health savings accounts

Posted January 4th, 2017 in Producers, Employers, Individuals
The deadline to make HSA contributions for the 2016 tax year is April 18, 2017. The deadline would normally be April 15th, which is the usual deadline to file federal tax returns, but that day falls on a Saturday this year so the IRS has announced they will allow a few extra days to submit 2016 tax returns. 
 
Posted June 7th, 2016 in Producers, Employers, Individuals
Telemedicine can generally be defined as a way to provide a broad range of health-related services by phone or through an online platform. Several employers and insurance carriers offer telemedicine services in conjunction with their health plan(s) as a way to provide a cheaper alternative of diagnosing and treating common illnesses, such as the cold or flu. 
 
Posted August 7th, 2015 in Producers, Employers, Individuals
In a perfect world we would all save as much money as we could for retirement, but the reality is the average person has a limited amount they can save for the future. That being said, some Health Savings Account (HSA) advocates are saying employees should consider funding an HSA before a 401(k) or other retirement savings vehicle. Advocates stress that HSAs have one leg up on 401(k) plans because of a triple tax advantage feature.
 
  1. HSA contributions are tax deductible……just like 401(k) contributions.
Posted June 13th, 2014 in Producers, Employers, Individuals

On June 1, 2014, same-sex marriage became legal in the state of Illinois. As a result, we wanted to revisit marriage as a qualifying event for health insurance coverage and discuss how account-based health plans are impacted.

Posted June 6th, 2014 in Employers, Producers

A recent analysis predicts that 50 million Americans will be covered by Health Savings Account (HSA)-qualified health plans by Jan. 1, 2019up from approximately 11 million today. With the creation of private exchanges spurred on by the Affordable Care Act (ACA), these consumer-driven health plans have been revealed as a crowd favorite.

Posted May 30th, 2014 in Producers, Employers, Individuals

Can an individual be covered by more than one “Flex Plan” at the same time?

Yes, Health Care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs) can be combined in certain circumstances.

Posted April 2nd, 2014 in Producers, Employers, Individuals

Each year on April 2, the International Foundation of Employee Benefit Plans (IFEBP) champions the effort to recognize all those who participate in the employee benefits industry and their hard work. As an IFEBP member, Flexible Benefit Service Corporation (Flex) wants to thank you for your business and remind you to participate in the festivities, as well.

Posted February 26th, 2014 in Producers, Employers, Individuals
Meet José. He is ready to file his taxes and needs a little help with what is required for him since this is his first year with a health savings account (HSA).
 
This handy infographic lists the forms needed for individuals with HSAs when filing taxes in 2013.
Posted February 19th, 2014 in Producers, Employers, Individuals

When it comes to Health Savings Accounts (HSAs), one of the most common questions we hear is, “Can people aged 65 and older contribute to an HSA?” Many people would answer no to this question, but that is not always the case.

The fact that someone turns 65 does not automatically disqualify him from making contributions to an HSA, but enrollment in Medicare does.

Posted December 13th, 2013 in Producers, Employers, Individuals

Flexible Benefit Service Corporation (Flex) has been administering Health Savings Accounts (HSAs) since the beginning. These ten years have gone by fast, and every year more and more people are starting to take notice of them. They have been celebrated as popular, consumer-driven and a great tool for retirement planning.

Moreover, HSA participants themselves have received the reputation of being cost-savvy and more involved overall in their health care spend. While HSAs are not for everyone, these plans offer consumers a triple tax advantage – which is not very common in the tax code.

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