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Latest Post October 19, 2022

2023 FSA and Commuter Contribution Limits Announced

The IRS has announced the 2023 contribution limits for flexible spending accounts (FSA), commuter benefits, and more. Here’s a look at what’s changing. Health FSA: $3,050 (Increased from $2,850). This also applies to limited-purpose FSAs. FSA Carryover: $610 (Increased from $570). Commuter (Parking and Transit): $300 per month (Increased from $280). Dependent Care: The annual limits will remain $5,000 for single taxpayers...

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Category: "HSA"

The IRS has announced the 2023 contribution limits for flexible spending accounts (FSA), commuter benefits, and more. Here’s a look at what’s changing. Health FSA: $3,050 (Increased from $2,850). This also applies to limited-purpose FSAs. FSA Carryover: $610 (Increased from $570). Commuter (Parking and Transit): $300 per month (Increased from $280). Dependent Care: The annual limits will remain $5,000 for single taxpayers…

On June 24, the U.S. Supreme Court upheld Mississippi’s restrictions on abortion in Dobbs v. Jackson Women’s Health Organization (“Dobbs”). The decision overturns the Roe v. Wade (1973) and Planned Parenthood v. Casey (1992) decisions that pre-empted state restrictions on abortion. In light of the Dobbs ruling, some employers have announced plans to revise their…

This week, the IRS released IRS Rev. Proc. 2022-24, which includes the 2023 limits for health savings accounts (HSA) and high-deductible health plans (HDHP). Below is a comparison of the 2022 and 2023 limits for HSAs and HDHPs. The catch-up contribution limit for HSAs remains at $1,000 for the 2023 plan year. Interested in learning more about…

On March 15, 2022, President Biden signed into law the Consolidated Appropriations Act of 2022 (the “Act”), which restores the ability for high deductible health plans to pay for telehealth services before a covered individual satisfies the plans annual deductible. This means an individual can receive telehealth services without regard to the annual deductible and…

When it comes to tax-advantaged spending accounts, the eligibility rules can be a source of confusion for employees. If an employer offers an HSA-qualified high-deductible health plan (HDHP), employees should review their health coverage to understand how it impacts their HSA eligibility.  Here’s a common question that comes up during open enrollment about HSA eligibility. …

On May 10, 2021, the IRS released the 2022 limits for health savings accounts (HSA) and high-deductible health plans (HDHP). Below is a comparison of the 2021 and 2022 limits for HSAs and HDHPs. Interested in learning more about Ameriflex’s HSA administration options? Get in touch with our team for more information.

Nationwide, many employers are choosing to offer HSAs and HSA-qualified high-deductible health plans. However, employers and employees often have several questions regarding adding an HSA into the mix. Read on to learn the top things you need to know before introducing a successful HSA offering. Q1. What’s the best way to communicate an HSA offering?…

At an orientation session for my first real job out of college, many (many) years ago, an HR manager explained to our new hire class the benefit of investing in the company 401(k) plan. For a 20-something living paycheck to paycheck, seeing any dollar amount, no matter how small, disappear into an investment vehicle instead…

There are three common types of savings account plans employees choose from, depending on what’s offered under their employer’s benefit plan. They are: Flexible Spending Account (FSA) Health Savings Account (HSA) Health Reimbursement Account (HRA) Although they each have their own unique benefits, they are all alike in that they are tax-advantaged. In plain English,…

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