March 14th, 2019
The basics Health savings accounts, also referred to as HSAs, have drastically risen in popularity over the past few years. In order to open an HSA, you must be enrolled in a qualified High Deductible Heath Plan (HDHP). A higher deductible means lower monthly premiums for you, and subsequently huge savings. An HSA under a […]
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February 25th, 2019
Vaccinations As flu season is still among us, you’ll be happy to know that flu shots can be covered by your FSA. The Centers for Disease Control and Prevention recommends that anyone over the age of six months should get a flu shot each year. Cholesterol testing More than 102 million American adults (classified at […]
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February 18th, 2019
The winter months seem to run long. The cold, dry air, and spending a significant amount of time indoors can lead to rapid spread of cold and flu viruses. Fortunately, Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) cover common eligible expenses you may need during the winter season. The following list provides eligible […]
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November 30th, 2018
The Employee Benefit Research Institute (EBRI) created the EBRI HSA Database to analyze behavior exhibited in health savings accounts (HSAs). The following information is taken from the Issue Brief, which is the fifth annual report representing data from the EBRI HSA Database. What is an HSA? A health savings account (HSA) is a tax-exempt account […]
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November 21st, 2018
121 Benefits will be closed Monday, December 24th, Tuesday, December 25th and Tuesday, January 1st. Continue reading for more details on how this may affect you.
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November 16th, 2018
New Health FSA Maximum The IRS released Revenue Procedure 2018-222 with cost-of-living adjustments for tax-related amounts indexed for inflation. As a result, the maximum amount participants may contribute to the Health Care (and Limited Purpose) Flexible Spending Accounts in 2019 was increased to $2,700 (up from $2,650 in 2018). For plans with a non-calendar year effective […]
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October 26th, 2018
To help relieve some of the stress of health expenses that can accumulate quickly, here are five items you can use your HSA, HRA or FSA accounts to pay for: Vaccinations As flu season is approaching, don’t hesitate to get your annual flu vaccination to build up an immunity to the virus before the […]
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May 16th, 2018
The IRS released Revenue Procedure 2018-30 which provides the 2019 inflation-adjusted amounts for high deductible health plans (HDHPs) Health Savings Accounts. The amounts for HSAs for 2019 as compared to 2018 are as follows:
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May 9th, 2018
HSA Family Contribution Limit Increased Back to $6,900 On April 26, 2018 the IRS issued Revenue Procedure 2018–27, increasing the maximum allowable HSA contribution for family coverage back to $6,900. As you might recall, the IRS previously announced on March 5, 2018, that there would be a decrease in the maximum contribution limit by $50 to $6,850. […]
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January 10th, 2018
Recently, the IRS conducted audits of employers to confirm that the proper documentation for written benefit plans existed in accordance with the Internal Revenue Code. Proper documentation is necessary to receive the tax benefits for providing health and welfare benefits to employees. Below is a refresher on why compliance with this requirement is important […]
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