Benefits Geek https://benefitsgeek.com/ Understanding Insurance and Benefits Sat, 10 Jun 2023 18:50:50 +0000 en-US hourly 1 https://benefitsgeek.com/wp-content/uploads/2021/04/cropped-BGFavicon20210423-32x32.png Benefits Geek https://benefitsgeek.com/ 32 32 HSA Limits for 2024 Already Announced by IRS https://benefitsgeek.com/hsa-limits-for-2024-already-announced-by-irs/ Sat, 10 Jun 2023 18:50:44 +0000 http://benefitsgeek.com/?p=392 The IRS has announced the new 2024 limits for HSA contributions. Thanks to inflation, there has been a significant increase in those amounts.

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]]> Comparing the Pros and Cons of HSAs 2023 https://benefitsgeek.com/comparing-the-pros-and-cons-of-hsas/ Thu, 20 Apr 2023 01:33:28 +0000 http://benefitsgeek.com/?p=294 HSAs are savings accounts where you save pre-tax dollars that can be used for certain medical expenses that your health insurance is not paying for.

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]]> Savings Account Limits and Carryover Rules for 2021 – FSA and HSA https://benefitsgeek.com/savings-account-limits-and-carryover-rules-for-2021-fsa-and-hsa/ Sat, 30 Jan 2021 20:14:53 +0000 http://benefitsgeek.com/?p=332 Introduction In addition to the usual inflation-based changes to certain tax-advantaged savings plans, 2021 sees updates to key rules about carryover amounts and mid-year election changes. The 2021 annual contribution limits for health savings accounts (HSAs) have been increased as have out-of-pocket maximums for high-deductible health plans (HDHPs). Rules about carryover amounts and mid-plan year […]

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]]> Retirement Plan Contribution Limits 2021 https://benefitsgeek.com/retirement-plan-contribution-limits-2021/ Sat, 23 Jan 2021 22:58:43 +0000 http://benefitsgeek.com/?p=304 Participant Contribution Limits It’s time to review the 2021 IRS retirement plan contribution limits for various types of plans including the 401(k), 403(b), 457(b), IRA, and SIMPLE IRA. For my purposes here, I’m looking only at defined contribution plans that allow participant contributions. SEP-IRA plans and traditional pensions are separate topics not covered here. Generally, […]

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]]> Social Security Contribution Limits and How They’re Calculated https://benefitsgeek.com/social-security-contribution-limits-and-how-theyre-calculated/ Thu, 21 Jan 2021 00:01:31 +0000 http://benefitsgeek.com/?p=300 What Are Social Security Contribution Limits While most wages and self-employment earnings are potentially subject to Social Security taxes, the total amount of actual tax liability in a calendar year is limited in two main ways. One, there is a hard cap on the total amount of tax for retirement and disability. Two, certain deductions […]

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]]> Retirement Plan Contribution Limits 2019 https://benefitsgeek.com/retirement-plan-contribution-limits-2019/ Wed, 27 Feb 2019 21:26:08 +0000 http://benefitsgeek.com/?p=245 Participant Contribution Limits As they do every year, the IRS has published the 2019 retirement plan contribution limits for the various types of plans including the 401(k), 403(b), 457(b), IRA, and SIMPLE IRA. For my purposes here, I’m looking only at  defined contribution plans that allow participant contributions.  SEP-IRA plans are a separate topic not […]

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