Planning for End of Year Expenses for Flexible Spending Accounts 11/19/2016 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 […] Read More >
IRS Updates Healthcare Flexible Spending Account Limit for 2017 11/19/2016 IRS Updates Healthcare Flexible Spending Account Limit for 2017 The IRS has released cost of living adjustments for annual maximums for 2017. Included in the limit updates is the limit for Healthcare Flexible Spending Accounts (Health FSAs) for 2017. The Health FSA limit has been increased to $2,600 for 2017. The increase also applies to […] Read More >
Seasonal Eligible Expenses – Is Over-the-Counter Medication Eligible? 09/30/2016 Seasonal Eligible Expenses – Is Over-the-Counter Medication Eligible? Have you been suffering from the flu or a cold lately? Many people enrolled in pre-tax benefits such as Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) may be wondering if their funds can be used to pay for Over-the-Counter (OTC) medications to treat their cold […] Read More >
Maximize Your Flexible Spending Account with Correct Claim Documentation 09/06/2016 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 […] Read More >
The Small Business Healthcare Relief Act May Provide Additional Options 08/30/2016 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 […] Read More >
Making the Most of your Flex Debit Card 08/18/2016 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 […] Read More >
Mobile Apps and Healthcare Accounts 08/16/2016 With today’s technology advancing at a rapid pace, consumers have come to expect the availability of digital tools to help manage their various accounts. Healthcare is no different. Employees participating in a health plan, from health insurance to flexible spending accounts, can benefit from the use of technology such as mobile apps to make the […] Read More >
IRS Announces 2017 Health Savings Account (HSA) Limits 05/02/2016 IRS Announces 2017 Health Savings Account (HSA) Limits The IRS has announced the limits for 2017 for HSAs. Here are the limits for HSA s for 2017: Single Family High Deductible Health Plan Minimum Annual Deductible $1,300 $2,600 High Deductible Health Plan Maximum Out-of-Pocket $6,550 $13,100 HSA Maximum Contribution $3,400 $6,750 All amounts […] Read More >
Congress Makes Last Minute Updates to Pre-Tax Plans in 2015 04/18/2016 Congress Makes Last Minute Updates to Pre-Tax Plans in 2015 December was a busy month for pre-tax plans. Many employers, participants, and administrators made their voices heard in Washington, DC by reaching out to their representatives asking them to vote to make changes to the upcoming Cadillac Tax. The tax was originally scheduled to take […] Read More >
2016 IRS Limits for HSAs, FSAs, Commuting and Other Allowances 03/09/2016 It’s that time of year again – when the IRS announces the eagerly-anticipated limits for flexible savings accounts, medical savings accounts, qualified transportation benefits and a variety of other employee benefits and perks that enjoy favorable tax treatment. Flexible Savings Accounts (FSAs) The limit on voluntary employee salary reductions for FSA contributions is $2,550. That […] Read More >