2017 HSA Updates

W-2 Reporting Requirements for Reimbursement Accounts – What has to be Included?

W-2 Reporting Requirements for Reimbursement Accounts – What has to be Included? It’s that time of year when employers and employees begin thinking about deadlines for W-2s and reporting information for taxes. Healthcare reform has brought about many changes to the reporting requirements for healthcare costs and you may be asking yourself what requirements, if […]

Continue Reading
stethoscope

What is a flexible spending account?

What is a flexible spending account? A flexible spending account, or FSA, is a benefit which allows employees to have funds deducted from their paycheck pre-tax to pay for out-of-pocket medical, dental and vision expenses.  Depending on the type, a plan may also be established to reimburse out of pocket daycare expenses.  These plans are […]

Continue Reading
reviewing plan documents check

Planning for End of Year Expenses for Flexible Spending Accounts

Planning for End of Year Expenses for Flexible Spending Accounts The end of the plan year is quickly approaching for many flexible spending accounts (FSAs).   Many participants may be wondering what happens at the end of the plan year and how do I wrap up any outstanding claims. There are three primary scenarios (determined by […]

Continue Reading
reviewing plan documents check

Maximize Your Flexible Spending Account with Correct Claim Documentation

Maximize Your Flexible Spending Account with Correct Claim Documentation When submitting documentation for claims, it is important to remember the requirements for substantiating eligible expenses. There are five pieces of information required by the IRS in order to confirm an expense is eligible to be reimbursed pre-tax from a flexible spending account (FSA). The required […]

Continue Reading
Medical Costs

The Small Business Healthcare Relief Act May Provide Additional Options

The Small Business Healthcare Relief Act May Provide Additional Options   When IRS Notice 2013-54 was released at the end of 2013, it contained information that put an end to most stand-alone Health Reimbursement Arrangements (HRAs). Many employers used HRAs to provide additional benefits to their employees.  Small employers used HRAs to provide funds for […]

Continue Reading
reviewing plan documents check

Making the Most of your Flex Debit Card

Making the Most of your Flex Debit Card Many employers offer the convenience of a flex debit card as part of their pre-tax spending accounts. With the flex debit card comes the convenience of being able to pay for out of pocket medical expenses at the point of sale without having to wait for a […]

Continue Reading