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 …
