Welcome to 2024! As we get ready for another year of sharing the latest benefits trends and practical tips to enhance you and your employees’ benefits experience, let’s look back at our most popular blog posts from 2023.
The ACA code cheat sheet you need
The IRS created two Affordable Care Act (ACA) codes to help employers consistently describe medical benefit details to employees. Check out this comprehensive ACA code cheat sheet so you won’t have to worry about remaining ACA compliant.
What happens to my HSA when I change jobs?
Whether an employee has recently changed employers or are contemplating an employment switch, their health savings account (HSA) remains with them. View our blog post and podcast episode to learn about the various HSA options available when a employee changes jobs.
How much should I contribute to my HSA?
The HSA offers a triple-tax advantage, allowing tax-free contributions, earnings, and withdrawals for eligible expenses, with investment capabilities to maximize long-term savings. Read our blog post to help employees determine how much to contribute to their HSA based.
The IRS use-or-lose rule
Explore the unique feature of flexible spending accounts (FSAs) governed by the IRS’ use-or-lose rule, setting them apart from other employee benefits. FSA participants can save on eligible medical or dependent care expenses, but they must remember the use-or-lose rule. The rule requires they spend most or all funds within the plan year, with potential carryovers or grace periods determined by employers.
What is non-discrimination testing?
Employers must prioritize non-discrimination testing (NDT) for benefits, mandated by the IRS to ensure fairness and compliance with tax-advantaged plans. Failure to comply puts you and your employees at risk of having to pay taxes on the benefits and IRS penalties. Learn more about the ins and outs of non-discrimination testing here.
Common HSA/FSA eligible expenses
Contributing pre-tax funds to an HSA or FSA for a variety of eligible expenses became even more flexible with the passage of the CARES Act, expanding the list of eligible over-the-counter products without a prescription. Find out more about the variety of common items participants can use their HSA and FSA funds on, like pain relief medications and cold/flu products.
What is a dependent care FSA?
A dependent care FSA empowers employees to save as much as 30% (or more) on childcare or elderly care expenses by contributing pre-tax dollars, reducing taxable income. Explore the eligibility criteria, big savings potential, and fast reimbursement options of dependent care FSAs in our blog post and podcast episode.
2024 HSA contribution limits
Learn about the latest insights on HSA contribution limits for high-deductible health plans (HDHPs) in our informative blog post. Discover how these limits impact healthcare savings strategies.
How does an FSA work for participants?
Unlock quick answers to 10 of the most pressing questions about FSAs in our blog post and podcast episode. From eligibility to reimbursement, these valuable insights will help employees navigate the complexities of FSAs and maximize their healthcare savings.
How employees save with an HSA
Would you like to learn more about the savings potential of an HSA? Discover the financial advantages, tax benefits, and strategic tips to optimize an HSA for long-term healthcare savings.
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The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.
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