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The article from Kiplinger Personal Finance provides year-end money moves to make in 2024, focusing on boosting retirement savings, lowering taxes, and maximizing health insurance benefits. It suggests contributing to retirement plans like a 401(k) or IRA, taking required minimum distributions, and utilizing tax breaks for deductible expenses. The article also highlights strategies for reducing estate taxes, checking tax withholding, and managing investments to avoid unnecessary tax liabilities. Additionally, it emphasizes utilizing flexible spending accounts for health care expenses before the year-end deadline. [Extracted from the article]

The article discusses the child care crisis in the United States and how some employers, such as UPS and KinderCare, are stepping up to support their employees. The loss of federal aid during the pandemic has exacerbated the shortage of child care options, leading to financial repercussions for both working parents and businesses. Offering child care benefits, such as backup care, onsite care, subsidies, and dependent care flexible spending accounts, can have a positive impact on productivity, recruitment, and retention. However, there are differing perspectives on whether child care subsidies and onsite care provided by employers are the best solutions, with some arguing for more public funding for the child care system. [Extracted from the article]

This document provides information on various obstacles to retirement savings and offers strategies to overcome them. It discusses the option of borrowing from a 401(k) plan, the rising cost of child care, college costs, health care costs, caregiving responsibilities, and running out of time to save. The document emphasizes the importance of taking advantage of tax breaks and workplace benefits, such as dependent-care flexible spending accounts and 529 college-savings plans. It also highlights the benefits of health savings accounts and offers advice on navigating divorce and protecting retirement savings. [Extracted from the article]

Alex Cyriac, co-founder of Lively, a fintech company that offers health savings accounts (HSAs), was inspired to create a consumer-friendly alternative to the health insurance industry after his mother faced financial difficulties due to medical complications. Lively aims to provide a better experience for users by offering fewer forms, fees, and unhelpful customer service representatives. The company has experienced significant growth and currently has over $1.5 billion in HSA assets on its platform. Cyriac's personal mission is to ensure that people have access to the care they need without being burdened by high costs. [Extracted from the article]

The article titled "Food for thought: What can health FSAs reimburse for?" discusses the tax implications of using health flexible spending accounts (FSAs) to reimburse employees for food expenses. The IRS states that, with the exception of over-the-counter drugs, reimbursements for personal expenses like food are fully taxable. The article also warns against companies that market non-medical expenses as FSA-reimbursable and emphasizes that expenses must fall within the narrow category of deductible medical expenses outlined in tax code Section 213. The article provides examples and clarifies what types of food and services can be reimbursed tax-free. [Extracted from the article]

LSAs offer a low-risk, personalized financial wellness resource for employees. [ABSTRACT FROM AUTHOR]

A study conducted by researchers at Harrisburg University of Science and Technology used machine learning to identify factors that contribute to the cost-effectiveness of over-the-counter medications. The study analyzed data from Amazon and found that factors such as eligibility for Flexible Spending Account (FSA) or Health Savings Account (HSA) funds, symptom treatment range, safety warnings, special effects, active ingredients, and packaging size significantly impact cost-effectiveness. The research aims to help consumers make informed purchasing decisions and assist manufacturers and retailers in enhancing product competitiveness. The findings support better decision-making in the pharmaceutical industry by highlighting factors that drive cost-effective medication purchases. [Extracted from the article]

Workers three-quarters of a century ago would not recognize today's employee benefits. Benna says he "saw an opportunity to allow employees to use this provision as a way to save pretax for retirement, and to add employer contributions with a tax break for matching contributions. 1980 Ted Benna creates a 401(k) plan that allows employees to defer regular compensation into a retirement plan with an employer match. [Extracted from the article]

The article offers information that Open enrollment is always an intense and stressful time for HR teams, as well as benefits brokers and TPA. It also discusses that employers and their benefits advisers must do more than put a new facade on existing benefits packages.

The article focuses on a study commissioned by the Council for Responsible Nutrition (CRN), revealing that the dietary supplement industry had a total economic impact of 158.6 billion U.S. dollar in 2023, representing a 23 present increase from 2016. It mentions the study aims to highlight the industry's importance through jobs, wages, taxes, and contributions, providing valuable information for legislators to consider when developing or revising laws that may impact supplement companies.

The article from Kiplinger Personal Finance discusses how parents can lower child-care costs by utilizing a dependent-care flexible spending account (FSA). This account allows parents to set aside up to $5,000 a year in pretax money for various child-care expenses, such as babysitters, before- and after-school programs, and summer day camps. The article also highlights the eligibility criteria for a dependent-care FSA, the contribution limits based on tax-filing status, and the importance of using up the funds by the end of the year to avoid forfeiting any unused balance. Additionally, it mentions the child- and dependent-care tax credit as another option to offset care expenses. [Extracted from the article]

The Internal Revenue Service (IRS) has announced key changes for 2024 that employers and employees need to know. The Section 415 limit on annual additions to a participant's retirement plan account will increase from $66,000 to $69,000, and the annual deferral limit for 401(k), 403(b), and 457(b) plans will increase from $22,500 to $23,000. The maximum contribution to a Health Savings Account (HSA) will rise from $3,850 to $4,150 for individual coverage and from $7,750 to $8,300 for family coverage in 2024. Other changes include increases in compensation limits, IRA contributions, and out-of-pocket limits for health plans. [Extracted from the article]

The new, higher limits on retirement savings for 2024 provide an opportunity for financial advisors and clients to consider larger contributions and other strategies. The maximum allocations for workplace savings have increased by $500 to $23,000, and for Roth or traditional IRAs, the limit is now $7,000. These changes could impact how much clients save for retirement, their overall cash flow, and their use of other savings or investment accounts. However, it is important to note that these limits are meant as a planning guide and do not need to be met every year. Other topics for discussion include the choice between traditional and Roth savings, self-employment vehicles, and the role of real estate in retirement planning. Health savings accounts are also recommended for clients with high deductible insurance plans. [Extracted from the article]

The IRS has announced that the contribution limits for Health Savings Accounts (HSAs) will increase in 2025. Self-only enrollees can contribute up to $4,300, while self-plus-one and self & family enrollees can contribute up to $8,550. To have an HSA, individuals must enroll in a high deductible health plan (HDHP). HDHPs have higher deductibles than other plans, but they offer lower premiums and fund the HSA with monthly pass-throughs to help with out-of-pocket costs. HSAs are triple tax-advantaged and can be used for qualified healthcare expenses or as a flexible retirement account. [Extracted from the article]

A study conducted by researchers at Duke University Medical Center examined the benefits packages offered to resident physicians at the top 50 academic institutions in the United States. The study found that residents were more likely to receive parking benefits and gym memberships, while full-time employees were more likely to be offered flexible spending accounts, retirement benefits, and tuition support. The researchers concluded that further discussion is needed regarding the benefits offered to physicians and their impact on resident well-being. The study has been peer-reviewed and published in the Journal of Surgical Education. [Extracted from the article]

High Deductible Health Plans (HDHPs) in the Federal Employees Health Benefits (FEHB) program have higher deductibles compared to traditional HMO and PPO plans. The deductible for self-only coverage ranges from $1,600 to $2,000, while for self-plus-one or self-&-family coverage, it ranges from $3,200 to $4,000. However, HDHPs generally have lower premiums and offer free preventive care. They also provide a Health Savings Account (HSA) to help cover out-of-pocket costs. The HSA is funded by the HDHP and allows for additional voluntary contributions, with triple tax advantages. HDHPs are considered one of the cheapest plan types for federal employees and annuitants. The HSA is fully portable and can be used for qualified healthcare expenses even after switching plans. It can also be used as a flexible retirement account. It is recommended to sign up for a Limited Expense Health Care Flexible Spending Account to preserve the HSA balance. It is important to carefully consider healthcare expenses and check the provider directory before enrolling in an HDHP. [Extracted from the article]

This article provides information on dental benefits for federal employees. It explains that dental coverage is often limited to preventive procedures and requires the use of in-network providers. The article also discusses the benefits of FEDVIP plans, which are standalone dental plans with no government contribution to the premium. It highlights the importance of considering in-network providers, annual benefit maximums, dependent coverage, orthodontic coverage, and flexible spending accounts. The article suggests that federal employees compare FEHB and FEDVIP plans to find the best value for their dental needs. [Extracted from the article]

More than half of US companies are prioritizing child-care benefits in 2024, according to a survey from Care.com. These benefits, such as extra paid time off for sick children and cash stipends for babysitters, are becoming more important to employees and prospective hires. The rising cost of child care and limited options are putting pressure on parents, and the lack of access to affordable care is a barrier for working parents. While some companies are increasing child-care perks, others are cutting back, and many Americans still do not receive any assistance. [Extracted from the article]

The article focuses on taxation of menstrual products. It reports on an estimate on spending in menstrual products like sanitary pads, tampons and pain medication by menstruators during their lifetime. It highlights the impact of tampon tax on period poverty. It also offers information on Health Savings Account and Flexible Spending Account offered by some employers of the U.S. for employees, as of May 2021.

Employers B and C are treated as a single employer under the aggregation rules and therefore are treated as a single employer for purposes of determining the employee retention credit; they are an eligible employer. If a third-party payer (such as a CPEO, PEO, or other section 3504 agent) is claiming the employee retention credit on behalf of the client employer, the third-party payer may rely on the client employer's information regarding the client employer's eligibility to claim the employee retention credit. Answer 66: If a third-party payer (such as a CPEO, PEO, or other section 3504 agent) is claiming the employee retention credit on behalf of the client employer, it must collect from the client employer any information necessary to accurately claim the employee retention credit on its client employer's behalf. Employee G is employed by both Employer E and Employer F. Employee G received $10,000 in qualified wages from each employer during the second quarter of 2020, for a total of $20,000. An employer that started its business operations during 2020 determines the number of its full-time employees by taking the sum of the number of full-time employees in each full calendar month in 2020 in which the employer operated its 15 As noted above, this notice does not provide guidance with respect to the extension of the credit for qualified wages paid after December 31, 2020, and before July 1, 2021. [Extracted from the article]

6 For example, if an employer sponsored a calendar year § 125 cafeteria plan in 2020 with a health FSA that provides for a $550 carryover, the employer may amend the plan to carry over the entire unused amount remaining in an employee's health FSA as of December 31, 2020, to the 2021 plan year (even if that amount exceeds $550). To accept an employee's revocation of an existing election for employer-sponsored health coverage when the employee does not make a new election to enroll in different health coverage sponsored by the employer, the employer must receive from the employee an attestation in writing that the employee is enrolled, or immediately will enroll, in other comprehensive health coverage not sponsored by the employer. For example, if an employer sponsored a calendar year § 125 cafeteria plan in 2020 with a health FSA, the employer may amend the plan to permit employees to apply the entire unused amount remaining in their health FSAs as of December 31, 2020, to reimburse employees for medical care expenses incurred through December 31, 2021. However, Employee anticipates incurring dependent care 16 Section 129(a) generally excludes from an employee's gross income amounts paid or incurred by the employer for "dependent care assistance" provided to the employee if the assistance is furnished pursuant to a dependent care assistance program. [Extracted from the article]

Consider Opening a Tax-Advantaged Account Health savings accounts (HSAs) and flexible spending accounts (FSAs) let you put away pretax dollars to cover certain health care costs, like medications, doctor visits, and drugstore items. For a clearer picture of how much a plan costs, Kolstad says to multiply the monthly premium by 12, then add the cost of the deductible. Ah, open enrollment season - the time of year that makes many of us wish we had a PhD in insurance speak. [Extracted from the article]

The article focuses on the Coronavirus Aid, Relief and Economic Security (CARES) Act passed by the U.S. Congress. Topics discussed include recovery rebates for individual taxpayers, the CARES Act waives the penalty on early withdrawals and the CARES Act enhances tax incentives for making charitable contributions for the 2020 tax year.

Express Scripts Strategic Development Inc. has been issued a patent for methods and systems for managing prescriptions. The patent describes a system that automates the filling and dispensing of prescription drugs based on guidepost dates. The system includes a benefit manager device operated by a pharmacy benefit manager (PBM) and a pharmacy device in communication with each other. The system aims to streamline the prescription filling process and reduce the burden on PBMs, pharmacies, and mail carriers. The patent provides detailed descriptions of the system's components and their functions. [Extracted from the article]

Sleep Reset, a clinically-proven sleep program, is now eligible for purchase using Health Savings Account (HSA) and Flexible Spending Account (FSA) funds. This allows individuals to use their pre-tax funds to buy Sleep Reset before their balances reset at the end of the year. The program aims to improve sleep quality and is accessible through a mobile app. Insomnia is a widespread sleep disorder in the United States, and Sleep Reset offers an insomnia quiz to help individuals determine if they may have insomnia. A recent study found that Sleep Reset members experienced significant improvements in their sleep. [Extracted from the article]

The Federal Employees Health Benefits Program Open Season is ending on December 11th, and there are important factors to consider before making your plan choice. It's crucial to not assume that your current plan will remain the same next year, as premiums and benefits can change. Additionally, it's important to check if your current providers will still be in-network and if your prescription drugs will be covered. There are also changes in plan availability, with some plans leaving the program and new plans being added. It is recommended to consider switching plans, as there can be significant cost savings by choosing a different plan. It is also advised to take advantage of flexible spending accounts to save money on healthcare expenses. For annuitants, there are new Part D Prescription Drug Plans being offered, which may be beneficial for those with moderate to high prescription drug costs. However, there are certain cases where the Part D plan may not be the best choice, such as for individuals with high income or those receiving drug manufacturer assistance. It is important to carefully review Part D coverage to determine if it is the right option. Overall, it is recommended to thoroughly research and consider all options before making a decision, as Open Season ends on December 11th. [Extracted from the article]

The article focuses on study from the research firm Benepass that reveals surge in lifestyle spending account adoption and the impact of increasing diversity of workforces on employee benefit offerings. Topics discussed include Lifestyle Spending Accounts (LSAs) funded by employers and developed on basis of employee-led benefits, popularity of transit and parking accounts in 2023, and increased contribution in professional and food benefits.

Bryan-Podvin also recommends fact-checking nagging thoughts, like "I'm never going to find a job." "Depending on how much money is in your health care FSA, you could lose up to $3,050", says Kendall Meade, a certified financial planner at SoFi, an online personal finance company and lender. For instance, you might add up all the times you got a job offer or track how many jobs you apply to each week. [Extracted from the article]

This article presents a list of the best employers in Ohio, highlighting their workplace policies, practices, and employee surveys. The top employers in the small/medium category include companies such as MorelandConnect, Payne & Tompkins Design-Renovations, and InfoTrust. These companies prioritize work-life balance, offer unique benefits to employees, and engage in community service. Examples of their initiatives include fully paid maternity and paternity leave, reimbursement for workshops and courses, flexible schedules, and casual dress codes. Additionally, these employers give back to the community through volunteer opportunities, donation drives, and engagement in local health and human services initiatives. [Extracted from the article]

The article discusses development of an individual rehabilitation plan (IRP) to help care for the patient with low vision. It mentions patients voice functional concerns relative to their vision loss, along with asking the appropriate questions to elicit functional concerns when needed, are foundational to the development of an effective IRP.