In addition to health insurance eligibility, family status changes can impact consumer-directed healthcare accounts. Here’s how mid-year status changes affect FSA and Dependent Care accounts. Can I change my health FSA contributions? Employees may choose FSA participation during open enrollment. This includes deciding on an annual contribution amount up to
Healthcare consumerism is a movement to refine the efficiency and affordability of healthcare services by changing how people prioritize their healthcare. Imagine a system where patients are more knowledgeable and active in purchasing healthcare services. Healthcare consumerism works to make this a reality. Healthcare Consumerism Basics At its core, healthcare
Healthcare spending accounts, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), help people pay for qualified medical expenses. They also provide more control over how and where to pay for those expenses. Some employees may have simultaneous HRA and HSA eligibility through their employer or when combined
The Internal Revenue Service (IRS) published the 2024 annual contribution limits for Health Savings Accounts (HSAs) on May 16. They also announced high deductible health plan (HDHP) minimum deductibles and out-of-pocket maximums for next year. 2024 HSA Contribution Limits For 2024, HSA owners will see a significant increase in the amount they
Employees who lose their jobs or have reduced work hours may lose their company-sponsored group health insurance. However, COBRA can provide temporary, continued coverage while pursuing a replacement. Although COBRA is not new, those who have never used it may not have a good understanding of how it works. COBRA
Health Savings Accounts (HSAs) help employees manage their healthcare costs while also planning for retirement. Account owners can access their balances tax-free to pay for eligible healthcare expenses and invest unused funds for growth over time. But did you know that account owners can also make a one-time transfer from
Health Savings Accounts, or HSAs, are popular savings tools for healthcare and retirement expenses. Eligibility is tied to enrollment in qualified high-deductible health plans (HDHPs), but anyone may contribute funds, including employers. As they seek more ways to attract and retain valuable talent, what should employers know about HSA contributions?Contribution AmountEach
Health Reimbursement Arrangements (HRAs) help employees pay for out-of-pocket medical expenses for themselves and their covered dependents. The sponsoring employer chooses the amount available each year and the eligible expenses. Below are answers to common questions about these tax-advantaged accounts. Frequently Asked Questions What is a Health Reimbursement Arrangement? An
Employers invest substantial time and money into employee benefits programs. Yet myths, misconceptions, and confusion may prevent employees from getting maximum and practical benefits from them. Effective communication and education can improve benefit utilization, employee satisfaction, and talent retention. FSAs and Employee Satisfaction Flexible Spending Accounts (FSAs) continue to be
Health Savings Accounts (HSAs) help make healthcare more affordable and provide more freedom in personal healthcare decisions. They can also play a significant role in saving for retirement. Due to their multiple tax advantages, generous contribution options, and valuable investment opportunities, HSAs effectively supplement traditional retirement accounts. HSAs and Healthcare
