2022 FSA Contribution Limit Increased to $2,850

On November 10, 2021, the Internal Revenue Service (IRS) published Rev. Proc. 2021-45, in which it announced annual limits for Flexible Spending Account (FSA) contributions, maximum carryover amounts, Transportation benefit (Transit/Commuter/Parking) contribution limits and Qualified Small Employer Health Reimbursement Arrangement (QSEHRAs) limits. 2022 FSA Contribution Limit The annual maximum 2022 FSA contribution limit will be … More >>

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Double Whammy: Flu Season During a Pandemic

Flu season is miserable even in a normal year. During a pandemic, it can be even scarier, especially if you are in a vulnerable population. It’s more important than ever to have the latest information on the available vaccinations, corresponding costs and how to pay for them. Many health insurance plans cover routine vaccinations such … More >>

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Did You Know? Qualified FSA Expenses that May Surprise You

Most FSA participants are familiar with the “traditional” health care expenses that qualify for FSA reimbursement. But there are other eligible expenses that you may not have heard about. Read on to learn more ways to maximize your FSA spending and lower your net healthcare costs. Flexible spending accounts (FSAs) have been around since the … More >>

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How Work Furloughs Affect FSA Accounts

Nearly 6.2 million workers were on furlough from their jobs in August 2020, according to the U.S. Bureau of Labor Statistics (BLS). While that number decreased to 1.25 million by August 2021, between 15-22% of all unemployed persons throughout 2021 were on furlough. A Flexible Spending Account (FSA) is a financial tool that helps workers … More >>

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Emergency Savings Accounts Boost Employee Financial Wellness

For many employees, the COVID-19 pandemic has added financial stress that can harm their ability to stay motivated and productive in their jobs. Employers can help ease the burden by including emergency savings accounts (ESAs) in their benefits package. ESAs are funded by employees through automatic payroll deductions, just as they do with healthcare spending … More >>

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Cafeteria Plans Let Employees Choose Benefit Options

Cafeteria Plans are an employer-sponsored benefit that lets employees pay certain qualified medical expenses – such as health insurance premiums for medical, dental, and vision coverage – on a pre-tax basis.  They are sometimes called Section 125 Cafeteria Plans. “Section 125” refers to the portion of the Internal Revenue Code (IRC) that regulates these pre-tax … More >>

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Dependent Care FSA vs. Dependent Care Tax Credit: Which is Best?

Families with young children can face enormous childcare costs. It’s not uncommon for daycare fees to add up to one of the family’s largest recurring expenses each month. Fortunately, there are several ways to offset a portion of childcare expenses, including Dependent Care Flexible Spending Accounts (DCFSA), also known as Dependent Care Assistance Programs (DCAP), … More >>

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Mental Health Care and CDH Accounts

With one in five U.S. adults experiencing some form of mental illness in any given year, the need for mental health care impacts many families. Yet, according to the National Alliance of Mental Illness (NAMI), 55 percent of adults and 49 percent of children ages 6-17 with a mental health issue don’t receive care. NAMI estimates that untreated … More >>

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Ready to quit smoking? Your FSA or HSA can help

Although COVID-19 was a top health story in 2020, another disturbing health trend emerged with fewer people quitting smoking. The health dangers of smoking cigarettes have been well-documented since the U.S. surgeon general’s groundbreaking report in 1964. The number of adults who smoke is down to an estmated 14 percent in 2019. And cigarette sales had … More >>

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COVID-19 PPE Now Eligible for FSA, HRA, HSA Plans

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 allows specific items to be … More >>

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