The IRS has released its 2025 contribution limits for both Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs). Here’s everything you need to know about these tax-advantaged healthcare savings options for the coming year. Quick Reference Guide FSA Limits Year Annual Limit Monthly Equivalent 2025 $3,300 $275 2024 $3,200 $267 Increase $100 $8 HSA […]
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A letter of medical necessity (LMN) is a document that a licensed medical provider can give a patient to assist with getting certain medical expenses covered by their flexible spending account (FSA) or health savings account (HSA). The document would detail why the doctor felt it was medically necessary for their patient to receive a
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In a recent announcement made on March 6th, 2024, the Internal Revenue Service (IRS) issued a stern reminder to taxpayers and health spending plan administrators regarding the eligibility of general health and wellness expenses for reimbursement under the tax law. Amid growing concerns over misleading advertisements, the IRS clarified that personal expenses for general health
So the holiday season has you in the gifting spirit, and you’re looking at your balance wondering if you can donate your FSA funds or buy items to donate. Or maybe you’re hopeless, and after looking at thousands of FSA eligible items you think someone else is better off with the money. Whatever the reason,
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Exciting news is on the horizon for 2024 as the IRS has just unveiled some key updates to contribution limits for Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). Let’s break down the highlights that can reshape your healthcare financial strategy: HSA Limits for 2024: Individuals with self-only coverage can now contribute up to $4,150
Are you planning on quitting your job, preparing for layoffs, or just got let go? Wondering what will happen to your FSA or HSA account, and whatever funds that were left in there? Here’s what you need to know. Who owns my FSA account? Flexible spending account holders typically think that they are the owners
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PSA: 2022 Updates for your FSA and HSA As the clock inches closer to midnight, and the ball is about to drop, thinking about your flexible spending account likely is the last thing on your mind. However, with all the changes made this year, perhaps you should (at least read this article). Typically, your employer
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