Category Archives for Blog

9 FSA Eligible Expenses That May Surprise You

With a healthcare FSA, your pre-tax money covers a wide range of common medical expenses. These include doctor visits, surgery and other medical procedures, prescription and over-the-counter medicines,

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Time For Summer Camp! How You Can Maximize Your DCAP Benefits

The final school bell has rung for most kids across the United States and as a result, parents have shifted to summer camp mode. Time for sunscreen, bug spray, flip flops, swim trunks, and all of

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ARPA COBRA Premium Subsidy: Am I Eligible?

With the passage of the American Rescue Plan Act (ARPA) in March 2021, Congress approved a limited time COBRA premium subsidy for certain individuals. Here are a list of questions you may have about

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IRS Reveals 2022 HSA Contribution Limits

The Internal Revenue Service (IRS) published the approved contribution limits for Health Savings Accounts (HSAs) in 2022. In the notice, the IRS also revealed high deductible health plan minimum deductibles

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Qualified Healthcare Expenses for FSAs and HSAs

When you participate in a healthcare benefits account, such as a Flexible Spending Account (FSA) or Health Savings Account (HSA), you set aside money to help cover out-of-pocket healthcare expenses.

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COVID-19 PPE Eligible For FSA, HRA, HSA

As the fight against COVID-19 continues, the IRS is helping people with the cost of personal protective equipment (PPE). On Friday, March 26, the IRS released Announcement 2021-7, which qualifies

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Tax Deadline Tip: HSA Contributions for the Previous Year

The IRS announced that the 2021 tax filing deadline has been extended to May 17, 2021. If you own a Health Savings Account (HSA), here’s some good news: you can make HSA contributions for the previous

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Just Eat It – Nutrition Needs as an Eligible Expense

Did you know that March is National Nutrition Month? In light of this designation, I would be remiss to overlook how you can use your Flexible Spending Account (FSA) or Health Savings Account (HSA)

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HSA Funding – Do You Know About This Trick?

Health Savings Accounts (HSAs) are very popular among people with high deductible health plans (HDHPs). With this tax-advantaged benefit, a person can use their HSA to cover a large variety of out-of-pocket

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FSA Spending Tip: Spend Big in 2021

If you put off taking care of some expensive healthcare needs in 2020, this year could be the year to get them done. Why? Because if your employer’s plan has full Flexible Spending Account (FSA)

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Why You Should Keep Your Healthcare Receipts

When you see your physician, visit the pharmacy, or make another healthcare-related purchase, you may wonder “Why should I keep my healthcare receipts?” Whether the expense was for yourself

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Health and Dependent Care FSAs: Carryover and Other Temporary Rules for 2021

If you had a health or dependent care FSA in 2020, there is some good news. Just prior to the new year, the Consolidated Appropriations Act, 2021 (often referred to as the second COVID stimulus bill)

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HSA Claim Time Limit: Fact or Fiction?

Having a Health Savings Account (HSA) comes with many perks. There are the tax-free contributions, withdrawals, and growth; flexible spending options for many qualified healthcare expenses; and account

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Use-It-or-Lose-It FSA Dollars: Time is Running Out

We have just 4 short weeks to go before the end of 2020 – which could be a blessing. Before you ring in the new year, you may need to go on a healthcare shopping spree. There are a lot of people

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Changing Health Insurance Coverage and Your HSA

Health Savings Account (HSA) owners can truly appreciate the abundance of perks of having this healthcare account. First, there is the triple tax savings of tax-free contributions, tax-free withdrawals

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2021 FSA Contribution Limits, Max Carryover, Transit Benefits

Last week, the Internal Revenue Service (IRS) released Rev. Proc. 2020-45, announcing the annual contribution limits and maximum carryover for Flexible Spending Accounts (FSAs) and contribution limits

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How Does an HRA Work?

Many employers offer Health Reimbursement Arrangements (HRAs) as part of their benefits package. While most people understand how a Flexible Spending Account (FSA) or Health Savings Account (HSA)

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FAQ: Can I have an FSA and HSA at the same time?

During enrollment season, a lot of employees wonder, “Can I have an FSA and HSA at the same time?” After all, both accounts are popular and people want to maximize their tax savings and

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Enrollment Season: How Much Should I Put In My FSA? (Or HSA?)

Enrollment season is here and your company will likely be talking about benefits in the near future. If you participate in your employer’s plan, you’re probably wondering, “How much

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What You Should Ask BEFORE You Open an HSA

Opening a Health Savings Account (HSA) can be easy and it can change your outlook on your personal healthcare. With the triple tax savings of tax-free contribution, withdrawals for eligible expenses,

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Should I Sign Up for a Flexible Spending Account?

Open enrollment season is right around the corner. Between September and December many companies start allowing their employees to sign up for benefits for the next year – which often includes

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Pop Quiz! How Well Do You Know Your FSA/HSA Eligible Expenses?

It’s time for a pop quiz! Test your knowledge of eligible expenses for Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) with the following questions. The answers are below.

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“When Can I Open an HSA?” and Other HSA FAQs

Health Savings Accounts (HSAs) tend to generate a lot of questions from participants and people interested in opening an account. One of the most frequently asked questions (FAQs) about HSAs is, “When

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Virtual Day Camp: Is this a DCAP Eligible Expense?

Back during enrollment season, many parents signed up to participate in a Dependent Care Assistance Plan (DCAP) through their employer. The intention behind a DCAP is that it allows people to put

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Man-care: Health and Eligible Expenses for Men

June is National Men’s Health Month. Gentlemen, if you have a healthcare benefits account, like a Flexible Spending Account (FSA) or Health Savings Account (HSA), you have a great tool at your fingertips

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