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 …
Health savings accounts (HSAs) are tax-advantaged medical savings accounts that can be offered to individuals enrolled in a high-deductible health plan (HDHP). HSA funds can be used to pay for medical expenses covered by the HDHP before meeting the deductible or medical expenses not covered under the HDHP. Contribution limits …
Despite High Deductible Health Plans (HDHPs) being around for two decades, employee satisfaction is not as high when compared to more traditional health plans. A recent Employee Benefit Research Institute survey found that only 52% of employees enrolled in an HDHP were extremely satisfied with their plan compared to 66% …
As the year progresses, it’s important to be mindful of the funds within your flexible spending account (FSA) and health saving account (HSA). While HSA funds can roll over year to year, typically, the majority of FSA funds must be spent by the end of your plan year. The Employee …
A special rule requires spouses covered by family high deductible health plan (HDHP) coverage to divide the health savings account (HSA) contribution between themselves, which does not apply to adult children. Therefore, adult children covered under their parents’ HDHP may be able to establish their own HSA and make contributions. …
On May 16, 2023, the Internal Revenue Service (IRS) provided the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for the 2024 plan year. The IRS annually adjusts the following amounts and contribution limits to accommodate increases in spending: The maximum HSA contribution limit; The …
The IRS recently released a list of frequently asked questions (FAQs) regarding what expenses can be paid or reimbursed by a health savings account (HSA), health flexible spending account (FSA), or health reimbursement account (HRA). Typically, under Internal Revenue Code Section 213, expenses that qualify as medical care are eligible …
On December 29, 2022, the Consolidated Appropriations Act, 2023 (CAA) was signed into law. This allows high deductible health plans (HDHPs) to offer benefits for telehealth and other remote services prior to meeting the deductible without jeopardizing health savings account (HSA) eligibility. Plan years between December 31, 2022, and January …
Around 77% of American households have debt, and the average individual has around $58,600 in debt. In the workplace, 9 out of 10 employees are worried about finances, with 75% stating financial concerns negatively affect their productivity. Fortunately, employers can alleviate some of this strain by boosting their financial wellness …
Employees consider benefits to be a deciding factor when job hunting. With the effects of the pandemic, offering benefits that provide a sense of financial and emotional security is imperative for employers looking to retain and attract talent. In 2023, consider the following benefits and perks that will meet employees’ …
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 …
A health savings account (HSA) is used to assist the account holder in saving money to be spent on eligible medical expenses. To be eligible for an HSA, an employee must be enrolled in a high-deductible health plan (HDHP) with a minimum deductible amount of $1,400 for an individual and …
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 …
