No, you can’t use your Flexible Spending Account (FSA) or Health Savings Account (HSA) for straight food purchases like meat, produce and dairy. But you can use them for some nutrition-related products and services. To review, tax-advantaged accounts have regulatory restrictions on eligible products and services. The products and services must have a medical purpose, … More >>
Just as we thought the pandemic was easing and we could start to recover from job losses, rising oil prices and potential interest rate increases may again affect the job market. Read on to learn about furloughs, layoffs, and COBRA. You’ll also learn about COBRA eligibility, qualifying events, and how much coverage costs. Furlough or … More >>
Employers have been helping employees with healthcare costs since employer-sponsored insurance coverage began about 80 years ago. But just as healthcare costs have risen, the costs of insurance and healthcare benefits have increased as well. Small businesses have always found it financially challenging to offer group benefits to their employees. Fortunately, Congress and regulatory agencies … More >>
New preventive care and screening guidelines aimed at reducing out-of-pocket expenses for women, infants, children, and adolescents were recently announced by the Health Resources and Services Administration (HRSA) of the U.S. Dept. of Health and Human Services (HHS) The new guidelines take effect for plans starting in 2023. Under the Affordable Care Act (ACA), certain group … More >>
As we welcome a new year, many of us are focused on how we can better ourselves and are making new resolutions. Some are emphasizing physical health, vowing to eat better and exercise more. Others are targeting their financial health, making an effort to spend less and save more. Some are centered on taking care … More >>
The American Rescue Plan Act (ARPA) expanded the Child Tax Credit (CTC) program in 2021 in response to pandemic-related dependent care challenges. This expansion had a chance to be made permanent. However, as 2021 ended, the legislation containing this provision did not pass. Since the advance payments have ended, qualified parents/guardians will receive any refundable … More >>
Life expectancy in the U.S. has gone up over the years thanks to a variety of factors. However, longer lifespans are creating a conundrum for many Americans. Millions of people in the workforce find themselves caring for their children and aging parents/relatives at the same time. A Dependent Care Assistance Program, or DCAP, can help … More >>
Did you know more than a third of employees say the medical bills they receive after seeking care are “always or usually” a surprise? But 28% pay them anyway because they don’t want to have to deal with the insurance company. Insurance plans cover some of the cost of medical care. What’s left over falls … More >>
Pandemic-related losses have business owners looking for ways to cut costs. High Deductible Health Plans (HDHPs) help employers provide healthcare options while minimizing expenses. Due to the higher deductibles and out-of-pocket costs, employers often pair a qualified HDHP with Health Savings Accounts (HSAs). In addition to helping employees meet healthcare expenses, HSAs can help them … More >>
When the pandemic hit, workers were being furloughed or laid off in droves as forced shutdowns shrank, if not entirely closed, many businesses. With states having reopened and companies attempting to hire people back, another phenomenon has taken shape: Workers are refusing to go back to previous jobs or quitting the jobs they do have … More >>
On November 10, 2021, the Internal Revenue Service (IRS) published Rev. Proc. 2021-45, announcing the 2022 annual contribution limit for Flexible Spending Accounts (FSAs), maximum carryover amount, contribution limits for Transportation benefits and more. 2022 FSA Contribution Limits The annual maximum 2022 FSA contribution limit will increase to $2,850. The annual limit applies to Health … More >>
Flu season can be miserable for everyone. Parents have to deal with sick kids at home. Employers have to deal with employees taking sick time. Doctors offices are hard to get into for an appointment. Add in people dealing with the coronavirus pandemic. It seems more important than ever to get, and stay, educated on … More >>
For over a year and a half, a large percentage of the American workforce has been working remotely. While many employees are happy to continue that model, employers in general are eager to have their staff return to the office. This can be a big adjustment for everyone involved. “The Great Resignation” taking place in … More >>
With one in five U.S. adults experiencing some form of mental illness in any given year, the need for mental health care impacts many families. Yet, according to the National Alliance of Mental Illness (NAMI), 55 percent of adults and 49 percent of children ages 6-17 with a mental illness don’t receive mental health care services. … More >>
Opening a Health Savings Account (HSA) can be a great investment in your personal healthcare and financial future. Owned by the participant-employee (rather than the employer), the HSA is a versatile spending and savings account that can be used for many healthcare expenses. Since they can keep the account for life, HSA owners should adopt … More >>
School is out for the summer! To combat boredom and keep their kids engaged, a lot of parents turn to summer camps. With options that include fishing, hiking, playing outside, and more, summer camps are a great way to keep your child from the doldrums. Parents and guardians who signed up for a Dependent Care … More >>
The Internal Revenue Service (IRS) published the 2022 annual contribution limits for Health Savings Accounts (HSAs) on Monday, May 10. The announcement also featured the high deductible health plan minimum deductibles and out-of-pocket maximum amounts for next year. Learn more about 2022 HSA contribution limits. 2022 HSA Contribution Limits In 2022, HSA owners will see … More >>
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 >>
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 >>
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 >>
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 options that can put you over … More >>
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 >>
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 >>
During the pandemic, a lot of people spent more time at home and didn’t keep up with their normal spending habits. Because of that, your remaining FSA balance may be larger than that of a normal year. In fact, FSAStore.com estimates that the average FSA account holder has 30-35 percent more in their account balance … More >>
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 >>
