As you may know, anyone who has a flexible spending account (FSA), can use their contributions to cover doctor visits (preventative, primary care, and specialists) and prescriptions. However, what you might not know is that any saved FSA dollars can also cover these commonly used products and services.
Dental services: including orthodontics
Vision products and services: including corrective procedures such as LASIK
Therapeutic services: including physical therapy & chiropractic care
Diagnostic procedures: including labs, scans, imaging
Mental health services: including psychiatric care, therapy & counseling
Medical supplies: including bandages, crutches, wheelchairs
Over-the-Counter Medications: such as Tylenol, Advil, Zyrtec
Fertility treatments: such as IVF, or birth control products
The Kansas Targeted Employment Act is enacted to incentivize employers to employ people with developmental disabilities in Kansas. For tax years 2022 through 2027, there will be a credit allowed against income, privilege, or premium tax liabilities imposed upon a taxpayer that qualifies as a targeted employment business or taxpayer outsourcing work to a targeted employment business for every hour that an eligible individual is employed in a calendar year in a targeted employment business and receives earned income as compensation. The credit only applies to wages for hours worked and not for any compensation for paid leave and is equal to 50% of the wages paid to the eligible individual on an hourly basis, up to a maximum credit of $7.50 per hour.
The credit is non-refundable, cannot be carried forward, and can only be used once each taxable year against tax liability imposed by only one of the income, privilege, or premium taxes. The maximum of all credits allowed each year will be $5 million. “Earned income” means compensation paid to a Kansas employee for competitive integrated employment that is equal to or greater than the minimum wage and is performed in a competitive integrated setting. “Targeted employment business” means those employers employing eligible individuals in competitive integrated employment in a competitive integrated setting and who are authorized to do business in Kansas. “Targeted employment business” does not include a community service provider. These provisions expire on January 1, 2028, except those credits earned in tax year 2027 may be awarded by the Secretary of Revenue.
Spouse Saver helps cover up to 100 percent of out-of-pocket expenses like copays, coinsurance, and deductibles during doctor and hospital visits incurred by an employee’s spouse.
This cost-saving resource is possible once an employee enrolls in their employer’s group health insurance plan. Instead of adding their spouse to the plan, the spouse can take advantage of their employer’s group health insurance plan. Once enrolled in the plan, the spouse provides proof of coverage to the employee. Once verified, the employee’s company sets up an account for the spouse to use for their in-network, out-of-pocket expenses. To learn more about Spouse Saver and review other useful information, check here.
The calendar has flipped to April, and consumers have already saved up to $100 billion using Health Savings Accounts (HSA) this year, per Devenir, an HSA investment consultant. As these numbers continue to soar, the time to invest in an HSA is now. Here are three, brief advantages of doing so:
Can reduce insurance premiums by combining an HSA with a qualified High Deductible Health Plan (HDHP)
The HSA’s unused funds roll over annually, meaning they can be used for future expenses
Contributions are made tax-free, grow tax-free, and can be withdrawn tax-free to pay for qualified medical expenses
It’s never too late to invest in an HSA and join the thousands of participants already reaping the benefits.
What if there was a way to ease the stress participants may face with their account(s)? Now there is, thanks to NueSynergy’s Participant Portal. This innovative platform delivers a myriad of options for participants to stay on top of what matters most to them, including checking account balances, submitting expenses and claims, resolving debit card transactions, and managing alerts.
Another benefit of the Participant Portal is that all deadlines, contributions, and informative charts are easily accessible, making it seamless to track benefits like Flexible Spending Accounts (FSA), Health Savings Accounts (HSA), and Health Reimbursement Arrangements (HRA). Pair the Participant Portal with the NueSynergy smart mobile app and you can easily manage and view your account whenever you want, wherever you want.
NueSynergy attained excellent results in operational efficiency while taking home an APEX award at the 2022 Alegeus Client Success Summit in Nashville from April 3-6. The APEX award recognizes client success across growth, innovation, and partnership excellence. It is the company’s fifth accolade in the past eight years and its most recent since 2020. To learn more about NueSynergy and its accomplishments, check out our latest news release.
