hsa fsa choice

Can I have an HSA and FSA account at the same time?

If your employer offers both Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), you may be wondering if it’s possible to have both an HSA and an FSA account at the same time. HSA/FSA Accounts If you are enrolled in an HSA-eligible health plan, you can enroll in an HSA account as long as … More >>

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commuter

Commuter Benefits for a New Day

  The average American worker spent between $2,000 and $5,000 commuting to work in 2019, and the average one-way commuting time increased to nearly 30 minutes. As of early May 2022, gas prices nationwide averaged $4.37/gallon, compared to $2.94/gallon in May 2019.  That has added to the resistance of many employees over returning to the … More >>

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nutritional eligible expenses

Some Nutritional Expenses are FSA/HSA Eligible

Did you know you can use your Flexible Spending Account (FSA) or Health Savings Account (HSA) for some certain nutritional expenses? Qualified medical expenses for these tax-advantaged accounts include “the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body.” Simply put, the … More >>

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contribution limit

HSA Contribution Limits – IRS Announces 2023 HSA Limits

For 2023, Health Savings Account (HSA) owners will be able to contribute significantly more to their accounts. For those with self-only coverage, the annual limit will be $3,850, an increase of $200. HSA owners with family coverage will be able to contribute up to $7,750, a $450 increase.

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HSA, FSA, HRA: What’s the difference?

Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs) have similar acronyms, and the confusion doesn’t end there. While they all offer valuable benefits, some of those benefits overlap. If these are available, be aware of their differences and similarities to determine which is best for your needs. What are HSAs, … More >>

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requirements

New Reporting and Compliance Requirements in 2022

Employers depend heavily on their third-party administrators (TPAs) for much of the information and assistance they need to stay in compliance with regulatory reporting requirements. The good news is that some of the COVID-related requirements are ending. Other requirements are resuming or are new to the industry. Pharmacy and Health Care Spending Updates As required … More >>

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Retirement

HSAs in Your Retirement Plan?

With the cost of retirement continually rising, it’s important to start planning as soon as possible. You may have an IRA and/or a 401(k). But have you included a Health Savings Account (HSA) in your planning? Each offers important benefits. You may already know how an IRA and a 401K help, but you may not … More >>

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Is it COVID, Flu or Allergies?

Spring is a wonderful time of year – unless you suffer from allergies. The Centers for Disease Control and Prevention reports that flu season can last into May. Just as COVID seems to be dying down, another variant may be just around the corner. With all three of these illnesses presenting some of the same … More >>

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Eye Care

Workplace Eye Health and Benefits

Did you know that the average office worker spends 1,700 hours in front of a computer screen every year? That’s what the contact lens manufacturer Acuvue found in a study on screen time they sponsored a few years ago. And that only accounted for computer screens, not those of phones, tablets, etc. With an uptick … More >>

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caregiving

Caregivers Need Care, Too!

For many of us, our children are our greatest gifts. But caring for even the happiest and healthiest children can take a toll on parents. Add full-time work (or multiple part-time jobs) into the mix, and some days may feel like a challenge you can’t overcome. Now imagine taking care of an aging parent at … More >>

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student loan

Student Loan and Education Assistance

Student loan debt has been on the rise, yet paying down the debt has become harder. Many people found themselves struggling with income and savings during the pandemic. To help with COVID-19’s impact on borrowers, Congress enacted a moratorium on federal student loan payments in March 2020. Part of the CARES Act, the moratorium paused loan … More >>

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Commuting in a New Work World

Before the pandemic, workers paid a lot for their daily work commute. From time spent on the road, to the cost of transit fares or vehicle expenses, costs added up quickly. Some employees welcomed the remote work arrangements mandated by the pandemic in part because it helped them to avoid transit time and expense. With … More >>

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Children’s Dental Health: Tips, Tricks and Benefits

Did you know that it’s National Children’s Dental Health Month? Parents have a lot of questions about their kids’ teeth. Each February, the American Dental Association (ADA) takes this opportunity to raise awareness regarding children’s dental health with tips and tricks. And, you can use your benefit accounts to pay for much of it! Children’s … More >>

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Ideas for funding your HSA

Funding Your HSA – Contributions, Transfers and Rollovers

If you have a high deductible health plan (HDHP), you may also have an HSA account. HSAs come with a variety of funding options, but check the fine print first. Read on to learn and understand more about these beneficial consumer directed healthcare accounts and the various ways in which they can be funded. Owning … More >>

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preventive care

New Preventive Care and Screening Guidelines Reduce Out-of-Pocket Expenses for Women and Children

The Health Resources and Services Administration (HRSA) of the U.S. Dept. of Health and Human Services (HHS) recently announced new preventive care and screening guidelines aimed at reducing out-of-pocket expenses for women, infants, children, and adolescents. The new guidelines take effect for plan years beginning in 2023. Under the Affordable Care Act (ACA), certain group … More >>

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