Starting January 15, 2022, employees and dependents covered by an employer-sponsored health plan can go online, to a pharmacy or store, buy a test approved by U.S. Food and Drug Administration, and either get it paid for upfront by their health plan or get reimbursed… [Read more]
Urgent Care or Emergency Room?
Throughout the years, we have all had instances where we are not sure whether to use urgent care or the emergency room when a sudden illness or injury occurs. With the holidays upon us and the cold/flu season in full force, it’s good to know… [Read more]
Maintaining Proper Beneficiary Designations for your Life Insurance
Many employers offer company paid group life insurance to their employees. The ultimate goal? Protect the financial future of the employee’s loved ones. While this goal may sound straightforward, designating beneficiaries and ensuring that the policy pays according to an employee’s wishes is not as… [Read more]
IRS Increases Annual FSA Limit to $2,850 for 2022
The IRS announced that the annual contribution limit for health care flexible spending accounts (health FSAs) will increase to $2,850 for 2022 (from $2,750) and the maximum carryover amount will rise to $570 (from $550). Health FSAs The chart below shows the adjustment in health… [Read more]
IRS Issues 2022 Retirement and Pension Plan Limits
401(k) Contributions Employee 401(k) contribution maximums for 2022 will increase to $20,500—a $1,000 increase from the $19,500 cap for 2021 and 2020—the IRS announced on Nov. 4. Plan participants age 50 or older next year can contribute an additional $6,500, unchanged from 2021. The limit on total employer-plus-employee… [Read more]