FREQUENTLY ASKED QUESTIONS

The IRS has released 2024 contribution limits for FSAs, HSA and commuter benefits:

FSA (medical, limited, and combination FSAs): $3,200 per year

FSA carryover: $640 per year

Commuter benefits: $315 per month

QSEHRA: $6,150 ($12,450 for family coverage)

HSA: Single $4,150 and Family $8,300 per year

View full comparison breakdown here

ESG offers a variety of employee benefit plans including health, dental, vision, life, and disability insurance.

Our health insurance coverage area includes all 50 states in the US. We partner with major insurance carriers to offer comprehensive coverage options.

To enroll in an employee benefit plan, please contact ESG and one of our representatives will guide you through the enrollment process.

Eligibility criteria may vary depending on the specific benefits program. Generally, full-time employees who work at least 30 hours per week are eligible for our benefits programs. Some programs may also have specific eligibility requirements based on job title or length of service.

An HSA, or Health Savings Account, is a tax-advantaged savings account that can be used to pay for qualified medical expenses. It is available to individuals who are enrolled in a high-deductible health plan (HDHP).

Qualified medical expenses that can be paid for with HSA funds include deductibles, copayments, prescriptions, and certain medical procedures and services. For a complete list of qualified expenses, please refer to IRS Publication 502.

The Health Savings Account (HSA) triple tax advantage refers to the unique tax benefits associated with HSAs, which are specialized accounts designed to help individuals save and pay for qualified medical expenses. The "triple tax advantage" refers to three key tax benefits that HSAs offer:

1. Tax-Deferred Contributions: Contributions made to an HSA are pre-tax, meaning they are deducted from your gross income before calculating your taxable income. This reduces your overall taxable income for the year, which can result in lower income tax liability.
2. Tax-Free Earnings: The funds in an HSA can be invested, and any earnings on those investments are tax-free. This means that the growth and dividends earned on the investments within the HSA are not subject to capital gains taxes.
3. Tax-Free Withdrawals: When you use the funds in your HSA to pay for qualified medical expenses, those withdrawals are also tax-free. This includes payments for a wide range of medical costs, such as doctor's visits, prescription medications, dental and vision care, and more.

In essence, the HSA triple tax advantage allows individuals to contribute to the account with pre-tax dollars, earn investment returns tax-free, and withdraw funds for eligible medical expenses without incurring taxes. This combination of tax benefits makes HSAs a powerful tool for managing healthcare costs and saving for medical expenses in a tax-efficient manner. It's important to note that in order to take full advantage of the triple tax benefits, you need to use the HSA funds solely for qualified medical expenses.

Yes, we offer commuter benefits such as transit passes and parking subsidies. These benefits help employees save money on their daily commute and reduce their carbon footprint.

We offer both 401(k) and IRA retirement plans, which are managed by reputable financial institutions. Our retirement plans come with a range of investment options and flexible contribution options.

A 401(k) plan is a retirement savings plan that is sponsored by an employer. Employees can contribute a portion of their pre-tax income to the plan, and the employer may also contribute to the plan on behalf of the employee.

A Roth 401(k) is a type of 401(k) plan where contributions are made with after-tax dollars. This means that withdrawals in retirement are tax-free, as opposed to traditional 401(k) plans where withdrawals are taxed as income.