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Summer Camps and DCFSAs

Parents look for camps to keep their little ones busy as the school year winds down. Did you know that parents can use their pre-tax Dependent Care Flexible Spending Accounts (DCFSAs) to pay for some summer camps? Summer Camp Costs There are numerous options for children’s summer activities, including various age-appropriate, themed experiences and durations. For camps with significant academic components or more complex themes (usually targeted at older children), fees tend to be higher.

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Guide to Investing Your HSA Account for Growth

The following infographic, “A Guide to Investing Your HSA Account for Growth”, provides an overview of Health Savings Account (HSA) basics. Read below to find out why HSAs are a great option for retirement, investment strategies, and more. Guide To Investing Your HSA Account for Growth Health Savings Accounts (HSAs) are more than just a tax-advantaged tool for paying medical expenses. They can also help you save for retirement. Why include HSAs in retirement planning? HSAs

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Employer-Sponsored Insurance: Still Number One

The Commonwealth Fund recently issued a brief on “What Employers Say About the Future of Employer-Sponsored Health Insurance.” American employers have had ties to health insurance since World War II, but programs like the Affordable Care Act and Inflation Reduction Act could shift that bond. The Fund interviewed over two dozen benefits executives. Highlights are presented here as food for thought. Impact of the Affordable Care Act Enacted in March 2010, the Affordable Care Act (ACA) sought

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HRA and HSA At the Same Time? Yes!

Healthcare spending accounts, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), help individuals and families pay for medical expenses. They also provide more control over how and where to pay for those expenses. One frequently asked question is, “Can a person have an HRA and HSA simultaneously?”. The answer is yes; you can have an HRA and HSA simultaneously under specific circumstances. However, to understand the advantages of having both accounts, let’s first look

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HDHPs and Wellness Programs

According to Kaiser Family Foundation, the average premium for family health plan coverage increased by 47% between 2011 and 2021. In response, employers have increasingly turned to High Deductible Health Plans (HDHPs) to lower premiums and shift more financial responsibility to covered employees. While employees appreciate lower premium costs, the higher deductibles can lead to higher out-of-pocket costs in the long run. The higher financial responsibility may increase employee utilization of cost-saving measures like wellness programs.

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FSAs, Status Changes, and Contributions

Changes in family status can change health insurance eligibility. But they can also affect consumer-directed healthcare accounts, prompting questions about mid-year status changes. Here’s how family status changes can affect FSA and Dependent Care account elections. Can I change my health FSA contributions? Employees enroll in FSA accounts during open enrollment each year. At that time, they must decide on a contribution amount up to the IRS-mandated maximum. Learn more about this year’s contribution limits.

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Shopping for FSA Products Online

Consumers have been shopping for everything from clothing to groceries to furniture through online retailers for years. It’s convenient, and prices may be lower than those at brick-and-mortar retail stores. More and more, people are turning to the web to buy healthcare products. Many retailers sell FSA-eligible products online, and Flexible Spending Account (FSA) participants can use their account-linked debit cards as payment. What to Know When FSA Shopping Online Before shopping online with your

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Need-to-Knows About IRA-to-HSA Balance Transfers

Health Savings Accounts are popular tools for managing healthcare costs and retirement planning. HSA account owners can access their HSA balances tax-free to pay eligible healthcare expenses and invest for growth over time. Did you know that if you have an IRA, you can make a one-time funds transfer into your HSA account? Doing so gives you the “triple-tax advantage” on the transferred funds, but there are a few things to consider. What is an

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HSAs and COBRA Enrollment

If you manage clients on COBRA software, chances are you may manage HSAs as well. This blog addresses concerns about HSAs and COBRA and how these two work together. A great resource to help participants learn if they can pay for COBRA premiums with an HSA, if you can contribute to your HSA while on COBRA and more.

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Employee Burnout and Employer Benefits

Mental health issues skyrocketed during the pandemic. Meanwhile, about 10% of the American workforce, or 16 million people, have more than one job. With those facts in mind, it’s unsurprising that employee burnout is a continuing problem. The good news is that employer-sponsored benefits can help mitigate burnout. What is burnout? As defined by the World Health Organization, “Burnout is a syndrome … resulting from chronic workplace stress that has not been successfully managed.” Sufferers of burnout

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