contribution limits

IRS Announces 2023 HSA Limits

The Internal Revenue Service (IRS) published the 2023 annual contribution limits for Health Savings Accounts (HSAs) on April 29. They also announced high deductible health plan (HDHP) minimum deductibles and out-of-pocket maximums for next year. 2023 HSA Contribution Limits For 2023, HSA owners will see a significant increase in the amount they can contribute to their accounts. … More >>

debit cards

Debit Cards are a Benefits Must Have

During the pandemic, the use of debit and credit cards has soared. A 2021 MarketWatch analysis found that debit card transaction volumes continue to surge, while growth in credit transactions has remained essentially flat. Always a possible addition to tax-advantaged benefit accounts, debit cards have increasingly become a benefits “must have.” Employees Save Time Offering … More >>

Some Nutritional Needs Qualify as FSA/HSA-Eligible Expenses

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 >>

woman preventive care

Reducing Out-of-Pocket Expenses for Women and Children’s Preventive Care

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 >>

New Year, New You with Employee Wellness Programs

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 >>

no suprises act

No Surprises Act and Medical Bills

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 >>

boost retirement funds HSA

Boost Retirement Funds With Your HSA

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 >>

attract retain talent

How Can Employers Attract and Retain Top Talent

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 >>

flu shots pandemic

Flu Shots and the Pandemic

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 >>

Mental Health Care and Your Benefits Accounts

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 >>

HSA Growth: Now’s the Time to Invest

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 >>

Captain Contributor Explains Eligible Expenses

“ You probably already know that by using a Flexible Spending Account (FSA) you can get significant tax savings, but did you know that with a health or limited purpose FSA, you do not have to wait for that money to build up before it’s available?  Watch this video to learn more about the uniform … More >>

2022 HSA Contribution Limits and More Announced by IRS

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 >>

Captain Contributor Explains COBRA Insurance

“ You probably already know that by using a Flexible Spending Account (FSA) you can get significant tax savings, but did you know that with a health or limited purpose FSA, you do not have to wait for that money to build up before it’s available?  Watch this video to learn more about the uniform … More >>

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 >>

HSA Investments Overview – Vermont

Home HSA InvestmentsHSAToday account owners whose account balances are above a particular threshold are eligible to invest in mutual funds.This document details the funds that are currently available for investment through HSAToday. Periodically, there may be changes to available funds based on the expertise and discretion of our investment advisor.The balance threshold at which an … More >>

Captain Contributor Explains the Uniform Coverage Rule

” You probably already know that by using a Flexible Spending Account (FSA) you can get significant tax savings, but did you know that with a health or limited purpose FSA, you do not have to wait for that money to build up before it’s available?  Watch this video to learn more about the uniform … More >>

Captain Contributor Explains HSA Funding

“ If your company offers an FSA or HSA, it’s a good idea to sign up for one. They can help you save on taxes while putting aside money for healthcare expenses. But the question always comes up – how much money do I need to set aside? Watch this video to learn more about planning … 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 >>

Summit Card: Replenishment FAQs

Debit Card Replenishment Process Answers common questions about the process of replenishing the employer group debit card account in response to participant transactions.

Summit Card: How It Can Work for You

Convenient, Secure Access Explains how offering the Summit debit card can increase employer FICA savings and the overall success of offering a tax-advantaged benefits account plan.

HSA: IRS Expands Preventive Care for HSAs

HomeContact UsLogin IRS Expands Preventive Care for HSAS Good news for HSA owners! On July 17, 2019, the Treasury Department and the Internal Revenue Service (IRS) expanded the types of preventive care that can now be covered under a High Deductible Health Plan (HDHP). HSA-qualified HDHPs cannot pay 100% of the cost for care received … More >>

HSA Savings Calculator

Estimate how much you can save with this HSA savings calculator! An HSA is a tax-advantaged benefit account for people enrolled in a high-deductible health plan (HDHP). Account owners make pre-tax contributions each payday (or post-tax, which can be deducted on tax returns) to their HSA in order to pay for IRS-approved eligible expenses for … More >>