Ahealth reimbursement arrangement (HRA), also known as a health reimbursement account, also contains pretax money to pay for health care costs, and the funds are typically “use it or lose it” by the end of the year. But an HRA is funded entirely by your employer – you don’t deposi...
The grace period under a Flexible Spending Account (FSA) offers several significant advantages for account holders, enhancing the utility and flexibility of these tax-advantaged accounts. Understanding the benefits of the grace period is essential for individuals seeking to leverage their FSA to its f...
FSA account funds are often used by employees to assist in paying for the care of children less than 13 years old and dependent adults who are incapable of caring for themselves while the employee is at work. To qualify as FSA eligible expenses, the daycare services must be used by an adu...
Flexible Spending Accounts, Health Reimbursement Arrangements, and Other Account-Based Plans: What Does Health Care Reform Mean in 2012 and Beyond?The health care reform law, now frequently referred to as the Affordable Care Act (ACA), comprised of the Patient Protection and Affordable Care Act ...
Your Form W-2 should be sent by January 31st of each year and be used to prepare your tax return. The IRS uses W-2s to track employment income you’ve earned during the tax year. The IRS compares the information on your W-2 to what is reported on your tax returns. ...
There are a few major differences between FSAs andhealth savings accounts(HSAs). Both accounts can be used for medical expenses that are not covered by health insurance. However, an HSA is available only to people who have a high deductible health-care plan (HDHP). HDHPs are typically a ...
Self-employed individuals are not eligible to have an account, and highly compensated employee restrictions also exist. An FSA is a qualifying benefit under a Section 125 plan, or cafeteria plan. Health FSAs are the most common type of flexible spending arrangement. You can offer FSA plans to ...
An overview of qualified medical expenses covered by a Dependent Care Flexible Spending Account (DCFSA).
Aflexible spending account (FSA)is an employer-sponsored savings account that lets employees set aside pretax funds for qualified medical expenses. It can help the account holder save money at tax time, especially because the list of allowable expenses that can be paid for with FSA funds has g...
A PPO is not as strict as an HMO with your provider options. The doctors still have relationships with the insurance company, but you can see a doctor that may not be on the PPO's list and still receive partially covered services. You may have to accept moreout-of-pocket expenses, but...