This article explains the differences between three types of consumer-directed healthcare (CDH) benefit accounts: Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Health Savings Accounts (HSAs). It summarizes their funding sources, contribution limits, eligible expenses, portability, and other key features, highlighting their unique advantages and tax benefits.
The IRS published Revenue Procedure 2022-38 on October 18, 2022, detailing 2023 limit increases for Flexible Spending Accounts (FSAs), Transit, and Adoption benefits. FSA Limit for 2023 The maximum annual contribution for Health FSAs is rising from $2,850 in 2022 to $3,050 in 2023. Dependent Care FSA limits remain $5,000
Flexible Spending Account (FSA) holders with calendar-year plans have barely three months left in their plan year, and some are looking for ways to spend down their balances. Although we’re past the back-to-school period here in Arkansas, you can still use FSA dollars to cover certain school supplies. Some schools
From hayrides and warm apple cider to Halloween festivities and Thanksgiving homecomings, people look forward to Fall. But the return of cooler temperatures also brings an increase in hay fever and a rise in cold and flu rates – and there could be another COVID wave. When you sneeze or
Is your company getting ready for open enrollment? It can be a stressful time for HR and employees alike. An estimated 45% of workers say they are apprehensive about the open enrollment process. Here are three ways to help ease the stress of enrollment season. #1: Take Active Steps to Fend
This summer has been hard on travelers, from high gasoline prices to numerous canceled flights. Whether traveling for business or pleasure, no one has been immune from it. Here are eight ways you can use your benefit accounts to help ease travel stress. 1. Stock Up on Medications Use your
Healthcare flexible spending accounts (FSAs) let you use pre-tax funds to pay for some medical, dental, and health-related products and services, including certain over-the-counter items. Most people know FSA eligible expenses include doctor visits, surgery and other medical procedures, prescription medicines, dental, vision, chiropractic, and mental health services. However, there
During the pandemic, the use of debit and credit cards has soared. A 2021 MarketWatch analysis found that debit card transaction volumes continue to surge, while growth in credit transactions has remained essentially flat. Always a possible addition to tax-advantaged benefit accounts, debit cards have increasingly become a benefits “must
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
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
