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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...
8 items you didn’t know are Limited Purpose FSA eligible
A Limited Purpose Flexible Spending Account (LPFSA) is an account designed to allow participants to set aside pre-tax dollars for dental, vision and orthodontia expenses for themselves and their dependents. As mentioned earlier, the benefits of enrolling in a LPFSA...
IRS provides details on qualified research credit
During a December 1 payroll industry conference call, the IRS discussed the recent increase in the qualified small business payroll tax credit for increasing research activities as provided under the Inflation Reduction Act. Background: A provision of the Inflation...
FAQs associated with SIHRAs
Back in the spring, NueSynergy wrote about the basics of a Spousal Incentive Health Reimbursement Arrangement (SIHRA). Now, as the year closes, NueSynergy is excited to list off many frequently asked questions (FAQs), associated with this account. Here they are as...
5 benefits of enrolling in an HSA
A Health Savings Account (HSA) is an individually owned, tax-favored account that allows participants to pay for qualified healthcare expenses, such as pregnancy test kits, eyeglasses, and more. Here is an overview of the five potential benefits that an HSA provides....
5 FSA Myths Debunked
With the contribution limits set to increase for Flexible Spending Accounts (FSAs) in 2023, now is a good time to debunk any myths that are often associated with FSAs. Here are easy to understand answers to common FSA questions. Will I lose the money in my FSA if I...
2023 FSA limit increases: What to know
During the first week of November, the IRS announced 2023 contribution limits for all Flexible Spending Account (FSA) plans. Below is an overview of the limit increases across all the types of FSAs except for Dependent Care FSAs, which remain the same at $5,000 per...
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