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 …

2024 Pay or Play Affordability Percentage

HSA & HDHP Limits Increased for 2024

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 …

Lowering Out-O-Pocket Healthcare Costs

FAQ on HSA, Health FSA, or HRA Eligible Expenses

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 …

Lowering Out-O-Pocket Healthcare Costs

How to Boost Financial Wellness

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 …

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 …