Blog - Page 12 of 18 - Beckham Ellis Insurance Group

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What Are the FSA Limits for 2023?

With costs rising yearly, it’s becoming increasingly difficult for everyday people to pay for their annual medical expenses. In addition to increasing health insurance premiums, the costs for the actual medical expenses that people are forced to pay out of pocket are also growing. To help offset some of these costs, the IRS has created multiple savings accounts that allow people to set aside money on a tax-free basis to help them pay their medical expenses. One of the most popular plan types is a Flexible Spending Account or FSA.

The IRS annually sets contribution limits for FSAs and other tax-advantaged medical savings accounts. Below, we’ll explain FSAs, how they can be used, and the IRS limits for 2023.

Your Guide to 2023 HSA Eligibility Requirements

/in Blog /by Beckham Insurance Group

In recent years, the IRS has made available tax-advantaged savings accounts specifically designed to pay for out-of-pocket medical expenses. With healthcare costs rising across the country—and with high-deductible health plans becoming the norm increasingly—the federal government has been trying to encourage people to set money aside to pay for medical costs.

One of those accounts is called a Health Savings Account, or HSA. People with these accounts can contribute to them using pre-tax dollars, which lowers their overall medical costs and has the side benefit of reducing their taxable income.

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Your Guide to Health Insurance Captives and Consortiums

/in Blog /by Beckham Insurance Group

Health insurance costs are rising yearly, creating significant challenges for individuals and employers who provide health coverage to their workers. With no control over where health insurance costs will go in the future, employers are turning to alternative options to keep these expenses lower.

Two major alternative options today are health insurance captives and consortiums. These plans provide new ways employers can fund their health insurance plans to help offset high costs. Let’s learn about these two alternatives below.

Files sitting on a table for ACA IRS reporting

IRS ACA Reporting & What You Need to Know

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The Affordable Care Act first went into effect in 2010. Five years later, the Employer Mandate—known officially as the Employer Shared Responsibility Provisions, or ESRPs—took effect. In essence, the Employer Mandate is a list of provisions that large employers must abide by regarding offering health insurance to their employees. If they fail to meet these guidelines, they can face hefty taxes and penalties from the IRS.

There are reporting guidelines outlined by the ACA, along with their associated penalties for noncompliance. To learn more, read on for your guide to IRS ACA reporting.

The Best Things to Buy with Your FSA

/in Blog /by Beckham Insurance Group

The proliferation of high deductible health plans has sharply increased employees’ costs for their health care. In response, the federal government has created multiple tax-advantaged accounts to pay for medical expenses. One such account is called a Flexible Spending Account (FSA). Employees can set up these accounts with their employer, allowing them to pay qualifying out-of-pocket medical expenses in tax-free dollars.

There are many benefits to having an FSA, some of which we’ll describe below. However, knowing some of the best things to buy with an FSA is essential to maximize the benefits. Here’s your guide!

10 Health Insurance Terms You Need to Know

/in Blog /by Beckham Insurance Group

Health insurance is commonplace among Americans, but how many people understand their coverage? The answer, unfortunately, is probably not many.

Every year, Americans have a choice about what type of health coverage they wish to purchase during open enrollment. However, selecting which plan is best for you can be challenging if you don’t understand essential terms. To help, read on for an explanation of 10 health insurance terms you need to know.

Your Complete Guide to HRA Eligible Expenses

/in Uncategorized /by Beckham Insurance Group

Health Reimbursement Accounts, or HRAs, are a great tool that people can use to reimburse themselves for expenses related to dental and healthcare. However, not all expenses are eligible for reimbursement.

2023 ACA Compliance & What You Need to Know

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When the Affordable Care Act was enacted in 2010, group health plan coverage changed dramatically. The act changed how people had access to healthcare in the U.S. and also put new requirements on businesses that employ workers.

Your Guide to 401k Contribution Limits for 2023

/in Blog /by Beckham Insurance Group

Many workers nationwide use employer-sponsored retirement plans to help them stash money away when they’re no longer working. These retirement plans have many benefits, including potential employer matching funds and tax advantages.

Computer sitting on a desk for research: 2023 health insurance price comparison tool requirements

2023 Health Insurance Price Comparison Requirements & What You Need to Know

/in Blog /by Beckham Insurance Group

2023 is here, and with the new year comes new health insurance requirements from The Department of Labor (DOL). This year, all group health plans and insurance issuers must provide internet-based price comparison tools.

Beginning on January 1, these price comparison tools are required—no exceptions—and must be available for all 2023 group health plans. For the remainder of the year, this tool must be available to compare over 500 shoppable items, services, and drugs. However, beginning in 2024, the comparison tool requirements will extend to all covered items, services, and drugs.