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]
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]
With new legislation over the past few years, Health Reimbursement Arrangements (HRAs) are getting increased attention from employers. New HRA plan types now feature expanded eligible expenses, funding options, and insurance requirements, and can be another affordable option for companies looking to enhance their benefits. Learn more about HRAs below. What is an HRA? … [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]
In March, the Internal Revenue Service (IRS) moved the tax deadline from April 15 to July 15. With just a few weeks until the deadline comes, here is a refresher on the tax deadline and your Health Savings Account (HSA), including tax forms and contributions for 2019. Gather All Medical and Healthcare Receipts It’s always … [READ MORE]