up approximately 13% from a year ago). HSA assets now total over $53.8 With these five reasons, it is a wonder anyone enrolls in an HSA!

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Health Savings Account Taxes Deductions Deductible 77

Benefit Resource Inc.

MAY 2, 2019

I started with my health plan coverage and HSA. Through my current employer, I have four pre-tax plans: a commuter benefit, a Dependent Care account, a Health Savings Account (HSA), and a Limited Flexible Spending Account (Limited FSA). The HSA is the only account with funds that will travel with me to the new job.

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Mining Flexible Spending Account Health Savings Account Taxes 68

WEX Inc.

SEPTEMBER 6, 2023

LSAs Lifestyle spending accounts (LSAs) can be customized by you to cover your employees’ pet-related expenses. By incorporating pet-related expenses into LSAs, you are able to cover a range of pet care costs, including pet insurance premiums, veterinary visits, grooming, pet supplies, and more!

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Recruitment Flexible Spending Account Health Savings Account Medical 59

Benefit Resource Inc.

APRIL 25, 2019

However, there are times when insurance doesn’t cover the full cost of an expense. If you have an HSA but you want to let the balance build up, you can pair it with a Limited FSA to cover out of pocket vision and dental expenses. In most cases, you can expect insurance to cover all or a portion of your expenses.

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Health Insurance Taxes Flexible Spending 74

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. Regardless of the account you use, there are a number of eligible vision expenses.

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Benefit Resource Inc.

OCTOBER 14, 2021

Your employer contributes funds into a trust account, tax-free, for you to use towards eligible health care expenses. ” Unlike an FSA, your funds roll over year to year and will not expire. Like an FSA, an HRA VEBA is compatible with any kind of health plan and may provide options to maintain eligibility to contribute to an HSA.

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