A New NueSynergy

A New NueSynergy

A New NueSynergy

February 10, 2022

Welcome to NueSynergy! After months of hard work from our team and partners, NueSynergy is proud to announce the launch of our updated website. NueSynergy’s fresh and innovative look features everything you want to know about our financial services. This includes information and instructions on Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), Communications Portal, Commuter Benefits, COBRA, Direct Billing, and so much more.

Our cutting-edge graphics, designs and tables are now available for you to familiarize and manage your benefits and expenses. Please take a look around! We are so glad to make you part of our community. As we like to say, let’s build long-term relationships together.

16 things you had no idea you could purchase with your FSA

16 things you had no idea you could purchase with your FSA

16 things you had no idea you could purchase with your FSA

January 29, 2019

Flexible Spending Accounts may be more flexible than you realized, and you don’t want to miss out. 2019 is expected to be an even bigger year for FSAs than the last, with 32 million accounts expected to open according to MarketWatch. What you may not know is there are several health-related necessities you can purchase using your FSA.

Because many FSAs have a “use-it-or-lose-it”” policy, at the end of each year users will lose any funds in the account that exceed $500. Using funds on these household products could prevent you from having unused funds and forfeiting them at the end of the year.

Items vary from first aid basics to personal care and while there are several, we’ve first listed 10 common products many people use that can be purchased with FSA funds. These items also don’t require a prescription from a doctor to be FSA-eligible.

Batteries

Lip balm

Reading glasses and contact lenses

Shoe insoles

Prenatal vitamins

Sunscreen

Thermometer

First Aid Kit

Hot/cold packs

Neck pillows

Local drug stores and pharmacies offer many of these products. There is also an online store with the above products, and many more, that are all FSA-eligible. You can make these purchases from your account without a prescription. As many individuals use these products regularly and will purchase them anyway, it becomes a perfect use of already allocated funds.

Purchasing these items is also a productive way to ensure you always have the supplies to maintain a healthy lifestyle. Many of these products assist with preventive care measures and encourage proactive self-care. Being proactive at home can help you save on medical costs in the future, which means your FSA is doing its job.

While the products listed above are frequently used by many Americans, there are other more specific medical items that are also FSA-eligible without a prescription. These 6 objects could be helpful for people with more specific medical conditions or needs.

Wheelchairs or other walking aids, such as crutches

Blood glucose monitors and testing strips

Compression socks

Blood pressure monitors

Motion sickness aids

Incontinence products

Braces (athletic or orthopedic)

Additionally, there are even more products that are FSA-eligible with a prescription from a doctor. To learn more about what is considered an FSA-eligible expense, you can revisit your NueSynergy FSA welcome kit or call us today at 855.890.7239.

16 things you had no idea you could purchase with your FSA

Using your HSA for retirement

What does retirement have to do with health care? A lot. And there’s an investment vehicle out there that can help with it.

Most people aren’t thinking about Health Savings Accounts (HSAs) as an investment option for retirement, but an HSA is one of the best options on the market. As the name implies, HSAs are designed to help individuals sock away cash for medical expenditures. HSAs offer several other benefits, such as:

100% of unused funds roll over year-after-year,
funds go with you even if you switch employers,
they can pay for the eligible expenses of your legal spouse and tax dependents regardless of their insurance, and
be used for Medicare premiums as well as qualified long-term care premiums.
Most employees use HSAs for short-term costs; however, building those funds long term is just as important. A recent study by the Employee Benefit Research Institute (EBRI) found that more Americans are turning to HSAs to cover medical expenses, but very few use them for retirement planning. The study also found that few people are investing their HSA funds for the long term, and even fewer are maxing out their HSA contributions. The research was based on nearly 6 million HSAs with $13 billion in combined assets. And regardless of any findings, most people will incur substantial health costs in retirement, for which HSAs can help.

It’s important for participants to understand the best way to use the HSA is by treating it as an investment tool, primarily because of the triple-tax advantage. As of just a few years ago, 4% of accounts had investments other than cash. Understanding the HSA’s investment potential won’t occur overnight for most people. It’s also unreasonable to expect everyone to have the wherewithal to use their account solely for investing.

However, by educating participants and employers on the long-term value of the HSA, it’s realistic to expect a behavioral shift and an uptick in participants using the HSA as an investment tool for retirement. A key point here is to start using and funding HSAs now, while contributing close to the annual limits if possible.

16 things you had no idea you could purchase with your FSA

5 HSA tips that will help save you money

A Health Savings Account (HSA) is an individually owned, tax-favored account that allows individuals to pay for qualified health care expenses. In order to set up or contribute to an HSA, you must be covered by a Qualified High-Deductible Health Plan (HDHP). Premiums associated with an HSA-qualified plan are usually lower than a traditional plan, allowing employees to capture the savings and fund their account.

HSAs remain popular because consumers are looking for more choices and more ways to save. For example, HSAs offer triple tax savings. This means any HSA contributions can be made either pre-tax or are tax deductible at year-end. Any interest income or earnings on investments tied to an HSA remains tax free. As long as the HSA funds are used to pay for qualified health care expenses then no taxes will be charged on distributions. HSAs are extremely versatile, and there are many other benefits of opening an HSA.

Here are 5 tips to maximize your HSA account:

Go beyond December 31; put that end-of-year bonus to good use

As long as you don’t go over the annual HSA contribution limits set by the IRS, you can sock away your HSA dollars until Tax Day.

Apply the last-month rule

This rule allows individuals who are eligible on the first day of the last month of their taxpaying year, which is usually December 1, to contribute the full yearly maximum. For example, if your HDHP coverage started October 1, 2018, you’d be eligible to contribute the maximum for 2018 since you were covered before December 1, 2018. That’d total $3,450 if you have individual coverage and $6,900 if you have family coverage.

Use the once-per-lifetime IRA transfer

It can be difficult to find the funds to get started with an HSA. However, HSA rules allow a once-per-lifetime transfer from a traditional or Roth IRA to an HSA. The same HSA contribution limits for the year apply.

Reimburse yourself

Use receipts for the health care expenses you paid for with non-HSA funds and repay yourself from your HSA account. For example, let’s say you paid your recent health care expenses out of pocket, and never withdrew money to repay yourself. And now you’re a little short on paying for a major house repair. You can use the receipts for the health care expenses you paid for with non-HSA funds and repay yourself from the HSA account.

Get your family involved

By naming your spouse as a beneficiary, he or she gets your same tax benefits. If you name your child or anyone else as beneficiary, the funds are taxable income in the year they are received. If you have a child starting with a new HSA, you can help out by depositing funds into their account to help them meet their annual contribution limit.

16 things you had no idea you could purchase with your FSA

IRS Announces 2019 Increases to Flex Benefit Contribution Limits

IRS Announces 2019 Increases to Flex Benefit Contribution Limits

November 15, 2018

The IRS has announced the 2019 contribution maximums for Flexible Spending Account (FSA) plans in the newly released Revenue Procedure 2018-57. Contribution limits increased for the Health FSA, Commuter Benefits and Adoption Assistance program, while limits for the Dependent Care FSA remained unchanged.

Health Flexible Spending Account

The Health FSA, which provides employees the ability to set aside money on pre-tax basis to pay for eligible medical, dental, and vision expenses will have an increase to its contribution maximum from $2,650 to $2,700 for 2019. The new contribution limit will also apply to the Limited Purpose FSA which reimburses eligible dental and vision expenses.

Commuter Benefits

Commuter Benefits help employees pay for certain parking, mass transit and/or vanpooling expenses with pre-tax dollars. The contribution limits for this account will increase from $260 to $265 for 2019.

Adoption Assistance

The Adoption Assistance FSA helps employees pay eligible adoption expenses such as agency fees and court costs by contributing to the account with pre-tax money from their paycheck. The contribution limits for this account will increase from $13,840 to $14,080 for 2019.

2018 and 2019 Contribution Amounts

Benefit 2018 | 2019

Health FSA $2,650 | $2,700

Limited Purpose FSA $2,650 | $2,700

Dependent Care $5,000 | $5,000

Parking/Transportation $260 / $260 | $265 / $265

Adoption Assistance $13,840 | $14,080

Questions? Contact us at 855.890.7239 or send an email to customerservice@nuesynergy.com.

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NueSynergy's Director of Central and Southeast Sales will be in Austin May 23-25

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