Bo Armstrong 
From processing new benefits to coming up on the final chance to reach annual goals, the fourth quarter of every year can be hectic for everyone, especially those who work in HR and employee benefits. One thing employers can’t afford to overlook is scheduling time to review their Affordable Care Act (ACA) compliance reporting due … [READ MORE]
COVID-19 has triggered changes in so many areas, including the way we work. Without warning, millions of Americans started working remotely, became teachers at home, and found themselves isolated from their colleagues and friends. What effects did this societal shift have on employee productivity, physical and mental well-being? Is it possible to go back to … [READ MORE]
In response to the Delta variant, face masks are once again at the forefront of efforts to prevent further spread of COVID-19. When used for this purpose, they are considered Personal Protective Equipment (PPE), which became a qualified medical expense under Section 213(d) of the Internal Revenue Code in March, 2021. On March 26, the … [READ MORE]
Health Savings Account (HSA) owners – there may be some upsides to your tax-advantaged healthcare benefit account you aren’t aware of. Most people have heard of the triple tax savings: tax-free contributions, tax-free earnings, and tax-free withdrawals for qualified healthcare expenses. Though HSAs are designed primarily to reduce healthcare costs, the accounts have ‘hidden gem’ … [READ MORE]
The IRS has announced the 2022 HSA contribution limits, HDHP minimum deductibles, and maximum out-of-pocket expense limits. Also included in the agency’s announcement are the 2022 limits for Excepted Benefit HRAs. Learn more below. 2022 HSA Contribution Limits Health Savings Account (HSA) owners will see an increase in how much they can contribute to their … [READ MORE]
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]
When you see your physician, visit the pharmacy, or make another healthcare-related purchase, you may wonder “Do I need to keep these healthcare receipts?” In short, the answer is yes. Whether the purchase was for yourself or a dependent, there are several key reasons to keep your receipts and other related records. For people with … [READ MORE]
Healthcare can be very expensive, but with a tax-advantaged tool like the Health Savings Account (HSA), it can help lower costs. A high deductible healthcare plan (HDHP) – a requirement to open and contribute to an HSA – allows healthcare consumers to save on premiums and set aside tax-free money for out-of-pocket medical expenses. But, … [READ MORE]
Just before the new year, the Consolidated Appropriations Act, 2021 was approved by Congress and the President. The bill provides a number of relief measures to help people cope with the ongoing COVID-19 healthcare crisis. Among the provisions are new temporary rules for health Flexible Spending Accounts (FSAs) and Dependent Care Assistance Plans (DCAPs). The new rules … [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]