HSA Contributions – Approaching the Tax Deadline

The 2021 tax deadline has been moved from April 15 to May 17 by the IRS. Health Savings Account (HSA) owners are usually keenly aware of the account’s triple tax advantage: pre-tax contributions, tax-free withdrawals for eligible expenses, and tax-free growth. What you may not know is that you can take advantage of tax-free contributions … More >>

COVID-19 PPE Is Now An Eligible Healthcare Expense

The fight against COVID-19 has expanded to the purchase of personal protective equipment (PPE) items. On Friday, March 26, the IRS released Announcement 2021-7, which qualifies PPE purchased for the primary purpose of preventing the spread of COVID-19 as medical expenses under section 213(d) of the Internal Revenue Code. The regulation allows specific items to be … More >>

ARPA COBRA FAQ

ARPA and COBRA Subsidy FAQs

On Thursday, March 11, President Biden signed the  American Rescue Plan Act (ARPA) of 2021. In addition to other features, ARPA provides full COBRA subsidies under specific circumstances and creates significant additional COBRA enrollment eligibility rules. The following is a list of common ARPA COBRA subsidy frequently asked questions (FAQs). This blog is not intended to be used as … More >>

Creative employee benefits

Exploring Creative Benefits Plan Offerings

Employers, you know it’s true: your benefits plan can make your company look more attractive, help you recruit and keep top talent, and improve the morale of your workforce. While there are standard benefit plan options such as group health coverage, life insurance, and retirement plans, there are other ways that can put you over … More >>

Health and Dependent Care FSA Rules

Health and Dependent Care FSA Rules for 2021-2022

The Consolidated Appropriations Act, 2021 was recently approved by Congress and the President. The bill provides a number of relief measures to help people cope with the ongoing COVID-19 healthcare crisis. Among the provisions are new temporary rules for health and dependent care Flexible Spending Accounts (FSAs). The new rules allow for increased carryover amounts, … More >>

4 Things to Know About Your FSA Before the Year Ends

When you have a Flexible Spending Account (FSA), you set aside money before taxes to cover qualified out-of-pocket healthcare expenses for yourself and your family. As the year comes to an end, there are a few things you should be aware of so you can maximize your account’s benefits. Here are 4 things to know … More >>

Use-it-or-Lose-it: COVID-19 and Your FSA Balance

This has been a trying year for everyone due to COVID-19. With so many people at home and not following their normal spending habits throughout much of 2020 – whether personal, pleasure, and healthcare – it’s quite possible that your remaining FSA balance is larger than normal. In fact, FSAStore.com estimates that the average FSA … More >>

2021 FSA Contribution Limits, Max Carryover Announced by IRS

On Monday, October 26, the Internal Revenue Service (IRS) published Rev. Proc. 2020-45, announcing the 2021 annual contribution limits for Flexible Spending Accounts (FSAs), maximum carryover amounts, and contribution limits for Transportation benefits. Next year, the limits will remain the same for FSAs and Transit/Commuter/Parking benefits. Learn more about the 2021 FSA contribution limits and … More >>

FSA and HSA: Can You Have Both at the Same Time?

During enrollment season, a question people commonly ask is, “Can I have an FSA and HSA at the same time?” Both benefit accounts are popular because people want to maximize their tax savings and lower their healthcare costs. Let’s take a look at both accounts and see if you can have an FSA and an … More >>

Questions Employers Need to Ask Before Building A Benefits Plan

A company’s benefits package is a vital tool for attracting and keeping talented employees. It can also improve workforce health and engagement. But with workers who span four generations in today’s labor force, building a benefits plan can be a challenge for employers. Baby Boomers are nearing retirement while Gen Z is just entering the workforce. Meanwhile, … More >>

2021 HSA Contribution Limits, Out of Pocket Max Increased

On Wednesday, May 20, the Internal Revenue Service (IRS) published the new rates for Health Savings Accounts (HSAs) in 2021. There is an increase for 2021 HSA contribution limits as well as out-of-pocket maximum limits for high deductible health plans (HDHPs). Learn more below. 2021 HSA Contribution Limits For 2021, the IRS has adjusted HSA … More >>

IRS Relaxes Mid-Year FSA Elections, Extends Grace Period

On Tuesday, May 12, the IRS published additional COVID-19 guidance for employer-sponsored healthcare benefits.  Drafted to address unanticipated changes in medical and childcare costs due to the COVID-19 emergency, the two Notices relax mid-year election changes for health Flexible Spending Accounts (FSAs) and Dependent Care Assistance Programs (DCAPs). They also provide more flexibility in grace … More >>

Furloughs vs Layoffs – COBRA During COVID-19

The impact of COVID-19 on the economy has created a situation where a lot of people have been furloughed or laid-off. One frequently asked question people want to know is whether or not they are eligible for COBRA benefits. Learn more about furloughs vs layoffs, COBRA eligibility, qualified events, and the cost of continuing coverage. … More >>

COBRA Benefits During COVID-19: Proposals for Expansion

Nearly a month after Congress passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act), millions of American workers and employers want to know if COBRA benefits will also be expanded. Currently, Congress is working on some relief legislation that may expand COBRA benefits. Learn more below about past legislation, current proposals, and how … More >>

FSA eligible expenses, Wallet, Money

FSA Eligible Expenses and Other Important Information

Flexible Spending Accounts (FSAs) are an important benefit that helps people reduce out-of-pocket healthcare costs and save money on taxes. An estimated 43 percent of all civilian (non-government) workers have access to an FSA through their employers. These employer-sponsored, tax-advantaged accounts allows participants (employees) to set aside money before taxes to pay for eligible medical … More >>

IRS Extends Tax Filing and HSA Contribution Deadline

In light of recent developments regarding COVID-19 (coronavirus) and the impact it is having across the country, Congress and the IRS have made significant decisions to provide relief for workers and their families. Learn more below about tax deadline extensions, HSA contribution extensions, and information about coronavirus treatments with a high deductible health plan.   … More >>

ICHRA and EBHRA; New Rules from IRS

ICHRA and EBHRA: IRS Expands HRA Plan Types for Employers

The Internal Revenue Service (IRS), in coordination with other Federal agencies, published a final ruling today which expands Health Reimbursement Arrangement (HRA) plan types for employers. HRAs are employer-funded benefit plans used by employees to cover qualified healthcare expenses. The newly-created Individual Coverage HRA (ICHRA) and Excepted Benefit HRA (EBHRA) will be available beginning January … More >>

The Importance of COBRA Compliance for Employers

The importance of COBRA compliance cannot be understated. For employers, COBRA is often the most challenging aspect of offering healthcare benefits. In addition to being time-consuming (and sometimes confusing), failure to comply with COBRA requirements can put companies at risk of serious legal issues and steep financial penalties. What is COBRA? COBRA (Consolidated Omnibus Budget … More >>

Go Mobile with Your Healthcare Benefits Accounts

Did you know you can take your benefits accounts on-the-go? With the demands of today’s modern society – more than two-thirds of Americans own a mobile phone – many benefits administrators offer account holders the modern conveniences of mobile apps and debit cards. These make it very easy for those who have a Flexible Spending … More >>

Dental care and your FSA

Smile! Getting Dental Care with Your FSA or HSA

Dental care is costly. First, you have the cost of insurance (if you choose to enroll). Depending on your coverage, you may get a checkup, cleanings, and x-rays once or twice a year. But what happens when you, your spouse, or your child needs a filling, root canal, orthodontia, or an emergency extraction? Insurance probably … More >>

DCAP benefits; man and son typing on computer

Getting the Most Out of Your DCAP Benefits

A Dependent Care Assistance Plan (DCAP), also known as a Dependent Care Flexible Spending Account, is a very useful benefit for working parents and those who are caring for other dependents. With a DCAP, you elect up to $5,000 annually (before taxes) to spend on care for dependent children under age 13 or dependents over … More >>

Benefits enrollment season

Are You Ready for Enrollment Season?

Are you ready for enrollment season? For many working people, benefits enrollment season is coming up very soon. Open enrollment is the period during which you review your benefit options and choose which ones you want to enroll in for next year. These include health insurance, life insurance, and tax-advantaged healthcare benefits accounts, among others. … More >>

Should I sign up for an FSA?

Should I Sign Up for an FSA?

Benefits enrollment season is right around the corner. In addition to health, dental, and vision insurance, some companies offer other benefit options like commuter benefit accounts and consumer directed healthcare (CDH) accounts. Depending on your company’s benefit plan, you may be wondering – should I sign up for an FSA? What is an FSA? An … More >>