An HSA is a special savings account that lets you pay for medical, dental, and vision expenses or save and invest that money tax-free. It’s like a 401(k) for health care—a tax-advantaged account you can use today or save for later. Here’s what you need to know about Individual Health Savings Accounts (HSAs) to decide if it’s right for you!
On Sunday, December 27, 2020, the White House signed into law the Consolidated Appropriations Act of 2021, a massive bill to fund the government that includes several provisions related to Cafeteria Plans, specifically flexible spending accounts (FSAs).
To cater to every learner, ConnectYourCare works to create content that serves a range of needs. To start the new year, we reviewed some of the most common learning styles and the benefits education resources we’ve created for each. Use these to brush up on your own knowledge or share with clients and members to give them a better understanding of the benefits available to them.
We're delighted to introduce the ConnectYourCare podcast, Exclamation! of Benefits. On our podcast, host Carla Wardin talks to people making things happen in the health care benefits industry. The guests are experts in their fields, and they make complicated topics like easy to understand by walking you through common questions and giving their educated, fresh insight into industry trends and issues coming up next. Check out our first episodes!
While the holidays may not bring health care products to mind, this is the time of year when spending down FSA balances is important! The items featured in our 12 Days of Savings are just examples of some of the great FSA-eligible itmes you can buy, and we think they are a bit more practical than gifting loved ones, oh, say, twelve lords a leaping or a partridge in a pear tree. We hope these reminders can help you to make the most of your tax-advantaged accounts while supporting your health and wellness needs. Check the list, download the infographic, and spread the joy of the season!
The COVID-19 pandemic prompted many legislative changes that affected consumer-directed benefits and tax filings, keeping HR administrators and brokers on their toes. Whether employer, broker, or account holder, we’ve recapped nine key benefits legislation updates in 2020 that you should know, plus a checklist to keep handy as we near the end of the year—just in case you lost track or need a refresher.
What do benefits from health savings accounts (HSAs) and flexible spending accounts (FSAs) have to do with celebrating Thanksgiving? We look at an example of some of our favorite holiday traditions to see why you might give thanks for the tax-free benefits these accounts offer when you need them!
As more employers offer high-deductible health plans (HDHPs), more people are opening health savings accounts (HSAs) to offset out-of-pocket spending. Whether you spend or save HSA dollars, you will still reap the rewards of these tax-advantaged accounts. It's a matter of saving now or saving later! Read about the types of HSA owners to see what category you fall into—spender, saver, or rainy day-er!
There is no such thing as too early or too late to start saving for retirement. As the cost of health care continues to rise year after year, health savings accounts (HSAs) are gaining steam as a necessary means to cover medical needs now and long-term care costs in retirement. If you are wondering what an HSA really does and how much should you contribute, our HSA Growth Estimator calculator* may help!
Offering a benefits app is an easy and effective way for employers and brokers to educate people about the value of the benefits package they provide using smart, consumer-driven technology. Learn about the advantages of benefits apps and CYC’s custom solution myCYC mobile app in our new post!