WEX Inc.

AUGUST 14, 2023

A flexible spending account (FSA) carryover is one way you can provide flexibility to employees who participate in these accounts. We break down FSA carryovers below. Can FSA funds carry over to next year? What is an FSA carryover? In general, an FSA carryover applies to only medical FSAs.

Flexible Spending Account 98

Flexible Spending Account IT Flexible Spending Taxes 98

WEX Inc.

SEPTEMBER 7, 2023

So why are many employees reluctant to participate in FSAs? Lack of understanding The concern: Some individuals may not fully comprehend how an FSA works and may be hesitant to enroll due to confusion or uncertainty about its benefits and limitations. What you can do: Education is key. Let’s take a look.

Flexible Spending Account 98

Flexible Spending Account Take Home Pay Flexible Spending Healthcare 98

WEX Inc.

AUGUST 29, 2023

And did you know that a variety of fertility and infertility treatments are eligible for health savings account (HSA) and medical flexible spending account (FSA) funds? What are fertility benefits? What are some fertility treatment examples? What infertility treatments does an HSA or FSA cover?

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

WEX Inc.

MAY 4, 2023

The IRS requires your flexible spending account (FSA) participants to submit documentation to prove their purchase was an eligible expense. That’s why you need an FSA administrator that adheres to IRS substantiation requirements and offers innovative solutions to simplify the substantiation process for your employees.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Taxes Medical 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

WEX Inc.

MAY 31, 2023

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? The good news is that an HSA or medical FSA can be used to pay for certain dental expenses! Our eligible expense list covers what’s eligible for HSA or medical FSA funds.

Medical 98

Medical Flexible Spending Account Health Savings Account Flexible Spending 98

Benefit Resource Inc.

JANUARY 4, 2024

BRIALERTS: Opt-in to real-time account based notifications and never wonder what your current balance is! What expenses and merchants are eligible? When using your pre-tax health accounts (Medical FSA, HRA or HSA), it is important to understand what expenses are eligible and how different merchants will process your transactions.

Flexible Spending Account 96

Flexible Spending Account Flexible Spending Taxes Utilities 96

WEX Inc.

SEPTEMBER 21, 2023

However, for participants of health savings accounts (HSAs) or medical flexible spending accounts (FSAs) , there are ways to alleviate the financial burden associated with vision-related costs. Let’s explore a few common vision-related questions as it relates to your HSA or medical FSA. Can vision expenses be covered by HSAs and FSAs?

Health 98

Health Flexible Spending Account Health Savings Account Flexible Spending 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? We break down their HSA and FSA eligibility so you can be ready for some sun! The temperature is rising and summer is right around the corner!

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

BetterUp

DECEMBER 12, 2023

Jump to section What is an FSA? How an FSA works 3 FSA facts you should know What can FSA be used for? 8 eligible items What can I not use FSA on? Can you take cash out of FSA? The key to unlocking health savings

Employee Benefits 52

Employee Benefits 52

Benefit Resource Inc.

FEBRUARY 13, 2024

Congratulations on enrolling in a Flexible Spending Account (FSA)! The Handling of Unresolved Expenses A month into your FSA plan year, you encounter an eligible dental expense, you use your benefits card, and submit the credit card receipts promptly. What service/item was provided? Five Basic Questions for Receipt Acceptance 1.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Medical Insurance 52

InterWest Insurance Services

JUNE 2, 2023

But while funds in an HSA roll over each year, the funds in an FSA must usually be spent by the end of the year, unless the employer allows its staff to carry over a certain amount to the following year. Carry over — This allows your employees to keep some of the unspent money in an FSA from one year to the next.

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Medical Health Insurance 98

Business Management Daily

NOVEMBER 15, 2021

Open enrollment is underway for many companies right now and one benefits offering that may be on the menu this year is an FSA. Employers are constantly looking for ways to remain competitive in their benefits offerings, and an FSA is a great add-on to your benefits package. Types of FSA Plans. Healthcare FSA.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Medical Healthcare 98

WEX Inc.

FEBRUARY 23, 2023

In fact, staying on top of your health savings account (HSA) , flexible spending account (FSA) , or any other plan you signed up for throughout the year can pay off for you. Download our app A variety of day-to-day expenses are eligible for your HSA and FSA funds, including over-the-counter expenses. It’s an expectation.

Flexible Spending Account 98

Flexible Spending Account 401(k) Health Savings Account Banking 98

Benefit Resource Inc.

JULY 31, 2023

Amidst the excitement, many may not know that their Flexible Spending Account (FSA) can be a valuable resource for purchasing back-to-school items. By understanding FSA eligibility and making informed choices, families can save money while ensuring they have everything they need to excel in the upcoming school year. What is an FSA?

Utilities 52

Utilities Flexible Spending Account Flexible Spending Medical 52

Benefit Resource Inc.

JULY 27, 2023

Thankfully, many companies offer a Dependent Care Flexible Spending Account (DC FSA) to make life a little easier for parents. As an employee and a parent, you can utilize your dependent care FSA to make the most out of this special day. What is Dependent Care FSA and How Does it Work?

Utilities 52

Utilities Flexible Spending Account Flexible Spending Taxes 52

Benefit Resource Inc.

NOVEMBER 11, 2022

Did you know you can use your Flexible Spending Account (FSA) funds to cover a wide range of out-of-pocket healthcare costs, including vision care. Here are a few tips to help you make the most of your FSA funds, using a new lens prescription as an example. This will ensure that you are only using FSA funds for eligible expenses.

Flexible Spending Account 73

Flexible Spending Account Flexible Spending Insurance Health 73

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). Scenario #1: It’s open enrollment Impact to FSA election: Follow your employer’s process to enroll in the FSA.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Medical 52

WEX Inc.

JULY 7, 2023

The IRS’ use-or-lose rule governs flexible spending accounts (FSAs). This rule is one of the big differentiators between FSAs and other types of employee benefits. So what is the use-or-lose rule? And what does it mean for the upcoming plan year? What is a FSA? What are grace periods and run-out periods?

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account IT 52

WEX Inc.

SEPTEMBER 14, 2023

However, a whopping 92 percent of employees stick with the same elections they had the previous year, no matter what changes have taken place in their lives. This is your best opportunity to discuss available plans with your employer and learn what has changed from the previous year. Check out FSA Store's open enrollment guide!

401(k) 98

401(k) Health Savings Account Flexible Spending Account Healthcare 98

Griffin Benefits

NOVEMBER 1, 2022

What follows is a consolidated summary of the new IRS limits; Health Care FSA Limits Increase for 2023. What follows is a consolidated summary of the new IRS limits; Health Care FSA Limits Increase for 2023. Employees can deposit an incremental $200 into their Health Care FSAs in 2023.

401(k) 82

401(k) Retirement Plan Health Savings Account Deductions 82

BerniePortal

DECEMBER 16, 2021

What if your spouse is already enrolled in an employer-sponsored FSA? Read on for more information on the qualification specifics regarding your spouse's FSA plan. These plans vary in both function and eligibility. But how exactly do you qualify for an HSA? Can you qualify for both simultaneously?

Medical 98

Medical Taxes Employment Healthcare 98

Benefit Resource Inc.

APRIL 10, 2023

We previously published a post that addressed two common questions: What is substantiation? In that post, we learned it’s less what you buy, and more where you buy that prompts substantiation requests. Why is it required? We’ll review best practices for part two on this topic to avoid receipt requests. Did You Know?

Insurance Carriers 98

Insurance Carriers Hospitality Deductions Deductible 98

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.

Flexible Spending Account 75

Flexible Spending Account Health Savings Account Flexible Spending Medical 75

WEX Inc.

JANUARY 3, 2023

Why adding an FSA makes an HSA even better Did you know that you can participate in both an HSA and a flexible spending account (FSA)? But it’s important to know that this applies to only certain types of FSAs. What happens when funds aren’t spent by the end of the year? And how does it affect FSA carryovers?

Education 52

Education Flexible Spending Account Health Savings Account Flexible Spending 52

CorpStrat

FEBRUARY 22, 2023

For 2023, the FSA limit has increased to $3,050 for an individual and $5,000 for a family. Here are five things to be aware of when considering putting money into an FSA: 1. Did you know that you can use your FSA funds to pay premiums for long term care and even Medicare premiums up to certain limits? Over-the-counter medicine.

Flexible Spending Account 52

Flexible Spending Account Out of Pocket Cost Flexible Spending Deductions 52

Higginbotham

JANUARY 12, 2024

When considering the three main types of health accounts (HRAs, HSAs and FSAs), it’s important to understand their pros and cons before deciding what to offer your employees. What are health accounts? FSAs, HSAs and HRAs can be very appealing to workers and boost your organization’s recruitment and retention efforts.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Benefit Resource Inc.

SEPTEMBER 2, 2020

Question 1: What should employees know about FSAstore.com? FSAstore.com is the only e-commerce store that exclusively stocks thousands of FSA-eligible products to make it easier for account holders to utilize their tax-free benefits. FSA Calculator – Calculate yearly contributions and tax savings. feminine care products.

Health Savings Account 97

Health Savings Account Banking Taxes Medical 97

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 fsa store. VIEW ON FSA STORE.

Flexible Spending Account 75

Flexible Spending Account Health Savings Account Flexible Spending Medical 75

Money Talk

MAY 18, 2022

There are online calculators like this one than can show you what you could save. Plan for IRMAA- Older adults on Medicare should project their 2022 income as best they can, although it is difficult to know now what taxable mutual fund distributions or self-employment earnings might be. 401(k), 403(b), and traditional IRA). .

Taxes 262

Taxes 401(k) Deductions Deductible 262

Benefit Resource Inc.

FEBRUARY 1, 2022

More seasoned employees may be aware of what qualifying events are and the impact they have on pre-tax elections, but newer employees may not be as familiar with the changes involved. But sometimes it’s less clear what counts as a qualifying life event. The answer is not straight-forward. Adopting a Child.

Taxes 70

Taxes Medical Health Insurance Insurance 70

Benefit Resource Inc.

DECEMBER 30, 2022

If you’ve ever wondered “What is substantiation and why is it required?” 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. learn more. SUBMITTING RECEIPTS.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

WEX Inc.

JANUARY 4, 2023

You don’t have any disqualifying coverage (such as an FSA). Flexible Spending Account (FSA) If you were enrolled in an FSA prior to electing COBRA, you may still be able to tap into your FSA funds. Your ability to spend down funds depends on a number of factors, and those factors can be specific to your employer’s FSA.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

Genesis HR Solutions

JANUARY 24, 2023

So what should be included in an employee handbook? Just how important is an employee handbook? It wouldn’t be an exaggeration to say that, actual employees aside, it may be the most important part of your organization. But simply having an employee handbook is not enough. Click To Tweet Must-Have Items For Every Employee Handbook 1.

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

Benefit Resource Inc.

JANUARY 3, 2023

By monitoring how far you’ve come and how much closer you are getting to achieving your goals each day, week or month (depending on what works best for you), it will help keep you motivated and focused on success. Take Advantage of a Medical FSA. It’s that time of year again! Monitor Your Progress. Stay Positive.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 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. The HSA can be used for a variety of health expenses, while the Limited FSA provides coverage exclusively for vision and dental expenses.

Flexible Spending Account 52

Flexible Spending Account Healthcare Health Savings Account Deductions 52

Business Management Daily

NOVEMBER 30, 2021

How to spend FSA funds. Employees can make purchases with their FSA debit card or request reimbursement for purchases made on other personal cards or accounts. The card is issued by the benefits provider that the employer has chosen to work with for the FSA. Healthcare FSA receipt requirements.

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Retail Healthcare Medical Flexible Spending Account 52