Understanding your FSA: Use it or Lose It, Grace Period, Carryover and More

Whether you’re new to or familiar with Flexible Spending Accounts (FSAs), there are some key terms you should know. FSAs are employer-sponsored benefit plans which allow employees to set aside money before taxes to cover out-of-pocket healthcare expenses. When the plan is setup, the employer has several spending options to choose from: use it or … Read more…

Seven Facts Employees Should Know About FSAs and HSAs During Enrollment Season

Benefits enrollment season is a time for making important decisions regarding healthcare expenses for you and your family. In addition to health insurance options, many companies sponsor tax-advantaged healthcare accounts, like Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs). FSAs and HSAs are popular because you can save money on taxes while setting aside … Read more…

How Does Medicare Enrollment Affect My HSA Eligibility?

Medicare and HSA eligibility

Health Savings Accounts (HSAs) offer healthcare consumers who are enrolled in a high-deductible health plan (HDHP) a tax-advantaged tool for setting aside money to pay for qualified medical expenses. In addition to the tax benefits, what makes an HSA especially valuable is the ability to grow the account funds through investing. Then, upon reaching age … Read more…

HSA Benefits: Portability, Deferred Reimbursement, Catch Up Contributions, and More!

Health Savings Account (HSA) owners – there may be some advantages to your tax-advantaged healthcare benefit account you aren’t aware of. Most people are familiar with the triple tax savings: tax-free contributions, tax-free earnings, and tax-free withdrawals for qualified healthcare expenses. However, while HSAs are designed primarily to help reduce healthcare costs, some benefits of … Read more…

Health Reimbursement Arrangement FAQs

HRA FAQs, questions in meeting

The following guide provides answers to frequently asked questions about Health Reimbursement Arrangements (HRA FAQs). A Health Reimbursement Arrangement (HRA) is part of consumer driven healthcare, allowing participants to use set aside money to pay for out-of-pocket medical expenses for themselves and their families. While HRAs have the same basic legal guidelines as other types … Read more…

What is an LPFSA?

What is an LPFSA?

You’re familiar with healthcare Flexible Spending Accounts (FSAs), with which you can set aside money from your paycheck pre-tax (before payroll taxes are calculated) to use in paying eligible medical expenses. You may not be as familiar, though, with the Limited-Purpose FSA (LPFSA). What is an LPFSA? An LPFSA is an option made available by … Read more…

FSA Eligible Expenses and Other Important Information

For many Americans, Flexible Spending Accounts (FSAs) are an important benefit that helps reduce their out-of-pocket healthcare costs and save money on their taxes. An estimated 43 percent of all civilian (non-government) workers have access to an FSA through their employers. These employer-sponsored, tax-advantaged accounts allow participants (employees) to set aside money before taxes to pay for … Read more…