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Posts by Further Team

IRS Announces 2021 HSA and HDHP Limit Increases

2021 HSA contribution limits announced

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…

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CARES Act Permanently Extends Eligible Expense Items

The CARES Act made several routine expenses eligible for HSA and FSA reimbursement

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.…

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Deadline Extended for 2019 Health Savings Account Contributions

2019 HSA Contribution Deadline Extended to July 15

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…

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What Does the CARES Act Mean For Health Spending Accounts?

CARES Act makes over the counter medicine eligible for HSA and FSA expenses

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…

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The Growing Role of Health Spending and Savings Accounts in the Benefits Portfolio

employers talk about spending account benefits

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…

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Leveraging Multiple Health Accounts for Maximum Benefits

how to leverage multiple health spending 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…

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Six Ways to Leverage the Dependent Care Assistance Program (DCAP)

6 tips to take advantage of your 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…

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Start the New Year with Success

start 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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