HSA Benefits: Portability, Health Coverage Changes, Deferred Reimbursements, and More!

Health Savings Account (HSA) owners – there may be some upsides to your tax-advantaged healthcare benefit account you aren’t aware of. Most people have heard of the triple tax savings: tax-free contributions, tax-free earnings, and tax-free withdrawals for qualified healthcare expenses. Though HSAs are designed primarily to reduce healthcare costs, the accounts have ‘hidden gem’ … More >>

2022 HSA Contribution Limits and More

The IRS has announced the 2022 HSA contribution limits, HDHP minimum deductibles, and maximum out-of-pocket expense limits. Also included in the agency’s announcement are the 2022 limits for Excepted Benefit HRAs. Learn more below. 2022 HSA Contribution Limits Health Savings Account (HSA) owners will see an increase in how much they can contribute to their … More >>

COVID-19 PPE Approved for FSA, HRA, HSA Reimbursement

The fight against COVID-19 has expanded to the purchase of personal protective equipment (PPE) items with employer-sponsored benefit accounts. On Friday, March 26, the IRS released Announcement 2021-7, which approves 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 … More >>

Healthcare Receipts: 6 Reasons Why You Need to Keep Them

Healthcare receipts

When you see your physician, visit the pharmacy, or make another healthcare-related purchase, you may wonder “Do I need to keep these healthcare receipts?” In short, the answer is yes. Whether the purchase was for yourself or a dependent, there are several key reasons to keep your receipts and other related records. For people with … More >>

Excess HSA Contributions

Healthcare can be very expensive, but with a tax-advantaged tool like the Health Savings Account (HSA), it can help lower costs. A high deductible healthcare plan (HDHP) – a requirement to open and contribute to an HSA – allows healthcare consumers to save on premiums and set aside tax-free money for out-of-pocket medical expenses. But, … More >>

Rollover Relief, Flexible Election Changes, and More for Health FSA and DCAPs

Just before the new year, the Consolidated Appropriations Act, 2021 was 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 Flexible Spending Accounts (FSAs) and Dependent Care Assistance Plans (DCAPs). The new rules … More >>

FSA Shopping – Use It, Don’t Lose It!

2020 has been a trying year for everyone. With so many people at home and not following their normal spending habits – 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 account holder has 30-35 percent more in … More >>

IRS Announces 2021 FSA Contribution Limits, Max Carryover, and More

The Internal Revenue Service (IRS) published Rev. Proc. 2020-45, announcing annual limits for Flexible Spending Account (FSA) contributions, maximum carryover amounts, and Transportation benefit (Transit/Commuter/Parking) contribution limits. FSA, LPFSA, and related limits for 2021 will remain the same as they are for 2020. Learn more about 2021 FSA contribution limits and other updates below. 2021 FSA … More >>

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

During open enrollment, a question people commonly ask is, “Can I have an FSA and HSA at the same time?” Both accounts are popular because they help people save on healthcare expenses and increase their tax savings. Let’s take a look at both accounts and see if you can have an FSA and an HSA … More >>

HRA Plan Types: What’s Right for Your Company?

With new legislation over the past few years, Health Reimbursement Arrangements (HRAs) are getting increased attention from employers. New HRA plan types now feature expanded eligible expenses, funding options, and insurance requirements, and can be another affordable option for companies looking to enhance their benefits. Learn more about HRAs below. What is an HRA?   … More >>