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?

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WEX Inc.

MAY 17, 2023

Key takeaways - 2024 HSA contribution limits 2024 HSA contribution limits will increase to $4,150 and $8,300 for self-only and family HSAs, respectively. Health savings account (HSA) contribution limits are on the rise again in 2024. These are increases of $300 and $550, respectively, from 2023 HSA contribution limits.

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WEX Inc.

MARCH 16, 2023

How much should I contribute to my health savings account (HSA) each month? If you’re covered by an HSA-eligible health plan (or high-deductible health plan ), the IRS allows you to put as much as $3,650 per year (in 2022) into your health savings account (HSA). What is an HSA? What is an HSA contribution?

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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.

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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

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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. Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans.

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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!

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WEX Inc.

JUNE 13, 2023

The importance of a retirement plan Do you know what the average amount of savings for retirement should be? This lack of retirement planning by large segments of employees is leading to more stress for them and less productivity at work. A ballpark estimate is to save 10 times your annual income if retiring by 67. Peace of mind.

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Money Talk

JUNE 28, 2023

Health Savings Account (HSA) Tweak - By mid-year, you know what you already spent for health care services through June. Consider completing the paperwork needed to save more money from July to December in your employer’s tax-deferred retirement savings plan. Even 1% more of pay in savings adds up over time.

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Benefit Resource Inc.

JANUARY 25, 2024

This “fuzzy” factor is what sometimes leads to myths and misconceptions about how each of the accounts work. HSA COVERAGE Myth: A Health Savings Account (HSA) only covers individuals covered by the qualified health plan. However, adult children who are covered but file independently would not be covered by the HSA.

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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.

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WEX Inc.

MAY 8, 2023

But there are still misunderstandings that exist among employees about the significant value of an HDHP (or HSA-eligible health plan) and how it compares to a traditional health plan. If you have recently enrolled or are considering enrolling in an HDHP, keep reading to learn what you might be missing about the benefits of HDHPs.

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Deductions Deductible Health Savings Account Employee Enrollments 97

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.

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Benefit Resource Inc.

OCTOBER 5, 2023

October 15th is National HSA Awareness Day and it’s the perfect opportunity to educate yourself, and others, about the many benefits HSAs provide. Health Savings Accounts (HSAs) are a critical tool in the arsenal of employers who are passionate about helping their employees in the arena of healthcare. What is an HSA?

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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. Freedom to change.

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InterWest Insurance Services

MAY 12, 2022

The IRS has announced significantly higher health savings account contribution limits for 2023, with the amount increasing more than 5% for individual HSA plans. Here are the new figures for 2023: HSA annual contribution limit. HSAs explained. Under federal law, an HSA must be tied to an HDHP.

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Benefit Resource Inc.

AUGUST 25, 2023

This is understandable given that flexible spending accounts have been available longer and are likely shaping people’s opinions regarding HSAs. However, there are no other restrictions on changing your pre-tax HSA elections. Impact to HSA election : Follow your employer’s process to enroll in the HSA.

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WEX Inc.

APRIL 12, 2023

Health saving accounts (HSAs) offer an excellent opportunity for participants to save money on healthcare expenses and for employers to support their employees’ wellness needs in a cost-efficient way. But there are HSA rules and regulations you and your employees need to follow in order to stay compliant.

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Money Talk

APRIL 28, 2022

Many people change their goals when presented with a master list of goals that forces them to think deeper about what they want. Many people change their goals when presented with a master list of goals that forces them to think deeper about what they want. Otherwise, our future selves are strangers.

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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. In this guide, we’ll cover what you must report for your HSA and how to know what you need to report.

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Benefit Resource Inc.

AUGUST 19, 2021

Employers building out their company’s HSA contribution models often choose the default option, but there are more choices than general experience might suggest. In this article, we explore two approaches employers can examine when considering HSA contribution models to increase adoption. Model 1: Do the min to get the max.

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PeopleKeep

MARCH 28, 2022

Two commonly mixed-up health benefits are the health reimbursement arrangement (HRA) and the health savings account (HSA). For instance, an HRA is employer-owned and an HSA is employee-owned. While they have similar-sounding names, the two options are different in many ways.

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BerniePortal

DECEMBER 16, 2021

But how exactly do you qualify for an HSA? What if your spouse is already enrolled in an employer-sponsored FSA? Would that affect your overall HSA eligibility as well? They are both intended to offer people a tax-advantaged means of paying for health and medical expenses. These plans vary in both function and eligibility.

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Benefit Resource Inc.

FEBRUARY 23, 2023

Health Savings Accounts (HSAs) are tax-advantaged accounts that allow you to pay for medical expenses now and in the future. Whether you already have an HSA or are looking at this account for the first time, BRI is here to share why we love this account so much. HSAs Are Not Use-It-Or-Lose.

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Health Savings Account 401(k) Retirement Plan Taxes 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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Higginbotham

NOVEMBER 28, 2022

Some are turning to Health Savings Accounts (HSAs). 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. Who can own an HSA?

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Benefit Resource Inc.

NOVEMBER 4, 2021

JRR Tolkien said it best, “ All we have to decide is what to do with the time that is given us.” We’re sharing how HSAs work for different income levels and helping you plan ahead with the one plan to rule them all! HSAs are one tool in the ever-expanding toolbox of health care plans. Eligible Expenses.

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WEX Inc.

SEPTEMBER 7, 2023

What you can do: Education is key. What you can do: Ease this fear by highlighting the ways to avoid losing funds. What you can do: Address this concern by emphasizing the savings potential of an FSA. So why are many employees reluctant to participate in FSAs? Let’s take a look.

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Benefit Resource Inc.

APRIL 4, 2023

Health savings accounts (HSAs) are quickly becoming a popular benefit among employers and employees alike, as they offer an easy way to save money on healthcare expenses. But the complex structure of HSA’s can leave employers and employees questioning exactly how HSAs work.

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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. VIEW ON HSA STORE.

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Benefit Resource Inc.

DECEMBER 30, 2022

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. It’s also essential to ensure that any HSA withdrawals are used towards eligible expenses to avoid additional tax penalties. DIFFERENT WAYS TO SPEND DEPENDENT CARE FUNDS.

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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). .

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WEX Inc.

JANUARY 3, 2023

Here are our top 10 blog posts from 2022: Your HSA when you change jobs Were you among the 20% of workers expected to quit their jobs in 2022? Fortunately, your health savings account (HSA) is an employee-owned account, so it stays with you, even when you switch employers. How much should you contribute to your HSA?

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Stratus.HR

JUNE 11, 2021

High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA) are growing more and more popular each year. Considering they have lower premiums and provide the ability to use pre-tax dollars to pay for out-of-pocket costs, what’s not to love? HSA Bank Fees. HSA-Eligible Expenses.

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Benefit Resource Inc.

APRIL 8, 2022

The world seems like it’s returning to what was in 2019. If you have an HSA you can use your HSA funds to help pay for everything from cold medicine to a COVID-19 At-Home Viral Detection Test. The HSA Store provides a convenient way to use HSA dollars on healthcare products. Others would prefer to stay home.

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Benefit Resource Inc.

DECEMBER 21, 2022

HSAs are an incredibly advantageous tool for employers and employees alike, but only if they’re used the right way. Let’s look at how employers can help employees make the most of their HSAs. The Benefit of an HSA. One of the biggest benefits of using an HSA is that the contributions are tax-deductible. How To Use an HSA.

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Benefit Resource Inc.

APRIL 18, 2023

One such way is by utilizing health savings accounts (HSAs) and flexible spending accounts (FSAs). What is an HSA? The HSA is combined with an HSA-qualified health plan (also referred to as a high deductible health plan). The HSA provides a savings mechanism to pay for out-of-pocket expenses. What is an FSA?

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