No, you can’t use your Flexible Spending Account (FSA) or Health Savings Account (HSA) for straight food purchases like meat, produce and dairy. But you can use them for some nutrition-related products and services. To review, tax-advantaged accounts have regulatory restrictions on eligible products and services. The products and services
Just as we thought the pandemic was easing and we could start to recover from job losses, rising oil prices and potential interest rate increases may again affect the job market. Read on to learn about furloughs, layoffs, and COBRA. You’ll also learn about COBRA eligibility, qualifying events, and how
Employers have been helping employees with healthcare costs since employer-sponsored insurance coverage began about 80 years ago. But just as healthcare costs have risen, the costs of insurance and healthcare benefits have increased as well. Small businesses have always found it financially challenging to offer group benefits to their employees.
New preventive care and screening guidelines aimed at reducing out-of-pocket expenses for women, infants, children, and adolescents were recently announced by the Health Resources and Services Administration (HRSA) of the U.S. Dept. of Health and Human Services (HHS) The new guidelines take effect for plans starting in 2023. Under the Affordable
As we welcome a new year, many of us are focused on how we can better ourselves and are making new resolutions. Some are emphasizing physical health, vowing to eat better and exercise more. Others are targeting their financial health, making an effort to spend less and save more. Some
The American Rescue Plan Act (ARPA) expanded the Child Tax Credit (CTC) program in 2021 in response to pandemic-related dependent care challenges. This expansion had a chance to be made permanent. However, as 2021 ended, the legislation containing this provision did not pass. Since the advance payments have ended, qualified
Life expectancy in the U.S. has gone up over the years thanks to a variety of factors. However, longer lifespans are creating a conundrum for many Americans. Millions of people in the workforce find themselves caring for their children and aging parents/relatives at the same time. A Dependent Care Assistance
Did you know more than a third of employees say the medical bills they receive after seeking care are “always or usually” a surprise? But 28% pay them anyway because they don’t want to have to deal with the insurance company. Insurance plans cover some of the cost of medical
Pandemic-related losses have business owners looking for ways to cut costs. High Deductible Health Plans (HDHPs) help employers provide healthcare options while minimizing expenses. Due to the higher deductibles and out-of-pocket costs, employers often pair a qualified HDHP with Health Savings Accounts (HSAs). In addition to helping employees meet healthcare
When the pandemic hit, workers were being furloughed or laid off in droves as forced shutdowns shrank, if not entirely closed, many businesses. With states having reopened and companies attempting to hire people back, another phenomenon has taken shape: Workers are refusing to go back to previous jobs or quitting
