Posts Tagged ‘HSA’
HSAs: A Powerful Recruitment and Retention Tool
Health benefits packages have always been an important component of a job offer. However, the benefits package offered at a new job has taken on new significance in recent years as health care costs have continued to climb, with no signs of stopping, and more and more of that cost is being shifted onto consumers.…
Read MoreAre Brokers Telling the Right Message Going into Open Enrollment?
In fewer than eight short years, health care spending in the U.S. is expected to reach a staggering $6.19 trillion — an increase of more than 19% over today’s spend. What’s more, the need for medical goods and health care services is expected to grow at an average annual rate of 2.4% from 2019 to…
Read MoreHow COVID-19 has Changed Employees’ Benefits Awareness
COVID-19 has changed much of the world that we live in, including how people think about and value their own health and wellness. As COVID-19 began to spike in the U.S., consumers shifted habits related to their overall health and Health Savings Account (HSA) usage. In fact, in a recent Further survey, we learned that…
Read MoreSurvey Finds HSA Perception Gap Among Employees and Employers
As employees across the United States are faced with rising health care costs and living with continued health fears in the wake of COVID-19, many are looking to their employers for tools and resources to pay for care today, including health savings accounts (HSAs). To better understand how employees are using their HSAs, Further surveyed…
Read MoreIRS 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…
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