Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) allow individuals to use pre-tax (or tax-free) dollars to pay for eligible medical expenses. The IRS defines an eligible medical expense is an expense that is “used to diagnose, cure, mitigate, treat or prevent disease, or for the the purpose of affecting any structure of or… Read More
BRiBlog
Sharing Information & Opinions on Tax-Free Health & Commuter Benefits
The Four Biggest Grumbles of Medical FSAs
Medical Flexible Spending Accounts (FSAs), like many benefits, are often misunderstood. As a third party administrator, one of our greatest challenges is helping participants to better understand and use these accounts. While the advantage of saving 30-40% on eligible expenses is pretty clear, there are some rules which are not as clear and can frustrate… Read More
Consumer-driven health care is growing: What are you doing?
According to a recent report released by the American Association of Preferred Provider Organization, enrollment in consumer-driven health plans grew 15 percent in 2013, up to 45 million from 39 million in 2012, which was the only plan type to grow last year. While these results are not all that surprising, employers continue to report lower… Read More
Top 5 Reasons to Adopt a Rolling Medical FSA
Late in 2013 when many employers were focused on open enrollment, the Department of Treasury quietly released Notice 2013-71 which has changed the way we look at Flexible Spending Accounts (FSAs). Through its administrative powers, the Department of Treasury permitted Medical FSAs to roll over up to $500 of unused funds into the next plan… Read More
Would you like to save $50,000?
Recently, the IRS released the 2015 HSA Limits in Revenue Procedure 2014-30. Annual contribution limits will rise from $3,300 in 2014 to $3,350 in 2015 for individual coverage and from $6,550 in 2014 to $6,650 in 2015 for family coverage. But what does that really mean and how can you benefit from the maximum HSA… Read More
Commuter Benefits Mandates. Bay Area Today, Metropolitan Areas Across the Country Soon!
San Francisco Bay Area is commonly known as a technological and entrepreneurial center. And for good reason. Many of the great tech giants got their start and are headquartered in the Bay Area. Additionally, the Bay Area has also started programs like Healthy San Francisco which requires employers of a certain size to contribute towards health… Read More
One week left: Have you contributed to your HSA for 2013?
With the tax filing deadline just a week away, there is still time (but not much) to contribute to a Health Savings Account (HSA) for 2013. Eligible individuals can contribute up to $3,250 for individual coverage and $6,450 for family coverage. An additional catch-up contribution of $1,000 is available to eligible individuals 55 and older…. Read More
Four Years of Change: What has Obamacare meant for Pre-tax Benefit Accounts
This week marks the four year anniversary of the Affordable Care Act (often referred to as Obamacare) being signed into law. There are many mixed opinions regarding Obamacare. But like most things in life, Obamacare is not “black or white” or “good or bad” — it is both. We can say two things with certainty: (1) Obamacare… Read More
Record 10.7 Billion Trips Taken On U.S. Public Transportation In 2013
In a Press Release this week, the American Public Transportation Association released figures for 2013 which show record use of mass transit. Record 10.7 Billion Trips Taken On U.S. Public Transportation In 2013 The Highest Transit Ridership in 57 Years In 2013 Americans took 10.7 billion trips on public transportation, which is the highest annual… Read More
FSA vs. HSA: Which camp are you?
For a long time, I believed you were either for Health Savings Accounts (HSAs) or you were for Flexible Spending Accounts (FSAs), but you couldn’t be for both. The very nature of HSAs prevented you from also participating in a General Medical FSA . Over time, I came to realize that HSAs and FSAs each… Read More
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