HRWatchdog

NOVEMBER 17, 2023

Health Savings Accounts (HSAs) HSAs are pre-tax accounts only available to individuals covered under a high-deductible health plan with a minimum annual deductible (not applicable to preventative services), allowing eligible individuals to accumulate money, tax-free, to pay for qualified medical expenses.

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WEX Inc.

SEPTEMBER 7, 2023

Flexible spending accounts (FSAs) are a powerful tool for individuals and employers to save money on healthcare and dependent care expenses. Break down the process of contributing to an FSA, eligible expenses , and the reimbursement process. Eligible expense scanner within our benefits mobile app.

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PeopleKeep

AUGUST 21, 2023

One such health benefit that a sole propriety may have questions about is a health reimbursement arrangement (HRA). An HRA is a tax-advantaged, employer-funded benefit for eligible employees to receive reimbursements for their qualified medical expenses.

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PeopleKeep

AUGUST 4, 2021

Those are actually health codes that tell you which items on your receipt are qualifying medical expenses. In this article, we’ll help you understand how to read the codes on your receipts, where you can find them, and how they can help you more easily determine which items are HSA-, FSA-, and HRA-eligible.

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WEX Inc.

JUNE 5, 2023

A QSEHRA is a tax-advantaged benefits plan funded by the employer that employees can tap into to pay for eligible expenses. You and your employees both save money because your reimbursements of their expenses are tax-free. What employers are eligible to offer one? What expenses are eligible?

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PeopleKeep

JULY 13, 2020

A Health Reimbursement Arrangement (HRA) is a flexible tool for small business owners to increase their tax savings and to offer tax-free health benefits. An HRA may reimburse for qualified medical expenses such as co-payments, deductibles, and personal health insurance premiums.

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Benefit Resource Inc.

JANUARY 3, 2023

Pre-tax benefits give employees an opportunity to save money on qualifying medical expenses , such as doctor visits and prescriptions. In addition, these benefits can be used to pay for eligible expenses like fitness programs, workout equipment, nutrition counseling services, smoking cessation programs — even weight loss programs.

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WEX Inc.

MAY 17, 2023

2024 high-deductible health plan (HDHP) amounts and expense limits also increased. The excepted benefit HRA (EBHRA) limits for 2024 will also increase to $2,100. Who is eligible for an HSA? Your employees must be enrolled in an HSA-eligible health plan (or HDHP) to be eligible to participate in an HSA.

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HRWatchdog

JUNE 21, 2023

Eligible individuals can accumulate money — tax-free — in HSAs to pay for qualified medical expenses. The maximum annual out-of-pocket expenses (deductibles, co-payments and other amounts — but not premiums) have also increased. HSAs are pre-tax accounts available to individuals covered under a high-deductible health plan.

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Genesis HR Solutions

JUNE 27, 2022

Tax-preferred plans; FSA Health, DCAP, Commuter, HSA, HRA. Employee eligibility compliance. Business expense reimbursement. 401k plan administration (if adopting sponsored plan). HR technology and employee self-service. Data management and reporting. Payroll processing (multi-state). Payroll tax filings. W-2 processing.

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Helpside

JUNE 22, 2023

There are three standard tax-advantaged savings accounts that employees can use to pay for qualified medical expenses. These accounts include health savings accounts (HSAs), flexible spending’s accounts (FSAs), and health reimbursement accounts (HRAs).

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FLEX

APRIL 6, 2021

The Internal Revenue Service (IRS) recently published Announcement 2021-7 which indicates Personal Protective Equipment (PPE), such as masks, hand sanitizer, and sanitizing wipes, may be reimbursed under a Flexible Spending Account (FSA), Health Reimbursement Arrangement (HRA), or a Health Savings Account (HSA).

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ACA Times

MARCH 14, 2017

At the close of February, the IRS released a notice regarding qualified small employer health reimbursement arrangement (QSE HRA) notices and an extension until further guidance is provided. These reimbursements include various medical expenses, as well as premiums for individual healthcare that are not in conflict with ACA mandates.

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Benefit Resource Inc.

OCTOBER 14, 2021

With Open Enrollment just around the corner, your employer may offer “HRA VEBA” as one of your employee benefits options. HRA VEBAs may not be as common as they once were, but we still have three great reasons for you to consider them. Without further ado, here are three reasons we’re big fans of the HRA VEBA: 1.

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Benefit Resource Inc.

JANUARY 25, 2022

Within the tax code, there is a rule that states every expense or transaction from an FSA or HRA must be substantiated. This means there needs to be proof or evidence that the funds were only used for eligible medical expenses. Then, you use your pre-tax benefits card to pay for the expense. What is substantiation?

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WEX Inc.

FEBRUARY 23, 2023

Download our app A variety of day-to-day expenses are eligible for your HSA and FSA funds, including over-the-counter expenses. For medical FSAs, expenses for children through age 26 and spouses are permitted. Add a bank account When you pay out of pocket for HSA or FSA eligible expenses, you want to be reimbursed fast!

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Benefit Resource Inc.

MAY 6, 2021

For public sector employees, the answer may very well be an HRA VEBA. What is an HRA VEBA? If you want the full description, check out 3 Hidden Advantages of an HRA VEBA. In sum, it’s part pre-tax plan (that’s the HRA ) and part trust fund. HRA VEBAs give public sector employees a leg up.

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Benefit Resource Inc.

MARCH 23, 2021

We’ve written about Health Savings Accounts and retirement in other blogs (like this one or this one ) so for this piece, we’ll be focusing on two other, less common accounts: Health Reimbursement Accounts (HRAs) and HRA VEBAs. Funds in an HRA. Funds in an HRA VEBA. What happens to funds once you retire?

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PeopleKeep

JULY 13, 2020

A Health Reimbursement Arrangement (HRA) is a flexible tool for small business owners to increase their tax savings and to offer tax-free health benefits. An HRA may reimburse for qualified medical expenses such as co-payments, deductibles, and personal health insurance premiums.

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Benefit Resource Inc.

JANUARY 11, 2023

Many clinics and medical facilities provide online access to look-up, review expenses and often pay expenses online. An IIAS merchant uses an inventory management system to uniquely identify eligible medical expenses. Use your card at an IIAS merchant to avoid the need for receipts.

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HR Workplace Services

APRIL 2, 2021

On March 26, 2021, the Internal Revenue Service clarified, that purchases of PPE, such as face masks, hand sanitizer and sanitizing wipes, used for the primary purpose of preventing the spread of coronavirus are deductible from income for tax purposes (provided that the taxpayer’s total medical expenses exceed 7.5

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PeopleKeep

OCTOBER 29, 2021

An HDHP combined with an HSA gives you traditional health insurance with triple tax advantages, which helps you save for future medical expenses and provides greater flexibility and customization over how you use your healthcare benefits. Download our HRA and HSA compatibility guide. So how do you know if your HDHP is HSA-qualified?

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Benefit Resource Inc.

MARCH 27, 2020

In general, Telehealth services are already considered an eligible expense for use with an Health Savings Account (HSA). However, these expenses cannot be covered until an individual meets a minimum deductible. Menstrual products identified as eligible items. OTC items bought with pre-tax funds.

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PeopleKeep

MAY 13, 2021

Health reimbursement arrangements (HRAs) are IRS-approved, employer-sponsored health benefit plans that allow participants to receive reimbursements for a wide variety of out-of-pocket healthcare expenses as well as certain health insurance premiums.

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PeopleKeep

NOVEMBER 15, 2021

In this article, we’ll go over everything S-corp owners must do to receive company-sponsored health insurance, how to properly deduct those expenses from their taxes, and how a health reimbursement arrangement (HRA) affects their eligibility. Watch our video to see how to coordinate an HRA based on your business type.

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PeopleKeep

FEBRUARY 10, 2020

Health Reimbursement Arrangements (HRAs) are federally regulated, employer-sponsored health benefit plans that allow participants to receive reimbursement for eligible out-of-pocket health-care expenses (including certain health insurance premiums).

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PeopleKeep

OCTOBER 27, 2021

The CARES Act allowed for more items and services that help prevent the spread of the coronavirus to be eligible for reimbursement through health spending accounts and reimbursement plans, like health reimbursement arrangements (HRAs).

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PeopleKeep

JULY 19, 2022

Thankfully, health reimbursement arrangements (HRAs) allow organizations to reimburse their employees for the qualifying medical expenses of their choosing while offering budget control. A popular type of health reimbursement that works for organizations of all sizes is an individual coverage HRA (ICHRA).

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Benefit Resource Inc.

APRIL 23, 2019

Then, someone gets this crazy idea: “What if the HRA Account only pays expenses incurred when the sun was shining and stars aligned. As soon as HRA plan design becomes a game, employees are compelled to find ways to “game the system” So, even though HRA Accounts start with good intentions, where do they go wrong?

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PeopleKeep

APRIL 15, 2021

An individual coverage health reimbursement arrangement (ICHRA), sometimes called an individual integrated HRA, is a company-funded, tax-advantaged health benefit used to reimburse employees for personal health care expenses. Get the complete guide to offering an ICHRA.

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Benefit Resource Inc.

MARCH 12, 2019

For an overview of what is eligible, visit our Eligible Expenses and Eligible Merchants page. If an expense is not eligible, it cannot be paid for with pre-tax funds. A piece of paper acting as proof that what an employee purchased was eligible. Fun fact: There is no such thing as an HRA election.

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Benefit Resource Inc.

SEPTEMBER 17, 2020

So today, we’ll cover the differences between two pre-tax health account options you may be faced with: an HSA vs HRA. An HSA , is a health savings account that is funded by you (and, sometimes your employer as well) so you can pay for eligible health care expenses. HRAs may have limits on what items are eligible.

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Benefit Resource Inc.

JANUARY 25, 2021

There are many advantages to HRA Voluntary Employee Benefits (or VEBA) accounts when it comes to pre-tax account options. What is an HRA VEBA? An HRA VEBA is a Health Reimbursement Arrangement where employers place contributions in a trust account on employees’ behalf. Who can get the most mileage out of an HRA VEBA?

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Benefit Resource Inc.

APRIL 7, 2020

Fortunately, you can combat these allergy symptoms using funds from your HSA, FSA or HRA. Eligible items to help treat your allergy symptoms. Whether you have allergies or another ailment, you can use your HSA, FSA or HRA pre-tax dollars to help you get through it. The following items are eligible expenses: Thermometers.

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Benefit Resource Inc.

FEBRUARY 26, 2019

Given that just its name has complexities, it is no wonder that HRAs are often a challenge for employers (and employees). But have no fear, we will walk you through some ‘DOs’ and ‘DON’ts’ of an HRA plan. An HRA plan is an employer-funded benefit. Expenses paid: What expenses can be paid?

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Benefit Resource Inc.

OCTOBER 11, 2018

There are three categories a pre-tax benefit account can fall under: Medical (Medical FSA, HSA, HRA). Also known as “out-of-pocket” expenses). A Medical FSA is a great savings tool if you have the same out-of-pocket medical expenses year-after-year. You cannot use a card to pay for Dependent Care expenses.

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Benefit Resource Inc.

JANUARY 30, 2020

If you are the proud user of a Health Reimbursement Account (HRA) congrats! Among employees with an HRA, there is some confusion around who owns the account and who puts money in the account. We’ll break down answers to all of those, starting with “What is an HRA?” ” What is an HRA? Eyeglasses.

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