WEX Inc.

SEPTEMBER 12, 2023

Understanding HSAs The number of health savings accounts (HSAs) has doubled nationwide in the last seven years , as more Americans turn to these accounts as a way to save on healthcare costs and prepare for retirement. To take advantage of an HSA, you need to participate in an HSA-eligible health plan (or high-deductible health plan).

Employee Benefits 52

Employee Benefits Retirement Policies Course 52

Benefit Resource Inc.

APRIL 1, 2020

For employees with an HSA, Dependent Care FSA, and/or commuter plan, there may be the opportunity to make changes to their accounts. Changes to Medical FSAs are currently not permitted). Even apart from COVID-19, HSAs are fairly flexible when it comes to making changes. Why this matters now.

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Compliance Training Resources Company 75

Benefit Resource Inc.

OCTOBER 11, 2018

There are three categories a pre-tax benefit account can fall under: Medical (Medical FSA, HSA, HRA). Childcare/Adult Care (Dependent Care FSA). Commuter (Mass Transit or Parking). Let’s start by exploring a Medical FSA. Medical FSA. You can have a Limited FSA at the same time as an HSA.

Planning Tools 74

Planning Tools Compliance Training Retirement Payroll 74

Benefit Resource Inc.

MAY 21, 2019

For many, you are likely in the middle of a plan year and for whatever reason are considering change. There are always pros and cons with any decision, but there may also be some limitations to changing pre-tax benefits. If you are considering mid-year changes to your pre-tax benefits program, here are a few considerations.

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Discrimination Resources ATS 58

Business Management Daily

NOVEMBER 15, 2021

Open enrollment is underway for many companies right now and one benefits offering that may be on the menu this year is an FSA. Employers are constantly looking for ways to remain competitive in their benefits offerings, and an FSA is a great add-on to your benefits package. Types of FSA Plans. Healthcare FSA.

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Planning Tools Compliance Training Guidelines Productivity 98

Zenefits

JANUARY 13, 2022

If you’re one of the many employers offering flexible benefits, then it’s important to know just how much you and your employees are allowed to contribute. Before we get into the changes, let’s define “flexible benefits.”. These contributions are made on a pretax basis, meaning the amounts are not subject to certain withholding taxes.

Planning Tools 36

Planning Tools Zenefits Retirement Compliance 36

Benefit Resource Inc.

JANUARY 16, 2020

Providing an advance on HSA funds. Tools like HSA Bridge allows employees to pay for qualified expenses with tax-free money before their HSA balance has built up. By allowing employees to access future scheduled HSA deposits, it curbs worries about not having enough to cover unexpected costs.

Trends 73

Trends HR Software Planning Tools HR Planning 73

Zenefits

OCTOBER 20, 2021

Open enrollment is an employer-designated period of time during which employees can elect or change their employer-sponsored benefit options. A qualifying life event allows the employee to make elections or changes to their benefits during the Special Enrollment Period (SEP), which occurs outside of the regular open enrollment season.

HR Planning 78

HR Planning Planning Tools Zenefits HR Software 78

Benefit Resource Inc.

APRIL 23, 2020

For the following account types, this might mean making a change : Commuter benefits : Commuter benefits are a monthly benefit and can be changed at any time. Pausing an election will allow you to quickly step back into the benefit when your commuting needs resume. Step 1: Review your elections.

Compliance Training 40

Compliance Training System Resources Productivity 40

Benefit Resource Inc.

DECEMBER 30, 2021

Sometimes change comes roaring in with a big splash and flashing lights. But other times, change comes quietly. New Limits to FSAs, HSAs, Commuter Benefits for 2022. Limits for Health Savings Accounts (HSAs) were released earlier this year. Dependent Care FSA Limit Returns to $5,000. Up from $270/mo.

Planning Tools 40

Planning Tools System Resources Trends 40

Benefit Resource Inc.

DECEMBER 12, 2018

Commuter Benefits and Health Savings Accounts (HSAs)? ” One is for workplace commuting. But, Commuter Benefits and HSAs actually share at least 3 common traits (in addition to the tax advantages) to make them powerhouse benefits. This is one of the most overlooked perks of Commuter Benefits and HSAs.

Resources 40

Resources Training Compliance Training ATS 40

Benefit Resource Inc.

APRIL 29, 2020

Jaclyn provides information for employers on election changes for different account types, making changes to your plan design, and taking advantage of Specialty Accounts. Question 1: What information/tips should employers know about election changes amid COVID-19? HSAs : Election changes can be made at any time.

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Resources Meeting Examples Wellness 52

Benefit Resource Inc.

FEBRUARY 7, 2019

Remember Sam, the coworker I mentioned when I was talking about commuter benefits ? Her company offers two health plan options: a co-pay plan and a high deductible health plan (HDHP) with an HSA. Enrolling in the HDHP also means we can contribute to the Health Savings Account (HSA) from Sam’s company.

Retirement 45

Retirement Payroll Company Compliance Training 45

Paychex WORX Blog

JANUARY 17, 2019

Override Per Pay Period amounts for FSA/HSA/Commuter Benefits We have added the ability to click into the per pay period amount and total contribution for FSA/HSA and commuter benefits to make edits and corrections. Flock Product Representation for editing Commuter Benefits.

Productivity 40

Productivity Onboarding Software HR Software Planning Tools 40

Paychex WORX Blog

MAY 29, 2018

Effective date' based changes (Employee Profile). Now, you can make changes and adjustments to an Employee Profile, then schedule those changes to go into effect on the date you determine (now or future). This release also includes enhancements to our current and change history reporting.

Productivity 53

Productivity Planning Tools HR Software Compensation 53

Best Money Moves

JULY 8, 2020

Employees who were used to commuting to the office every day suddenly found themselves setting up spaces to get their work done at home. Employees want to move forward in their careers and offering benefits that give them the opportunity to hone their skills and stay on top of industry changes are a win-win for employers. #8

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Employee Benefits Planning Tools HR Planning HR Software 105

Extensis

NOVEMBER 15, 2022

In response to the recent rapid increase in cost of living, the IRS has announced notable changes to the amount employees may allocate to their various benefits plans in 2023. Here’s everything SMB leaders need to know about the upcoming FSA, HSA, retirement, and commuter benefits contribution limits.

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Retirement Trends Employee Benefits Competencies 94

Extensis

NOVEMBER 29, 2023

Quick look: A new year is right around the corner, and with it comes a new set of contribution limits for retirement accounts, health savings accounts, flexible savings accounts, and commuter benefits plans. The annual contribution limit for IRAs will increase to $7,000, up from $6,500. versus 3.7%

Retirement 78

Retirement Report Compliance Training Wellness 78

Zenefits

NOVEMBER 12, 2021

Actual Contribution Percentage (ACP) Test. The ACP test considers employer 401(k) match contributions and/or employee after-tax contributions. Similar to the ACP test except that it considers only employees’ 401(k) deferrals/contributions. It does not include employer matching contributions. Catch-Up Contributions.

Employee Benefits 36

Employee Benefits HR Planning Retirement ADP 36

Benefit Resource Inc.

NOVEMBER 1, 2018

Full HSA Expansion. HSA expansion has been a fairly hot topic in the current legislative session. But since we are assuming the stars aligned, let’s create a vision of full HSA expansion: First, HSA contribution limits double. Loosen Medical FSA Restrictions. Restore tax-treatment of Commuter Benefits.

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Planning Tools Survey Resources ATS 49

Zenefits

NOVEMBER 18, 2022

As usual, these requirements include changes to payroll tax rates and employee benefits plan limits. It’s important to note that the federal income tax rates are not changing. What’s changing are the tax brackets , which represent the amount of earnings subject to the respective federal income tax rate. Any of the above.

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Benefit Resource Inc.

MARCH 25, 2022

Over the past few years, ECFC has really been a strong advocate for many of the FSA relief efforts that we saw during the pandemic. We also saw the positive results of our advocacy efforts when OTC Drugs & Medicines once again became eligible under FSAs, HSAs, and HRAs. In 2017 the bicycle commute program had been revoked.

Conference 74

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Benefit Resource Inc.

JANUARY 11, 2021

Or, are all dreams of changes about to come true? This could lead to the expansion of mass transit benefits through employer subsidies or mandates, reemergence of bicycle commute benefits, or even the introduction of alternative commuter benefits. To permit Medicare Beneficiaries to contribute to an HSA.

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Planning Tools System Policies Report 40