Health Care – DougFreemanCPA.com

Is an HDHP plus an HSA a financially smart health care option for you?

Health Care, Health Care Insurance, Health Savings Account, High Deductable Health Plan, Individual Income Tax, Individual Tax Tips, Medical Deductions, Medical Expenses, Qualified Medical Expenses / Douglas Freeman

Health care costs continue to increase. Pairing a high-deductible health plan (HDHP) with a Health Savings Account (HSA) can help. Insurance premiums will be lower because of the high deductible. And the HSA provides a tax-advantaged way to fund the deductible and other medical expenses. 5 HSA tax benefits HSAs offer both current and future […]

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5 ways businesses can assess health care benefits spending

Company Health Care Plans, Employees, Empolyee Health Coverage, Health Care, Health Care Insurance, Small Business Owners / Douglas Freeman

If your business sponsors health care benefits for its employees, you know the costs of doing so are hardly stable. And unfortunately, the numbers tend to rise much more often than they fall. According to global consultancy Mercer’s Survey on Health & Benefit Strategies for 2026, 51% of large organizations surveyed said they’re likely to make

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Taming the tax tangle if you’re retiring soon

401K, Federal Taxes, Health Care, Income Sources, Ordinary Income Tax, Pension benefit, Qualified Charitable Distribution (QCD), Required Minimum Distributions (RMDs), Retirement, Roth IRA, Social Security Tax, Tax Planning / Douglas Freeman

Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if you’re approaching retirement, along with the tax implications.

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Inflation enhances the 2025 amounts for Health Savings Accounts

Health Care, Health Savings Account, High Deductable Health Plan, HRA, HSA, Medical Expenses / Douglas Freeman

The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These amounts are adjusted each year, based on inflation, and the adjustments are announced earlier in the year than other inflation-adjusted amounts, which allows employers to get ready for the next year. Fundamentals of HSAs An HSA is a trust

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Cost containment: An important health care benefits objective for businesses

Company Health Care Plans, Employees, Health Care, Health Care Insurance, Health Insurance Marketplace, Health Savings Account, High Deductable Health Plan, Small Business, Small Business Tips / Douglas Freeman

As the Fed continues to do battle with inflation, and with fears of a recession not quite going away, companies have been keeping a close eye on the costs of their health insurance and pharmacy coverage. If you’re facing higher costs for health care benefits this year, it probably doesn’t come as a big surprise.

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Supplementing your company’s health care plan with an EBHRA

EBHRA - Excepted Benefit Health Reimbursement Arrangement, Health Care, PHSA- Public health Service Act / Douglas Freeman

Is your business ready to take its healthcare benefits to the next level? One way to do so is to supplement group health coverage with an Excepted Benefit Health Reimbursement Arrangement (EBHRA). Here are some pertinent details. Rules to follow. Under a traditional HRA, the employer owns and funds the tax-advantaged account up to any

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Key aspects of a successful wellness program

Company Wellness Programs, Employees, Health Care / Douglas Freeman

Wellness programs have found a place in many companies’ health care benefits packages, but it hasn’t been easy. Because these programs take many different shapes and sizes, they can be challenging to design, implement and maintain. There’s also the not-so-small matter of compliance: The federal government regulates wellness programs in various ways, including through the

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Is your business required to report employee health coverage?

Company Health Care Plans, Employee Benefits, Employees, Form W-2, Health Care, Small Business / Douglas Freeman

As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic rules. Certain employers with 50 or more full-time employees (called “applicable large employers” or ALEs) must use Forms 1094-C and 1095-C to report the information

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2022 deadlines for reporting health care coverage information

Affortable Care Act (ACA), Applicable Large Employer (ALE), Employees, Health Care, Health Care Insurance, Health Insurance Marketplace, Internal Revenue Service (IRS), Small Business, Small Business Owners / Douglas Freeman

Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they’ve had on the payroll. This is because a company with 50 or more full-time employees or full-time equivalents on average during the previous year is considered an applicable large employer (ALE)

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Remember to use up your flexible spending account money

FICA, Flexable Spending Accounts, Health Care, Itemized Deduction, Tax, Tax Deduction, Tax Planning / Douglas Freeman

Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses. A pre-tax contribution of $2,750 to a health FSA is permitted in 2021.

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