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To qualify for a QSEHRA, a small employer generally must: Have fewer than 50 full-time employees. Provide the arrangement on the same terms to all full-time employees (reimbursement amounts may only vary based on age and the number of individuals covered)
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Paychex offers Health Savings Accounts (HSA) to help with qualified medical expenses and save on taxes.
What Is Paychex Flex? Paychex Flex is our all-in-one solution for all things HR \u2014 payroll, time and attendance, and more. Among the benefits of using Paychex Flex, the platform can help automate key HR, payroll, and benefits functions through a single platform, backed by experienced, U.S.-based support.
Some of the more common expenses that HRAs can help pay for include: Monthly premium payments. Payments toward a deductible. Copays. Routine doctor's visits. Hospital expenses. Dental care. Blood pressure monitors. Vision care, including eyeglasses, contact lenses and exams.
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The money is yours forever even if you decide not to use it for healthcare expenses. You can allow the money to grow and can keep the funds in an HSA even if you change funds or retire. In fact, some people use their HSA as part of their retirement planning.
A Flexible Spending Account (also known as a flexible spending arrangement) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside.
What Is Paychex Flex? Paychex Flex is our all-in-one solution for all things HR \u2014 payroll, time and attendance, and more. Among the benefits of using Paychex Flex, the platform can help automate key HR, payroll, and benefits functions through a single platform, backed by experienced, U.S.-based support.
Also known as a medical FSA, a health care flexible spending account allows employees to use pre-tax dollars for out-of-pocket medical expenses such as doctor co-pays, prescriptions, deductible expenses, and other eligible medical expenses.
An FSA allows you to contribute pre-tax dollars from your salary. Your employer may also make contributions to your FSA account. You may withdraw the money tax-free if it's used for qualifying expenses.