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Show your tax savvy

How brokers and advisors can help navigate tax rules for HSAs and FSAs

By Karli Dunkelberger | Updated on April 03, 2011

With the tax-filing deadline just around the corner and the ripples of changes from last year’s health care reform law still being felt, this is a busy season for employers and employees alike.

Brokers and advisors can help ease the stress by explaining to their clients how to navigate the rules so that employees can get the most value from their health savings accounts and flexible spending accounts.

Tax Tips

Brokers should remind employers that April 18 – the 2010 tax-filing deadline – is a key date. That is the last day that eligible employees can open and make tax-deductible contributions to their health savings accounts (up to the limits set by the IRS) for 2010. These contributions can be used to pay for qualified medical, dental and vision expenses, such as doctor visits, prescriptions and hospital visits, to name only a few.

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