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What is an ICHRA and how does it work?
An ICHRA is an acronym for an Individual Coverage Health Reimbursement Arrangement. This is a reimbursement account set up and funded by an employer that helps pay for health insurance premiums incurred throughout the plan year. This is also designed to help offset...
5 Questions and Answers Regarding HSAs
1. Can I combine my HSA with an FSA? No. An employer doesn’t own an employees’ HSA, nor are they responsible for how the funds are managed by the employee. The employee fully owns the contributions to the account as soon as they are deposited. 2. Are...
Rules for counting employees on COBRA’s Small Employer Exception
A group health plan is not subject to COBRA for any year if all employers maintaining the plan together employed fewer than 20 employees on a typical business day during the preceding year. Here are some general guidelines for which employees must be counted: Count...
When may an employer take a tax deduction for FSA reimbursements and other benefits?
As a general rule, an employer may not take a tax deduction for flexible spending account (FSA) benefits until the benefits are provided to employees. Thus, no deduction may be taken at the time of the employee's salary reduction. Moreover, employers who transmit...
How to utilize the HSA Store
The HSA Store is a fantastic outlet for consumers to buy eligible products to fit their HSA account. With over 4,000 products on hand — from allergy medicines, CT scans, mammograms, and thermometers – it’s a guarantee to find at least one product to enjoy. To...
Distinguishing the most common types of FSA plans
As you may know, a Flexible Spending Account, or FSA, is an account for you to set aside pre-tax dollars to pay for eligible medical, dental, and vision expenses. But did you know there are different types of FSA plans? The first is a Dependent Care FSA, which is...
Benefits of investing in an HRA
A Health Reimbursement Arrangement (HRA) is an account funded by your employer that helps pay for qualified medical expenses acquired throughout a plan year. Here’s how you can benefit by participating in one. You can use HRA account fund dollars to pay for doctor...
IRS Announces 2023 HSA and HDHP limit increase
This week, the IRS released 2023 cost-of-living adjusted limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements (EBHRAs). All of these limits have increased from 2022. Everything you need...
Unused Qualified Parking Compensation Reductions Not Transferrable to Health FSA
The IRS has released an information letter responding to an inquiry from a qualified transportation plan participant whose employer decided to let him work from home permanently due to the COVID-19 pandemic. To avoid losing compensation reduction amounts he had...
10 items you didn’t know were FSA-eligible
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...
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