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In response to the COVID-19 outbreak, Congress and the IRS have recently acted to provide relief to American worker and companies. With the passage of the CARES Act, updates to HDHPs, HSAs and other measures, there are a lot of questions about these changes. See below for answers to COVID-19 testing and other questions about … More >>
Due to the impact of COVID-19 (coronavirus), Congress, the IRS, and other federal agencies have taken significant actions to provide relief for workers and their families. Learn more below about extensions to the tax filing deadline and HSA contribution period, and information about getting treated for coronavirus under a high deductible health plan. 2020 … More >>
When you have a Health Savings Account (HSA), you’re also eligible to sign up for a Limited Purpose Flexible Spending Account (LPFSA). Having both benefit accounts can save you even more on taxes and cover those necessary healthcare related expenses. A question for many people is “how do you maximize both accounts?” Here are some … More >>
Administering COBRA can be one of the most complex parts of offering healthcare benefits. Complying with all the COBRA regulations is a time-consuming and often confusing task. Plus, companies that fail to meet COBRA requirements put themselves at risk of legal and financial problems. Learn more about the importance of COBRA compliance below. What is … More >>
In December 2019, funding legislation was approved by Congress and signed by President Trump. In addition to approving federal spending for 2020, the bill also repealed the Cadillac Tax and extended PCORI – which are important for employers. Learn more below about these new details regarding healthcare benefits. Cadillac Tax Repeal Officially known as the … More >>
At the end of the year, people who have a Flexible Spending Account (FSA) may be worried about their “use it or lose it” dollars. Even those who have the carryover provision (up to $500 max) on their FSA plan may need to spend down their balances to get under the threshold. Never fear! We … More >>
A Health Savings Account, or HSA, is a tax-advantaged tool for healthcare consumers enrolled in a high deductible health plan (HDHP). An HSA is designed to help account owners save money (via tax-free contributions) to pay for qualified out-of-pocket medical and healthcare expenses (tax-free withdrawals). It can also be used as a supplementary retirement account. … More >>
People generally associate Flexible Spending Accounts (FSAs) with healthcare. However, did you know there is a type of FSA that can be used for childcare and other dependent expenses? With a Dependent Care FSA, also known as Dependent Care Assistance Plan (DCAP), employees can set aside money to cover various dependent care costs while they … More >>
Do you know the difference between a Health Reimbursement Arrangement (HRA) and a Health Savings Account (HSA)? While they sound similar, they are actually quite different. Let’s cover the similarities first. As part of consumer directed healthcare, the purpose of both an HRA and an HSA is to make healthcare more affordable for workers and … More >>
Today’s reality highlights the need for benefits debit cards. In a highly mobile, tech-driven society, card payments are the norm rather than the exception. Nearly everywhere, people can use their credit or debit cards as payment: at their doctor’s office, pharmacy, grocery store, retail shops, taxicabs, subway stations, and more. The speed, convenience and security … More >>