Flexible Spending Accounts and How They May Be Used

Flexible Spending Accounts and How They May Be Used

A Flexible Spending Account (FSA) is an account that reimburses an employee for qualified health care or dependent care expenses. These qualified expenses are funded with pre-taxed dollars deducted from an employee’s paycheck. “Use-it-or-lose-it” Rule It is required by the Internal Revenue Service (IRS) that an FSA must follow a …

2024 Plan Limits Announced

The Internal Revenue System (IRS) recently announced the 2024-dollar limits for employee benefits including: High Deductible Health Plans (HDHPs), Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), transportation benefits, and adoption assistance. As cost-of-living expenses continue to rise due to inflation, the IRS annually adjusts contribution limits to accommodate spending …

Lowering Out-O-Pocket Healthcare Costs

Qualified Transportation Benefits

With more and more companies moving away from remote work schedules, commuter benefits are likely to increase in popularity. Through employers, commuter benefits allow employees to use tax-free dollars on commuting expenses, saving employees money on annual taxes. Qualified expenses may include: Parking costs – parking on or near the …

Lowering Out-O-Pocket Healthcare Costs

Understanding HSAs, HRAs, and FSAs

When preparing for open enrollment, it is important to understand your options. Health Saving Accounts (HSAs), Health Reimbursement Arrangements (HRAs), and Flexible Spending Accounts (FSAs) are often offered in conjunction with a health plan. Knowing the advantages of each can allow for an easier open enrollment process. Health Savings Account …

Lowering Out-O-Pocket Healthcare Costs

Spending FSA Money on Summer Fun

For most, Memorial Day is the unofficial start of summer. This weekend numerous families will flock to the beach, go camping, or grill in the backyard. Outdoor activities will become much more common and popular as the weather warms. If you are planning to spend time outdoors, you need to …

2024 Pay or Play Affordability Percentage

IRS Announces 2022 Plan Limits

The Internal Revenue System (IRS) recently announced the 2022 dollar limits for employee benefits including: High Deductible Health Plans (HDHPS), Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Transportation Benefits, and Adoption Assistance. As cost-of-living expenses continue to rise due to inflation, the IRS annually adjusts contribution limits to accommodate …