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Tag: HSA

HSAs Made Easy: Learn the Essentials & Protect Your Savings from Mistakes | NY Employee Benefits Consultants

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Health savings accounts (HSAs) have become a vital part of many employers’ benefits packages, offering employees a powerful tool to manage healthcare expenses while benefiting from tax advantages. However, managing HSAs goes beyond just facilitating contributions. It also involves understanding and addressing mistakes with distributions that employees might encounter. This article delves into the basics … Continued

Benefits Buzz June 2023 | NY Employee Benefits Group

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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

Benefits 101: What is an HSA? | NY Benefits Team

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Are you the type of person who loves to save money?  You’ll be happy to know that there’s a way to do so with your health care costs.  It starts with medical expense accounts which let you set aside money to pay for certain health products and services.  One type of medical expense account is … Continued

Tips to Maximize Your HSA Benefits | NY Benefits Team

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Health Savings Accounts (HSA) are great ways to save tax-free money for medical expenses both in the current term, and for your retirement years. By making wise choices, you can maximize the benefit of these fantastic savings accounts. Let’s take a quick look at the basics and then explore some tips on how to make … Continued

IRS Announces HSA Limits for 2020 | New York Employee Benefits Advisors

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On May 28, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-25 announcing the annual inflation-adjusted limits for health savings accounts (HSAs) for calendar year 2020. An HSA is a tax-exempt savings account that employees can use to pay for qualified health expenses. To be eligible for an HSA, an employee: Must be covered … Continued

PCORI Fee Increase for Health Plans | New York Benefits Consultants

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On November 5, 2018, the Internal Revenue Service (IRS) released Notice 2018-85 to announce that the health plan Patient-Centered Outcomes Research Institute (PCORI) fee for plan years ending between October 1, 2018 and September 30, 2019 will be $2.45 per plan participant. This is an increase from the prior year’s fee of $2.39 due to … Continued

Learn all about Medical Savings Accounts! | Melville Benefit Advisors

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

Benefits Easy: Health Savings Accounts | Melville Benefit Consultants

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Taking control of health care expenses is on the top of most people’s to-do list for 2018.  The average premium increase for 2018 is 18% for Affordable Care Act (ACA) plans.  So, how do you save money on health care when the costs seems to keep increasing faster than wage increases?  One way is through … Continued

Rules for FSA & HSA Accounts | New York Benefit Advisors

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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

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