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Navigating the Alphabet Soup: HRAs, HSAs, and FSAs Explained | New York Benefits Group

Managing healthcare costs can feel like deciphering a complex code. Three acronyms frequently pop up: HSAs, HRAs, and FSAs. But what exactly do they mean, and which one is right for you? Let’s break down these accounts and explore how they can help you save on qualified medical expenses. Understanding the Accounts: Health Savings Accounts … Continued

Using a Flexible Spending Account (FSA) | New York Employee Benefits Firm

If you have a health plan through a job, you can use a Flexible Spending Account (FSA) to pay for health care costs, like deductibles, copayments, coinsurance, and some drugs. They can lower your taxes. How Flexible Spending Accounts work A Flexible Spending Account (FSA, also called a “flexible spending arrangement”) is a special account … Continued

Benefits Buzz June 2023 | NY Employee Benefits Group

HSA/HDHP Limits Increase for 2024 On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The IRS is required to publish these limits by June 1 of each year. These limits include: The maximum HSA contribution limit … Continued

10 Surprising Things You Can Buy With Your Leftover FSA Money | New York Employee Benefits Firm

The end of the year is drawing near which may mean you have some extra money to spend. No, you didn’t read that wrong.  Many Americans have money in their Flexible Savings Accounts (FSAs) that they need to use up before the end of the year. FSAs provide the benefit of putting pre-tax money aside … Continued

Don’t Leave Your FSA Money on the Table this Year! | New York Benefits Advisors

As 2019 is nearing an end, many people are looking at this year’s medical expenses to plan for how much they should set back for next year. In investigating these expenditures, you may notice that you still have money in your Flexible Spending Account (FSA) for 2019. FSAs are unique in that any unused money … Continued

Learn all about Medical Savings Accounts! | Melville Benefit Advisors

Healthy choices for your body and your wallet make medical savings accounts a win-win!

Utilize FSA Monies with Key Year–End Strategies | New York Benefit Advisors

‘Tis the Season’. Like most, you ‘re probably in the midst of the “hussle and bussle” of this holiday season with dinners, parties, and activities; Christmas shopping; and spending those remaining FSA dollars you have allocated this year.   Wait, what? Yes, you read right. Chances are, if you’ve opted to utilize an employer-sponsored FSA … Continued

Rules for FSA & HSA Accounts | New York Benefit Advisors

According to the Internal Revenue Service (IRS), no permission or authorization to set up either an FSA or HSA account is required. Both accounts are intended to help provide you with financial assistance regarding medical care costs. An FSA (flexible spending account) is set up by your employer. An HSA (health savings account) is held … Continued

How to Make the Most Out of Your FSA at Year-End | New York Benefit Advisors

As 2017 comes to a close, it’s time to act on the money sitting in your Flexible Spending/Savings Account (FSA). Unlike a Health Savings Account or HSA, pre-taxed funds contributed to an FSA are lost at the end of the year if an employee doesn’t use them, and an employer doesn’t adopt a carryover policy. … Continued