Healthcare costs have been on the rise for decades, and this year is on track to continue that trajectory. Current predictions are that costs will likely trend up about 6.5 percent in 2021, especially in the areas of mental health and ongoing COVID-19 care. The portion of healthcare costs that a patient is responsible for after … [READ MORE]
Severe acute respiratory syndrome coronavirus 2 (SARS‑CoV‑2) is the formal name of the coronavirus responsible for the ongoing COVID-19 pandemic. In the United States, since the original outbreak we have so far experienced two variants, Delta and Omicron. Public health experts believe that, like influenza, COVID will eventually become endemic – never completely disappearing, but due to vaccination … [READ MORE]
Many companies work hard to offer great benefit plans to their employees. But plan documents can be hard to understand and may discourage employees from enrolling at all – and if they do enroll, they may not use their benefits as much as they could, or should. As a result, employers pay for benefits not … [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]
As the plan year for your Flexible Spending Account (FSA) comes to an end, there are a few things you need to know to make sure you are maximizing your FSA account benefits. Calendar-year FSA plans end on 12/31. Your plan may differ, but at least a month or two before it ends, you should … [READ MORE]
With 20% of adults experiencing some form of mental illness, the need for mental health care impacts many families. Your benefit accounts can help pay for this much needed care.
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]