Benefit Resource will be closed Monday, January 16 in observance of Martin Luther King Jr. Day.

BLOG

Utilizing Pre-Tax Benefits to Prioritize Health in 2023

Prioritize Your Health

It’s that time of year again! The new year is upon us, and with it comes hopes of achieving our goals for the upcoming months. Whether you’re looking to retire, advance your career, or prioritize your health, now is the perfect time to start planning your journey. If you’re in the 70% of people who have health-related goals for 2023, let’s take a look at how pre-tax benefits can help set goals and prioritize your health this year and beyond.

Set SMART Goals

Whether it’s exercising more frequently or eating healthier foods, setting SMART goals is key when it comes to making positive changes in your life. SMART stands for Specific, Measurable, Attainable, Realistic, and Timely – and setting goals with these criteria will help ensure you reach them!

Monitor Your Progress

Tracking your progress is an important part of any goal-setting process. By monitoring how far you’ve come and how much closer you are getting to achieving your goals each day, week or month (depending on what works best for you), it will help keep you motivated and focused on success.

Connect with Your Physician and Get Regular Checkups

Schedule a physical exam so your physician can evaluate your overall health and discuss any potential issues that may arise throughout the year. During this visit, ask questions about any tests or screenings that should be done regularly such as mammograms or blood work. Regular checkups can help identify problems early on before they become more serious issues down the road.

Stay Positive

Setting healthy habits isn’t always easy but staying positive throughout the process is essential to achieve success! You can do this by replacing negative thoughts with positive ones and surrounding yourself with people supporting your journey towards better health.

Stay Hydrated & Get Enough Sleep!

It may sound simple, but staying hydrated and getting enough sleep each night has been proven to greatly impact overall health and well-being. So make sure you’re drinking plenty of water every day and get at least seven hours of quality sleep each night – both are essential for good physical health!

Add In Pre-Tax Benefits

Pre-tax benefits give employees an opportunity to save money on qualifying medical expenses, such as doctor visits and prescriptions. In addition, these benefits can be used to pay for eligible expenses like fitness programs, workout equipment, nutrition counseling services, smoking cessation programs — even weight loss programs. Taking advantage of pre-tax benefits offered through work will help increase your financial security while providing peace of mind knowing that you are taking proactive steps towards prioritizing your health this year.

Take Advantage of a Medical FSA

Prioritizing your health can be expensive. One way to help with the cost is by using your FSA (Flexible Spending Account) funds. An FSA allows you to set aside a portion of your pre-tax income to use on medical and dental expenses that are not covered by insurance. By smartly utilizing your FSA funds, you can ensure that you and your family prioritize their physical and mental health and stay within budget. Examples of FSA-eligible products, services, and supplies include vitamins, over-the-counter medications, doctor’s visits, eye tests and glasses or contacts for adults or children, orthodontia for kids, vaccinations, hearing aides, feminine hygiene products and much more. See our full eligible expense list and browse through hundreds of items that can help prioritize your health in 2023.

Maximize Your HSA

Starting the new year on strong footing can be challenging, but prioritizing your health is an investment that pays off in many ways. To make good on this resolution for 2023, consider utilizing your Health Savings Account (HSA). An HSA allows you to pay for medical expenses with tax-free funds, boosting your savings and improving your finances while ensuring your healthcare comes first. HSA funds can be used for healthcare expenses, from preventive care and doctor visits to over-the-counter medications and medical equipment. The best part is you don’t have to worry about losing money either – HSA accounts roll over from year to year, so you never lose out on the balance you have saved.

Consider Investing In Your Future With An HRA

Health Reimbursement Arrangement (HRA) plans are an important tool to help you manage your health expenses, allowing you to save money throughout the year on those outsized medical bills. HRA’s are typically funded by an employer and not taxable, meaning there will be less out of pocket costs for you as an employee. HRAs also help combat rising healthcare costs so that you can focus on what really matters: taking care of yourself and ensuring your long-term health. Start using your HRA plan now so you can feel secure knowing that if something unexpected comes up you are more financially prepared than ever before. To understand how your HRA is set up, you will need to review your plan highlights or other plan information provided by your employer.

How Employers Can Help

Employers also benefit from offering pre-tax benefits. By allowing employees to use pre-tax dollars for their health care needs (as opposed to taxable salaries), employers can reduce payroll taxes for both themselves and their employees. This makes it easier for employers to attract top talent while also helping them save money in the long run. Also, employers who offer these types of incentives are perceived as more caring and compassionate—which helps foster stronger relationships with current employees while making it easier for them to recruit new ones down the line.

Another great way employers can encourage healthier habits among their workforce is by providing access to gyms or fitness centers onsite or nearby, using Lifestyle or Specialty Accounts. If a gym membership isn’t feasible, employers can still provide incentives like discounted memberships at local facilities or even reimbursements for exercise classes outside work hours. By making exercise an integral part of everyday life, employers are sending a strong message that overall well-being is valued in the workplace.

New Year – New You

As we begin 2023 fresh with optimism for achieving our goals — make sure you set yourself up for success by utilizing pre-tax benefits. With these incentives behind you and employer support, you’ll be well on your way toward prioritizing your health this year and beyond. So let’s make 2023 a great one – full of wellness successes!