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Overview on recent changes to employee benefits following U.S. Supreme Court abortion ruling
Last month's U.S. Supreme Court ruling, which overturned the constitutional right to abortion (Roe v. Wade), has left thousands of women across the country unsure of where to find appropriate care and abortion expenses. Below is an overview of the recent changes to...
What happens to an FSA once employment ends?
In the event of employment termination for an account holder, there are several notable procedures and regulations that occur: Any participation in a Flexible Spending Account (FSA) – Health Care FSA, Limited Purpose FSA, Dependent Care FSA, Adoption Assistance, or...
What happens to an HSA once retirement starts?
As you may be aware, a Health Savings Account (HSA) is a great resource to help pay for medical expenses and premiums. But what happens to an HSA once someone enters retirement? Here is what you need to know. If you are enrolled in Medicare or Medicaid, you’re no...
Supreme Court’s abortion ruling indirectly impacts employee benefit plans
The U.S. Supreme Court has rejected a challenge to the constitutionality of Mississippi’s Gestational Age Act, which prohibits performing or inducing an abortion after 15 weeks of pregnancy (as determined by probable gestational age) except in limited circumstances....
Standard mileage rates for business, medical, and moving expense purposes will increase in July
The IRS has announced a midyear increase in the standard mileage rates for business and medical use of an automobile, and for deducting moving expenses. For travel on or after July 1, 2022, the business standard mileage rate is 62.5 cents per mile (up from the...
Fact or fiction? Understand the differences regarding FSAs
A flexible spending account (FSA) is a powerful tool to help save on health-care costs, tax-free. However, FSAs are often misunderstood. Here are four “fact or fiction” statements for current or future account holders to know about. Fiction You have to be enrolled...
Why health FSAs cannot reimburse insurance premiums
A health FSA cannot treat employees' premium payments for other health coverage as reimbursable expenses. Thus, for example, a health FSA cannot reimburse premiums for COBRA coverage, accidental death and dismemberment insurance, long-term or short-term disability...
IRS on track to release new 1099 filing platform in 2023
The IRS recently provided a June 2022 status update announcing that it is on track to launch the new 1099 filing portal in early January 2023. Section 2102 of the Taxpayer First Act (TFA) requires the IRS to develop an internet portal by January 1, 2023 that will...
How to use NueSynergy’s smart debit card
NueSynergy’s smart debit card is always included at no cost and provides a convenient method to pay out-of-pocket medical expenses for you, your spouse, and/or any dependents. The card is automatically issued to all Flexible Spending Account (FSA) and Health Savings...
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...
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