Did you know that a change of status during the plan year affects the account holder’s annual Health Savings Account (HSA) contribution limit? The following provides an overview of regulations plus examples of how the changes to contribution limits are calculated. If you have an HSA, you’re probably aware that you can change your contribution … Read more
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
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
Among the benefits that American workers receive, one of the most important options is COBRA insurance. COBRA allows workers to keep their healthcare coverage in case they experience a qualifying event that may cause them to lose coverage. For more information about COBRA insurance, see the following COBRA FAQs. What is COBRA? Now over three … Read 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. When the plan is setup, the employer has several spending options to choose from: use it or lose it, grace period, and carryover. In order to max out your tax-free benefit … Read more
With the start of a new year, we can’t help but wonder which healthcare trends are in store for 2018. Coming off an interesting 2017, the next twelve months looks to be even more exciting. This year, attempts to manage escalating insurance and medical costs are at the center of industry trends. Contributing to the … Read more
Healthcare consumerism, a movement designed to refine the efficiency and affordability of healthcare services, is working to change how people prioritize their personal healthcare. Imagine a system where savvy patients use their knowledge to take a more active role in purchasing and utilizing healthcare services. Healthcare consumerism is getting closer to making this a reality. … Read more
Healthcare spending accounts, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), help individuals and families pay for medical expenses. They also provide more control over how and where to pay for those expenses. Some employees have the opportunity to have both an HRA and an HSA, either through their own employer or … Read more