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Can employees be reimbursed for their entire health FSA election early in the year?
QUESTION: For 2023, an employee elected $2,400 of health FSA coverage under our calendar-year cafeteria plan, which is funded solely through employee salary reductions and does not provide for carryovers or include a grace period. The employee has already incurred...
IRS issues 2022 version of publications 502 and 503 for medical and dependent care expenses
The IRS has released updated versions of Publications 502 and 503 for the 2022 tax year. Publication 502 describes the medical expenses that are deductible by taxpayers on their 2022 federal income tax returns. Publication 503 explains the requirements that taxpayers...
What do all these employee benefit acronyms stand for?
Everyone in the employee benefits field uses acronyms like COBRA, FSA, and CDHC. What do these and other employee benefit acronyms stand for? Here’s an explanatory list of common employee benefit acronyms used: ACA – Patient Protection and Affordable Care...
Proposed regulations aim to expand contraceptive access and eliminate moral exemption for coverage mandate
The Internal Revenue Service, Department of Labor, and U.S. Health and Human Services Department have issued proposed regulations that would provide an additional method for individuals to obtain no-cost contraceptive services if their health plan or insurer does not...
White House signals COVID-19 public health emergency and national emergency end soon
The Biden Administration announced on Jan. 30 its intent to end the public health emergency and national emergency on May 11, 2023. Former President Donald Trump issued the emergency declaration in March 2020 in response to the nation’s COVID-19 crisis. President Joe...
IRS issues final versions of Publication 15 and 15-T for 2023
The IRS has issued the final versions of Publication 15 (Circular E, Employer's Tax Guide) and Publication 15-T (Federal Income Tax Withholding Methods) for use in the 2023 tax year. Publication 15: This publication explains the tax responsibilities as an...
3 ways to access HRA funds
As many know, a Health Reimbursement Arrangement (HRA) is an employer-funded account that helps pay for a medical plan’s deductible and co-insurance expenses. There are three ways to access an HRA. Here they are as follows. Filing an electronic claim: this can be...
What employers should know about HRAs
Two months ago, NueSynergy wrote about several Health Reimbursement Arrangement (HRA) FAQs to keep in mind. Now, taking it a step further, NueSynergy will discuss what employers, specifically, should look for in regard to an HRA. Here it is as follows: An HRA can be...
Commuter Benefits FSA: What it is and how it’s beneficial
A Commuter Benefits Flexible Spending Account (FSA) is an employer-sponsored account that allows participants to set aside pre-tax funds to pay for qualified mass transit and parking expenses associated with their work commute. There are two Commuter Benefit accounts:...
How to utilize the HSA Store
In the spring, NueSynergy touched on how to utilize the FSA Store to take advantage of FSA-eligible items. With the 2022 calendar year ending, now is a good time to detail the utilization of the HSA Store. The HSA Store is akin to the FSA Store, as it’s an outlet for...
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