Health Savings Accounts (HSAs) can help pay for health care expenses now, and both health care and other expenses in retirement. By Candy Darr Originally Published by BenefitsPROMay 18, 2022 There was a time when many American workers could anticipate sailing into retirement with profit sharing and investments, pension, Social Security benefits, and Medicare coverage. They … More >>
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 at the same time. HSA and FSA Accounts If you are enrolled in a qualified high-deductible health plan (HDHP), you can enroll in an HSA account as long as you aren’t … More >>
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 >>
On April 29 the Internal Revenue Service (IRS) published the 2023 HSA contribution limits, out-of-pocket limits, and High Deductible Health Plan (HDHP) minimum deductibles in Rev. Proc. 2022-24. 2023 HSA Contribution 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 … More >>
Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) have similar acronyms, and they can be confusing. An example of confusion is that while both offer valuable benefits, some of those benefits overlap. If both are available to you, be aware of their differences and similarities to determine which is best for your needs. What … More >>
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 >>
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 >>
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 >>
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 >>
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 >>
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 >>
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 >>
Health Savings Accounts (HSAs) were introduced in 2003 as a way to help individuals offset high deductible health plan (HDHP) costs. Since then, they have grown steadily in both the number of accounts and account assets. Yet, despite appealing across demographic groups, HSAs still aren’t as well understood or utilized as 401k plans or IRAs. … More >>
Healthcare costs are expected to trend higher by about 6.5 percent this year. COVID-19 and mental health care will drive the increase, among other health issues. But some relief is already here. Effective January 1, the No Surprises Act aims to protect patients after a service or product has already been provided by banning certain out-of-network billings and … More >>
When the pandemic hit, workers were being furloughed or laid off in droves as forced shutdowns shrank or entirely eliminated many businesses. As businesses attempt to hire people back, another phenomenon has taken shape. Workers are refusing to go back to previous jobs or quitting the ones they do have. With so many positions to … More >>