Benefits Blog

What 5 Top Financial Advisors Say About HSAs

Posted by Sean Kadel on Wednesday, June 12, 2019 @ 09:00 AM

It’s no secret that health savings accounts (HSAs) are widely and often woefully misunderstood. This communication breakdown has manifested itself in misconceptions even among financial advisors—a cohort that many Americans entrust with helping them make critical decisions about their financial futures.

A HSA is a better retirement savings vehicle than a 401(k), but not all advisors are aware of this, nor that contributions to HSAs aren’t subject to federal income taxes; earnings from interest and investments are tax-free; and distributions from a HSA to pay for qualified medical expenses are tax-free.

“A real opportunity exists for financial advisors to play a major role in educating business owners about the benefits of health savings accounts for both their business and their employees,” said Kristi Rodriguez, leader of the Nationwide Retirement Institute.

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Tags: HSA, Retirement Savings

It's tax season - what you need to know if you have a HSA

Posted by Meri Christenson on Wednesday, March 13, 2019 @ 09:33 AM

Have a HSA? Here is what you need to know as you prepare your 2018 Tax Return.

HSA contributions and distributions are non-taxable when used for qualified medical expenses (check out our eligibility list here). And as a HSA account holder you need to report all contributions and distributions made to your HSA when filing taxes.

There are two forms you will need to report your HSA transactions from last year: Forms 1099-SA and 5498-SA. If you are a 24HourFlex participant, both of these forms are available for download in your Consumer Portal under the “Tools & Support” tab.

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Tags: HSA, tax return, taxes

HSA vs 401(k)

Posted by Sean Kadel on Thursday, February 14, 2019 @ 03:01 PM

HSA vs 401(k)

If your company has decided to offer a high deductible health plan, don’t worry, you are not alone. Recent studies show that an increasing number of employers have elected to offer high deductible health plans (HDHP) either to completely replace or be offered in conjunction with a more traditional Preferred Provider Organization (PPO) plan or Health Maintenance Organization (HMO) plan. When sponsoring a HDHP, employers typically offer their employees the ability to contribute to a Health Savings Account (HSA) to help offset the increased deductible associated with the HDHP. In 2017, 19 percent of all workers were enrolled in a HDHP with a HSA savings option. This is a dramatic rise since 2007 when just over 4 percent were covered under such plans. 

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Tags: Retirement Planning, IRS, 401(k), Healthcare, HSA, TPA, tax savings, financial planning

New to 24HourFlex? 6 tips and tricks for easy account management

Posted by Meri Christenson on Thursday, January 24, 2019 @ 10:54 AM

It’s a new year and for those being first time users of 24HourFlex benefits (or for those who just need a refresher), it’s a good time to review where to find the tools and resources to easily manage your accounts.

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Tags: Education, consumer, online resources, mobile app, training, online portal, receipts

The Most Common FSA Card Misconceptions

Posted by Meri Christenson on Wednesday, December 05, 2018 @ 02:15 PM

As an FSA customer, your 24HourFlex Debit Card can help make your life easier!

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Tags: FSA, eligible expenses

2019 FSA Contribution Limits Announced

Posted by Meri Christenson on Wednesday, November 28, 2018 @ 11:49 AM

IRS_logo-300x300-80x80On Thursday, November 15, 2018, the IRS released a statement that officially increased the annual contribution limit for Healthcare Flexible Spending Accounts (FSA) - both Medical FSAs and Limited Purpose FSAs - and the monthly contribution limits for Qualified Parking and Transportation Accounts for any plan years beginning in 2019. There was no change to the Dependent Care Flexible Spending Account. 

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Tags: IRS, FSA, contribution limits

Unbundled: Why an Independent Benefit Administrator is the Best Choice for Your Pre-Tax Accounts

Posted by Lindsay Barnard on Wednesday, July 25, 2018 @ 03:45 PM

As consumer-driven benefits continue to rise in the market, so the options for benefit administrators continue to expand for employers. Carriers, banks, HR software companies—it seems that more and more providers are adding FSA and HSA administration to their list of services. With so many choices, it can be difficult to decide who to trust with your pre-tax benefits, but in this dynamic, complex benefit world, it’s more important than ever to have a provider that offers stability, compliance expertise, security, and personalization.

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Tags: Compliance, FSA, HSA, TPA, Benefit Administration, benefits, third party administrator, hra

EDUCATION: Retirement Planning Services Hosts Exclusive Lunch and Learn with ERISA Expert, Sal Tripodi

Posted by Lindsay Barnard on Wednesday, June 13, 2018 @ 11:15 AM

Our parent company, Retirement Planning Services, was honored to host an exclusive ERISA Lunch and Learn training session on Monday for area attorneys and CPAs, held by one of ERISA's finest (and fellow Coloradan), Sal Tripodi! A special thanks to Sal for extending this honor, since he now only speaks once a year at his Annual ERISA Seminar in Hawaii.

We'd also like to extend a big thank-you to our co-sponsors, Empower Retirement, Millennium Trust Company, and DFA Funds!

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Tags: ERISA, Retirement Planning, retirement, brokers, Education, continued education, sal tripodi, empower retirement, dfa funds, millennium trust company

An Improved User Experience: Software and Design Updates Coming June 2018

Posted by Lindsay Barnard on Thursday, June 07, 2018 @ 09:09 AM

At 24HourFlex, we are always looking for ways to make your day better and simplify your life. That's why we partner with WEX Health to bring you to the most powerful and intuitive software to help you manage your benefits.

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Tags: COBRA, COBRA Administration, COBRA TPA, FSA, HSA, third party administrator, technology, online resources, software, wex health, mobile app

3 Ways to Help Employees Manage Their Healthcare Expenses

Posted by Lindsay Barnard on Wednesday, May 30, 2018 @ 12:09 PM

The United States now spends almost twice as much on healthcare as other advanced industrialized countries, even though just a few decades ago our healthcare spend was closely aligned to that of other countries. As a result of the rising cost of healthcare, changes to employment and benefits laws and the availability of new benefits options, the employee benefits landscape in the U.S. has also been dramatically altered. One in four Americans now report that the cost of healthcare is the biggest concern facing their family, according to a Monmouth University poll. This makes it more important than ever for employers to offer their employees the guidance and tools they need to manage their healthcare plans and costs. Here are three approaches to help employees manage their healthcare expenses:

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Tags: FSA, Healthcare, HSA, HDHP, employees, employers, Employee Engagement, cdhp, consumer, hra, tax savings

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