To open a health savings account, you'll need an eligible high-deductible health insurance plan. Once you have that, individuals can contribute $3,600 to their HSA in 2021, while those with family plans can contribute $7,200. Money deposited in an HSA rolls over each year so it can be...
In addition to these medical expenses, the HSA may also cover limited types of insurance premiums. For example, if you lose your job and buyCOBRA coverage, those premiums are HSA-eligible expenses. So are thepremiumsyou pay for health insurance coverage while you receive unemployment co...
Life insurance.Life insurance provides a death benefit for the employee’s beneficiary. Flexible spending account (FSA), health savings account (HSA), and health reimbursement arrangement (HRA).Workers can invest in these accounts to reduce their taxable income and set aside money to cover various...
High-deductible health plans (HDHPs), which have lower premiums but higher deductibles and may be paired with health savings accounts (HSAs) to help employees save for health care expenses. Employers typically pay a portion of the cost of health insurance premiums, while employees are responsible...
deductions, you typically can claim a deduction for the money you pay out of pocket toward health insurance premiums—including traditional coverage, COBRA and Medicare. However, if your employer pays part of your health insurance premiums, that portion typically isn’t eligible for a tax deduction...
Dash cameras are a game-changer for any business with commercial vehicles: their installation means you’ll likely see a reduction in your insurance premiums. With driver monitoring and an increased ability to determine accountability in accidents, some insurers require dash cameras...