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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
Continue reading2021 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
Continue readingHow 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) works,
Continue readingFAQ: 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 lower
Continue readingEnrollment 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
Continue readingWhat 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,
Continue readingShould 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 health,
Continue readingPop 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. (Don’t
Continue reading“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
Continue readingVirtual 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 aside
Continue readingMan-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
Continue readingEligibility for COBRA Benefits – Furlough vs Layoff
A common concern for many people during a layoff or furlough is their eligibility for COBRA benefits. It can be a scary prospect to go from having group health coverage to having to shop for new insurance.
Continue reading2021 HSA Contribution Limits, Out-of-Pocket Max and HDHP Min. Deductibles
On Tuesday, May 20, the IRS published the 2021 rates for Health Savings Accounts (HSAs) and high deductible health plans (HDHPs). Next year, starting on January 1, HSA owners will see an increase in annual
Continue readingCOVID-19 and Benefits FAQs: FSAs, HSAs, COBRA & More
The current healthcare and employment crisis caused by COVID-19 has a lot of people wondering about their benefits. From using their healthcare benefit accounts, to childcare, to COBRA, it can all seem
Continue readingBenefit Election Change – Can I Update My FSA or DCAP?
By participating in your employer’s benefit plan, you probably have a lot of questions. How can I spend my benefit money? How much do I need to contribute to my account? Can I make a benefit election
Continue readingQualified 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. With
Continue readingHRA Plan Types: An Infographic by Captain Contributor and Betty the Benefactress
Health Reimbursement Arrangements (HRAs) are a key part of consumer directed healthcare and employer-sponsored benefits. In recent years, HRAs have had renewed interest from both employers and workers
Continue readingTax Deadline Tip: HSA Contributions for the Previous Year
The IRS announced that the 2020 tax filing deadline has been extended to July 15, 2020. If you have a Health Savings Account (HSA), here’s some interesting news: you can make HSA contributions for
Continue readingLove Your FSA/HSA: 6 Reasons to Embrace Your Benefits
“All you need is love …” We’ve all heard that before, but is it really true? Fact is, being in a loving relationship provides all sorts of health benefits. Fewer doctor’s visits, less depression
Continue readingTips for Reducing Medical Costs for Healthcare Consumers
The cost of healthcare is no laughing matter. In 2019, workers paid an average of $6,015 towards their health coverage, and the average annual out-of-pocket cost in the United States was $1,150 per person!
Continue readingLPFSA Tips: A Benefits Account Made to Help You Smile
When you have a Health Savings Account, you can also sign up for a Limited Purpose Flexible Spending Account (LPFSA). Having both accounts is a great way to save even more on taxes and cover those necessary
Continue readingChristmas and Your FSA: Creative Ways to Stuff Stockings
With just a few days before the end of the year, Flexible Spending Account (FSA) owners may need to spend down their balances. Due to use it or lose it (and even if you have the $500 carryover), losing
Continue readingHSA Contributions: Five Things You May Not Know
Every year, Health Savings Account (HSA) owners have to figure out how they’ll fund their accounts. If the HSA is through their employer, they can make pre-tax contributions each pay period. But did
Continue readingFSA FAQs: ‘When Can I Sign Up for an FSA?’ and Other Questions
With the average American household spending $5,000 per person in healthcare expenses each year, it’s no surprise that Flexible Spending Accounts (FSAs) are so popular. In 2016, nearly half of
Continue readingCommuter Benefits Accounts – Tax Relief, Reimbursements, Qualified Expenses, and More!
Commuting to and from work can be quite costly. While most people don’t give a lot of thought to the costs of commuting as they do to health or child care, it can add up. Between daily tickets for
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