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The PHIT Act: Could This Be the Game-Changer for American Health?

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  The PHIT (Personal Health Investment Today) Act, currently introduced as H.R. 1582 in the House and S.786 in the Senate, represents a groundbreaking attempt to reshape how Americans approach preventive healthcare and physical fitness. This legislation aims to allow individuals to use pre-tax dollars from Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) […]

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Complete Guide: 2025 FSA and HSA Contribution Limits

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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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IRS Warns Against Misleading Claims: General Health Expenses Not Eligible for Reimbursement

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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

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Unlocking Financial Wellness: IRS Announces Exciting Changes to HSA, and FSA Limits for 2024!

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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

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