Posts by Further Team
IRS Announces 2021 HSA and HDHP Limit Increases
For 2021, the IRS just announced the increased new contribution limits for Health Savings Accounts (HSA) to $3,600 for individuals and $7,200 for family plans. In turn, adjustments to High Deductible Health Plans (HDHP) were also made. The minimum HDHP deductible is $1,400 for individuals and $2,800 for families, with a maximum out-of-pocket expense of…
Read MoreCARES Act Permanently Extends Eligible Expense Items
With the passage of the CARES Act in March 2020, additional over the counter (OTC) products and feminine hygiene products are now eligible to be purchased using a medical spending account, such as an health savings account (HSA). Prior to the passage of the act, these items were only eligible for reimbursement with a prescription.…
Read MoreDeadline Extended for 2019 Health Savings Account Contributions
The IRS recently announced that the 2019 federal tax filing deadline has been extended to July 15, 2020, giving Americans more time to gather their 2019 information amidst the COVID-19 pandemic. With that extension, those who have a high deductible health plan (HDHP) paired with a health savings account (HSA), may still contribute funds and…
Read MoreWhat Does the CARES Act Mean For Health Spending Accounts?
On March 27, 2020, President Donald Trump signed the $2 trillion emergency spending bill, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This new law amounts to the largest stimulus package in U.S. history, and is aimed at providing economic relief to American workers, families and businesses impacted by Coronavirus. In particular, there are…
Read MoreThe Growing Role of Health Spending and Savings Accounts in the Benefits Portfolio
With the continuous trend of rising health care costs, companies are constantly seeking opportunities to contain costs, while providing employees with comprehensive benefits offerings. Employers recognize the need to cater to cross-generational employees when it comes to benefits packages–particularly in the area of health care coverage. Health saving and spending accounts, such as HSAs and HRAs, provide employers…
Read MoreLeveraging Multiple Health Accounts for Maximum Benefits
When it comes to health saving and spending accounts, employers have many options to offer to employees. From health savings accounts (HSA), flexible spending accounts (FSA), health reimbursement arrangement (HRA), and more, employers offer these health accounts to help employees pay for health care related expenses and save for future needs. While employees may be…
Read MoreCalifornia Law Requires Employers to Notify Employees of FSA Withdrawal Deadlines
Effective as of January 1, 2020, California enacted a law that requires employers offering flexible spending accounts (FSAs) to notify participants of any deadline to withdraw funds before the end of the plan year [should their participation in the FSA terminate early]. This law includes health FSAs, dependent care, or adoption assistance FSAs, and the…
Read MoreFive Things Employees Need to Know About Their HSAs Before They Retire
Many employees look forward to retirement. From starting a new hobby to traveling, employees may begin making plans for their retirement years long before the day actually comes. But when it comes to their benefits and financial plans, employees may not know how they can leverage their Health Savings Accounts (HSA) after they retire. As…
Read MoreSix Ways to Leverage the Dependent Care Assistance Program (DCAP)
For parents and legal guardians, paying for dependent care adds up quickly. A Dependent Care Assistance Program (DCAP), also known as a Dependent Care FSA, is an employee-sponsored reimbursement program that lets employees use pre-tax dollars to pay for a dependent’s day care and other necessary expenses, while the employee is at work. Examples of…
Read MoreStart the New Year with Success
With the start of the new year, many organizations are kicking off a new benefit plan year – and there is a lot for employees to realize, especially when it comes to a health savings account (HSA). Whether they enrolled in a new HSA or continuing to fund an existing account, educating employees on when…
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