The fight against COVID-19 has expanded to the purchase of personal protective equipment (PPE) items with employer-sponsored benefit accounts. On Friday, March 26, the IRS released Announcement 2021-7, which approves PPE purchased for the primary purpose of preventing the spread of COVID-19 as medical expenses under section 213(d) of the Internal Revenue Code. The regulation allows … [READ MORE]
2020 has been a trying year for everyone. With so many people at home and not following their normal spending habits – whether personal, pleasure, and healthcare – it’s quite possible that your remaining FSA balance is larger than normal. In fact, FSAStore.com estimates that the average FSA account holder has 30-35 percent more in … [READ MORE]
The Internal Revenue Service (IRS) published Rev. Proc. 2020-45, announcing annual limits for Flexible Spending Account (FSA) contributions, maximum carryover amounts, and Transportation benefit (Transit/Commuter/Parking) contribution limits. FSA, LPFSA, and related limits for 2021 will remain the same as they are for 2020. Learn more about 2021 FSA contribution limits and other updates below. 2021 FSA … [READ MORE]
During open enrollment, a question people commonly ask is, “Can I have an FSA and HSA at the same time?” Both accounts are popular because they help people save on healthcare expenses and increase their tax savings. Let’s take a look at both accounts and see if you can have an FSA and an HSA … [READ MORE]
Benefits enrollment season is right around the corner. In addition to health, dental, and vision insurance, some companies offer other benefit options like commuter benefit accounts and consumer directed healthcare (CDH) accounts. Depending on your company’s benefit plan, you may be wondering – should I sign up for an FSA? What is an FSA? An … [READ MORE]
Since the beginning of the COVID-19 emergency in March, the federal government has released several modifications to healthcare benefits to assist American companies and workers handle the economic stress, such as the CARES Act. In May, two additional notices were published, allowing mid-year election changes for health Flexible Spending Accounts (FSAs) and Dependent Care Assistance Programs … [READ MORE]