The fight against COVID-19 has expanded to the purchase of personal protective equipment (PPE) items. On Friday, March 26, the IRS released Announcement 2021-7, which qualifies PPE purchased for the primary purpose of preventing the spread of COVID-19 as medical expenses under section 213(d) of the Internal Revenue Code. The regulation
” You probably already know that by using a Flexible Spending Account (FSA) you can get significant tax savings, but did you know that with a health or limited purpose FSA, you do not have to wait for that money to build up before it’s available? Watch this video to
When you have a Flexible Spending Account (FSA), you set aside money before taxes to cover qualified out-of-pocket healthcare expenses for yourself and your family. As the year comes to an end, there are a few things you should be aware of so you can maximize your account’s benefits. Here
During the pandemic, a lot of people spent more time at home and didn’t keep up with their normal spending habits. Because of that, your remaining FSA balance may be larger than that of a normal year. In fact, FSAStore.com estimates that the average FSA account holder has 30-35 percent
During enrollment season, a question people commonly ask is, “Can I have an FSA and HSA at the same time?” Both benefit accounts are popular because people want to maximize their tax savings and lower their healthcare costs. Let’s take a look at both accounts and see if you can
A company’s benefits package is a vital tool for attracting and keeping talented employees. It can also improve workforce health and engagement. But with workers who span four generations in today’s labor force, building a benefits plan can be a challenge for employers. Baby Boomers are nearing retirement while Gen Z is
Flexible Spending Accounts (FSAs) are an important benefit that helps people reduce out-of-pocket healthcare costs and save money on taxes. These employer-sponsored, tax-advantaged accounts allows participants (employees) to set aside money before taxes to pay for eligible medical costs that may not be covered by their health insurance plans. If
Dental care is costly, starting with your premium payments. That coverage may provide you may with a checkup, cleanings, and x-rays once or twice a year. But what happens when you, your spouse, or your child needs a filling, root canal, orthodontia, or an emergency extraction? Insurance probably won’t cover
Tax-Free Talk is a three-part enrollment season podcast series featuring Captain Contributor, and hosted by Kathy Claimant. In this series, Captain Contributor addresses concerns about benefits enrollment for administrators, employers, and employees. Featuring the Captain’s unique wit and in-depth knowledge, and packed with action and suspense, this enrollment season podcast
During benefits enrollment season you may be offered health, dental, and vision insurance. Some companies offer other benefit options like commuter benefit accounts and consumer directed healthcare (CDH) accounts. Depending on your company’s benefit plan, you may be wondering – should I sign up for an FSA? What is an
