Your FSA plan may have a provision that the balance forfeits to your employer if you don’t spend down all your funds by the end of the plan year. Other plans allow you to carry up to a certain amount of leftover funds to the next plan year. Don’t know which type of plan you have? Ask your HR or benefits administrator ~ and check out these 9 ways to use up any leftover FSA
Unlike an FSA or an HRA, both of which are owned by the employer, HSAs are owned by the individual. This means that the account owner funds the HSA, spends the money (within IRS regulations), earns interest, and chooses whether or not to invest the money. Most importantly, the individual keeps the account (HSA portability) should their employment status change due to job loss, changing company, or retirement. Employers may also choose to contribute to the HSA, but the account owner keeps the funds.
With the popularity of flexible spending accounts on the rise, participants want to know, “What’s the right amount to put in my FSA?” Flexible Spending Accounts (FSAs) are fast becoming one of the most popular employer-sponsored benefits in the United States. In their latest market review, the Aite-Novarica Group estimated 32.6 million FSA accounts in force in 2022. Why are FSAs popular? According to FSAFEDs.com, the official FSA website for federal employees, taking advantage of
President Biden signed the Inflation Reduction Act (IRA) into law on August 16, 2022. Among other provisions, the IRA: Here’s how the Society of Human Resource Managers (SHRM) expects the IRA to impact employer-sponsored group health plans. ACA Subsidies Extended to 2025 The American Rescue Plan of 2021 (ARPA) expanded access to premium tax credits (PTCs) that subsidize the purchase of health insurance on the ACA marketplace. The IRA extends those subsidies through 2025. According
Experts predicted that travel would be hectic this summer and fall, and boy, they weren’t kidding. Whether vacationing or resuming business travel, you’ve had to deal with high gas prices and delayed, if not entirely canceled flights, among other stressful issues. Check out these FSA, HSA, and LSA eligible expenses that can help ease travel stress. 1. Pack Those Medications Do you have enough prescription medication with you to treat existing conditions if you get
The annual school supplies shopping trip can be an expensive endeavor. Did you know that some items commonly found on classroom supply lists are eligible for FSA accounts? Read on to learn more. FSA for Back-to-School Basic first-aid supplies and COVID-related PPE, including masks and hand sanitizer, are on many back-to-school supply lists this year. These are eligible for purchase with FSA funds. Many families also use back-to-school shopping time to buy over-the-counter medications that
Many TPAs are already in the throes of annual enrollment planning and promotion. This can be a highly stressful time of year, and with the current labor market, things may be more stressful than usual. You need your staff to stay relaxed, calm, and collected to provide the best possible service to your employer groups. Here are three ways to help lower the stress of enrollment season. #1: Encourage Asking for Help Some people are
The thought of losing health insurance coverage is scary. This informative blog answers the most frequently asked questions (FAQs) about COBRA by participants. If you’re a COBRA administrator, this page is a great resource for your employer groups. This extensive list of FAQs describes what COBRA is, who qualifies, how coverage works and more.
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
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