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Just Eat It – Nutrition Needs as an Eligible Expense
Did you know you can use your Flexible Spending Account (FSA) or Health Savings Account (HSA) for nutrition eligible expenses? One thing to remember is that eligible medical expenses are strictly defined
Continue readingHSA 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
Continue readingWhy 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 or
Continue readingHealth 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)
Continue readingHSA Claim Time Limit: Fact or Fiction?
Having a Health Savings Account (HSA) comes with many perks. There are tax-free contributions, withdrawals, and growth. There are flexible spending options for many qualified healthcare expenses.
Continue readingUse-It-or-Lose-It FSA Dollars: Time is Running Out
We have just 4 short weeks to go before the end of 2021 – 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
Continue readingChanging 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 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)
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
Continue readingEnrollment: How Much Should I Put In My FSA? (Or HSA?)
During enrollment season, your company will likely be talking about benefits. If you participate in your employer’s plan, you’re probably wondering, “How much should I put in my
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?
Between September and December many companies start allowing their employees to sign up for benefits for the next year – which often includes health, dental, life and vision insurance. Some
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.
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
Continue readingMan-care: Health and Eligible Expenses for Men
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 to help you manage your personal
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
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 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 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. From less depression and substance
Continue readingTips for Reducing Medical Costs for Healthcare Consumers
The cost of healthcare may be a sizable portion of person’s or families’ annual expenses. In 2020, workers paid an average of $5,588 toward the cost of their coverage. Therefore, it is
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
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 $550 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
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. According to the Bureau
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