Stratus

OCTOBER 28, 2021

But what you may not know is major cost increases aren’t solely attributed to long-term illnesses; you can minimize costs by being a smarter healthcare consumer. Most health insurance plans outside of a Health Savings Account (HSA) have a list of copays for healthcare expenses. Controlling Healthcare Costs Starts with You.

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Zenefits

JULY 12, 2017

A health savings account ( HSA ) is a tax-advantaged medical savings account for U.S. Employers may make contributions to their employees’ HSAs, and the funds that an individual or business contributes to a given account aren’t subject to federal income tax. What can I purchase with my HSA funds? Eligibility Requirements.

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Zenefits Employee Benefits Company ATS 34

HR Daily Advisor

NOVEMBER 9, 2017

Earlier this year, the Internal Revenue Service (IRS) clarified what type of coverage is needed to make an individual eligible for a health savings account (HSA). However, the insurance carrier informed the individual that it was not an HSA-eligible HDHP (although the specific reasons were not articulated in the Information Letter).

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WEX Inc.

APRIL 25, 2024

What is an HDHP? Health savings accounts Another great perk of HDHPs is they can be paired with health savings accounts (HSAs). An HSA is a tax-advantaged savings account that allows you to save money specifically for medical expenses. Individuals must be covered by an HDHP to be eligible for an HSA.

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WEX Inc.

OCTOBER 4, 2023

Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. Below, we’ve outlined the key differences of an HSA vs. FSA so you can see how they work, the advantages to each, and why you should participate in them. Key differences between HSA vs. FSA Ownership: You own your HSA.

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Zenefits

FEBRUARY 3, 2023

For all this, it’s important to understand what’s involved in how to calculate total compensation. It’s what they earn each pay period, whether that’s calculated from an annual salary or hourly wage. Employers should budget for the upper range of what they anticipate is possible. Calculate a weekly pay.

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Compensation How To Retirement Staffing 68

PeopleKeep

OCTOBER 26, 2020

A high deductible health plan (HDHP) paired with a Health Savings Account (HSA) is growing in popularity because it allows employees to pay for medical expenses tax-free. The percentage of workers covered under HDHP plans has increased from four percent of all employer-sponsored health insurance plans in 2006 to 31 percent in 2020.

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HRExecutive

NOVEMBER 20, 2023

“If you encourage employees to take advantage of 401(k)s, FSAs and HSAs, it helps employees with their financial wellness, which employers care about,” Stich says. What are the 2024 401(k) limit changes? What are the 2024 HSA limit changes? What are the 2024 HDHP amounts/limits? in October.

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WEX Inc.

MAY 17, 2023

Key takeaways - 2024 HSA contribution limits 2024 HSA contribution limits will increase to $4,150 and $8,300 for self-only and family HSAs, respectively. Health savings account (HSA) contribution limits are on the rise again in 2024. These are increases of $300 and $550, respectively, from 2023 HSA contribution limits.

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Retirement Compensation Productivity Report 98

WEX Inc.

AUGUST 29, 2023

And did you know that a variety of fertility and infertility treatments are eligible for health savings account (HSA) and medical flexible spending account (FSA) funds? What are fertility benefits? What are some fertility treatment examples? What infertility treatments does an HSA or FSA cover?

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Compensation Examples Productivity Employee Benefits 98

WEX Inc.

MARCH 16, 2023

How much should I contribute to my health savings account (HSA) each month? If you’re covered by an HSA-eligible health plan (or high-deductible health plan ), the IRS allows you to put as much as $3,650 per year (in 2022) into your health savings account (HSA). What is an HSA? What is an HSA contribution?

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Planning Tools Retirement Payroll Trends 98

HRExecutive

MAY 18, 2023

With inflation sitting at lofty levels post-pandemic, the Internal Revenue Service is raising the annual contribution limit for Health Savings Accounts by more than 7%, marking a record increase. - Advertisement - “The IRS has made inflation adjustments to the HSA since 2004. The HSA adjustments for individuals jumped 7.8%

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WEX Inc.

MAY 31, 2023

We answer a few common dental-related questions as it relates to your HSA or medical FSA. Can I use my HSA or medical FSA to pay for dental expenses? The good news is that an HSA or medical FSA can be used to pay for certain dental expenses! Our eligible expense list covers what’s eligible for HSA or medical FSA funds.

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Compensation Productivity Examples 98

WEX Inc.

SEPTEMBER 21, 2023

However, for participants of health savings accounts (HSAs) or medical flexible spending accounts (FSAs) , there are ways to alleviate the financial burden associated with vision-related costs. Let’s explore a few common vision-related questions as it relates to your HSA or medical FSA. Can vision expenses be covered by HSAs and FSAs?

Compensation 98

Compensation Productivity Meeting Compliance Training 98

WEX Inc.

AUGUST 7, 2023

Sunscreen can cost as much as $40 a bottle, but did you know you can actually use your health savings account (HSA) or medical flexible spending account (FSA) funds on many SPF-related expenses? We break down their HSA and FSA eligibility so you can be ready for some sun! The temperature is rising and summer is right around the corner!

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Productivity Benchmarking Planning Tools Compensation 98

WEX Inc.

SEPTEMBER 14, 2023

However, a whopping 92 percent of employees stick with the same elections they had the previous year, no matter what changes have taken place in their lives. Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans.

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WEX Inc.

JUNE 13, 2023

The importance of a retirement plan Do you know what the average amount of savings for retirement should be? This lack of retirement planning by large segments of employees is leading to more stress for them and less productivity at work. A ballpark estimate is to save 10 times your annual income if retiring by 67. Peace of mind.

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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. Not a member?

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Retirement Employment Law Payroll Productivity 101

Benefit Resource Inc.

JANUARY 25, 2024

This “fuzzy” factor is what sometimes leads to myths and misconceptions about how each of the accounts work. HSA COVERAGE Myth: A Health Savings Account (HSA) only covers individuals covered by the qualified health plan. However, adult children who are covered but file independently would not be covered by the HSA.

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Hiring Software Planning Tools Employee Benefits Resources 52

WEX Inc.

FEBRUARY 23, 2023

In fact, staying on top of your health savings account (HSA) , flexible spending account (FSA) , or any other plan you signed up for throughout the year can pay off for you. Download our app A variety of day-to-day expenses are eligible for your HSA and FSA funds, including over-the-counter expenses. It’s an expectation.

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Planning Tools Compliance Training Employee Benefits Retirement 98

Extensis

JULY 12, 2022

However, between HSAs, FSAs, and 401(k)s, it can be overwhelming to understand the value of each. Often, health savings accounts (HSAs) get grouped in with flexible spending accounts (FSAs) and leave people in the dark about what each actually offers. So, does this really make an HSA the new 401(k) ? Yes and no.

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Retirement Payroll Compensation Wellness 93

WEX Inc.

MAY 8, 2023

But there are still misunderstandings that exist among employees about the significant value of an HDHP (or HSA-eligible health plan) and how it compares to a traditional health plan. If you have recently enrolled or are considering enrolling in an HDHP, keep reading to learn what you might be missing about the benefits of HDHPs.

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Trends Retirement Comparison Compensation 97

HRExecutive

APRIL 13, 2023

Advertisement - Fortunately, benefits professionals and plan administrators can assist employees in managing their mental wellbeing by educating them about the many ways flexible spending account (FSA) and health savings account (HSA) funds can be used to address mental health challenges. . Many clinical mental health services are covered.

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HR Planning Planning Tools HR Software Employee Benefits 40

Benefit Resource Inc.

DECEMBER 27, 2022

Participants in FSAs, HRAs and even HSAs begin to evaluate their account balances. But, what exactly happens to HSA funds at the end of the year? In 2003, Health Savings Accounts (HSA) were established, bringing forth a new pre-tax plan option that effectively eliminated the concerns over lost funds. Freedom to change.

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ATS Retirement Resources 75

Helpside

NOVEMBER 16, 2021

If your employers offers multiple health plan options, you will have to decide what kind of health plan will work best for you and your family. Two of the most common types of health plans are HSA (Health Savings Account) qualifying high deductible health plans and traditional health plans. HSA Qualifying Plans.

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Meeting Wellness ATS Resources 98

Extensis

MARCH 6, 2024

Here’s what work is like for women, the many advantages they bring to the workplace, and how brokers can offer an inclusive benefits package designed to help them succeed both professionally and personally. What women bring to the table Despite the challenges they face, female employees provide enormous advantages to their employers.

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Employer Branding HR Planning Diversity Time and Attendance 96

Benefit Resource Inc.

AUGUST 25, 2023

This is understandable given that flexible spending accounts have been available longer and are likely shaping people’s opinions regarding HSAs. However, there are no other restrictions on changing your pre-tax HSA elections. Impact to HSA election : Follow your employer’s process to enroll in the HSA.

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Guidelines Resources ATS 52

WEX Inc.

APRIL 12, 2023

Health saving accounts (HSAs) offer an excellent opportunity for participants to save money on healthcare expenses and for employers to support their employees’ wellness needs in a cost-efficient way. But there are HSA rules and regulations you and your employees need to follow in order to stay compliant.

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Compliance Compliance Training Compensation Retirement 52

HRWatchdog

NOVEMBER 8, 2022

Before the plan year begins, employees will need to decide how much to contribute through payroll deductions, and because FSAs include a use-or-lose provision, employers are encouraged to remind their employees to only contribute what they truly think they’ll spend — otherwise employees’ unspent funds will be forfeited.

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Retirement Payroll Examples Productivity 97

Benefit Resource Inc.

MARCH 31, 2023

As an employee with a Health Savings Account (HSA), knowing what you need to report during tax season is important. Even though HSAs can be complex, tax reporting shouldn’t be a headache. In this guide, we’ll cover what you must report for your HSA and how to know what you need to report.

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Benefit Resource Inc.

AUGUST 19, 2021

Employers building out their company’s HSA contribution models often choose the default option, but there are more choices than general experience might suggest. In this article, we explore two approaches employers can examine when considering HSA contribution models to increase adoption. Model 1: Do the min to get the max.

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PeopleKeep

MARCH 28, 2022

Two commonly mixed-up health benefits are the health reimbursement arrangement (HRA) and the health savings account (HSA). For instance, an HRA is employer-owned and an HSA is employee-owned. While they have similar-sounding names, the two options are different in many ways.

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BerniePortal

DECEMBER 16, 2021

But how exactly do you qualify for an HSA? What if your spouse is already enrolled in an employer-sponsored FSA? Would that affect your overall HSA eligibility as well? They are both intended to offer people a tax-advantaged means of paying for health and medical expenses. These plans vary in both function and eligibility.

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Helpside

NOVEMBER 1, 2023

So what is Open Enrollment, anyway? FSA and HSA enrollments do not roll over year to year. If you have questions about open enrollment or what benefits are available to your employees, please contact our client success team via Live Chat on our website, call (801) 443-1090 or email service@helpside.com.

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Benefit Resource Inc.

FEBRUARY 23, 2023

Health Savings Accounts (HSAs) are tax-advantaged accounts that allow you to pay for medical expenses now and in the future. Whether you already have an HSA or are looking at this account for the first time, BRI is here to share why we love this account so much. HSAs Are Not Use-It-Or-Lose.

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Retirement Resources ATS 52

Genesis HR Solutions

JANUARY 24, 2023

So what should be included in an employee handbook? Just how important is an employee handbook? It wouldn’t be an exaggeration to say that, actual employees aside, it may be the most important part of your organization. But simply having an employee handbook is not enough. Click To Tweet Must-Have Items For Every Employee Handbook 1.

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Benefit Resource Inc.

NOVEMBER 4, 2021

JRR Tolkien said it best, “ All we have to decide is what to do with the time that is given us.” We’re sharing how HSAs work for different income levels and helping you plan ahead with the one plan to rule them all! HSAs are one tool in the ever-expanding toolbox of health care plans. Eligible Expenses.

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