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Lowering the Obstacles to Successful FSA Usage

Flexible spending accounts (FSAs) are the oldest tax-advantaged healthcare spending account currently available and by far the most common. Yet many workers still don’t feel they really understand them. That’s borne out by the relatively low adoption rate at many companies, despite tax savings as high as 40% on the funds set aside. Plus, despite the Carryover option, a significant number of account holders still experience a loss of at least some unspent funds at

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Sleep and the Workplace: An Ultimate Guide

According to the National Institutes of Health, 1 in 3 Americans does not get enough sleep. This can lead to significant health issues as well as problems with workplace performance. Sleep Recommendations Adults age 18 and up should get between 7 and 9 hours of sleep a night. For those who have trouble doing that, the CDC has some recommendations: Common Causes of Sleep Problems There are a number of causes for sleep problems. Some

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Obesity and Rising Healthcare Costs

Over the years, unrealistic body standards have increased with the rise of social media. Yet despite all the pressure, obesity in America has never been higher and is a significant health concern. The impact of obesity on healthcare needs and demand is actually considered a factor in rising healthcare costs. What causes obesity in America? According to the Centers for Disease Control, individuals deemed “obese” weigh more than a healthy amount for their height. To be

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ICHRAs can help businesses provide big benefits

Attractive benefits plans are essential in today’s labor market. Smaller businesses in particular often struggle to find affordable group health insurance plans that comply with ACA regulations. Take a look at how an Individual Coverage Health Reimbursement Arrangement, or ICHRA, can help businesses. What is an ICHRA? ICHRAs are an attractive option for both employers and their employees. Under an ICHRA, employers reimburse employees for their individual health insurance premiums instead of sponsoring a group health plan.

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Quick Guide to HSA Eligible Expenses

Since they were enacted in 2003, Health Savings Accounts (HSAs) have become an integral part of the consumer directed healthcare landscape for those with a high deductible health plan. One of the chief benefits of having an HSA is that account holders can use that money to pay for a wide range of eligible medical expenses for themselves, their spouses, and their tax dependents.

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How do Medicare Set Aside Accounts Work?

A Medicare Set Aside account, also known as an MSA, is an important component of the workers’ compensation payment landscape. Here’s the essential information you need to know about who qualifies for them, how they work, approved expenses, etc. What is a Medicare Set Aside Account? A Medicare Set Aside Account (MSA) is a settlement resulting from a workers’ compensation or personal injury claim. Settlement funds are ‘set aside’ in a special account to pay

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Hiring Troubles? How Current Employees May Help

Many employers are having trouble filling job openings. Avenues to attract new employees – from signing bonuses to additional paid time off – haven’t solved the problem. Human resources experts suggest looking within to see how current employees may be able to help. Reconsider Job Requirements In 2021, Forbes reported that only 36% of Americans 25 and older hold college degrees (Bachelor’s or higher). Meanwhile, 65% of job listings still require them. The educational nonprofit Hechinger Report notes that

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Benefits Debit Cards: More Convenience for Everyone

Linking tax-advantaged benefits accounts such as FSAs and HSAs to benefits debit cards is more convenient for everyone concerned. Employees are able to make eligible purchases without having to front the expense, file a claim, and wait for a reimbursement. Employers and TPAs usually do not have to manually process a claim due to the automated substantiation processes that govern most benefits debit cards. So, let’s learn more about how benefits debit cards offer more

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Can I have an HSA and FSA account at the same time?

If your employer offers both Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), you may be wondering if it’s possible to have both an HSA and an FSA account at the same time. HSA/FSA Accounts If you are enrolled in an HSA-eligible health plan, you can enroll in an HSA account as long as you aren’t also enrolled in Medicare or have some other, disqualifying coverage. Traditional FSA accounts cover most of the same

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Some Nutritional Expenses are FSA/HSA Eligible

Did you know you can use your Flexible Spending Account (FSA) or Health Savings Account (HSA) for some certain nutritional expenses? Qualified medical expenses for these tax-advantaged accounts include “the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body.” Simply put, the eligible nutritional item has to relieve or prevent a physical or mental defect or illness. Eligible expenses must have a

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