Flu season can be miserable even in a normal year. During a pandemic, it’s even scarier, especially if you are in a vulnerable population. This year it is more important than ever to have the latest information on available vaccinations, corresponding costs and how to pay for them. Many health insurance plans cover routine vaccinations such as flu shots with little or no cost-sharing. However, if you do have to pay for it, flu shots
Most FSA participants are familiar with the “traditional” health care expenses that qualify for FSA reimbursement. But there are other eligible expenses that you may not have heard about. Read on to learn more ways to maximize your FSA spending and lower your net healthcare costs. Flexible spending accounts (FSAs) have been around since the 1970s, when the Internal Revenue Service (IRS) introduced them in response to rising healthcare costs. An FSA is a tax-advantaged,
Cycling is a form of exercise, a hobby, a sport, and even a means of getting back and forth to work. By 2017, more than 47.5 million Americans rode bicycles on a regular basis. As a means of exercise, it can provide major calorie burn and cardiovascular benefits. As a hobby, cycling is a great family activity. As a sport, it’s recognized with high-level competitions worldwide. Are you one of the many commuters who ride
Employee benefit strategies have been changing rapidly for years, to adapt to evolving work environments. Then, as Americans navigated the pandemic, there were even more levels of complexity. The almost immediate quarantine and shift in work environments shook our sense of security; not just of job security but of financial security and health security as well. As part of that, it has become evident that the pandemic has changed the way both employers and employees
Nearly 6.2 million workers were on furlough from their jobs in August 2020, according to the U.S. Bureau of Labor Statistics (BLS). While that number decreased to 1.25 million by August 2021, between 15-22% of all unemployed persons throughout 2021 were on furlough. A Flexible Spending Account (FSA) is a financial tool that helps workers cover out-of-pocket healthcare expenses. In 2021, there are 31.7 million FSA accounts in force. FSAs are sponsored by employers and
For many employees, the COVID-19 pandemic has added financial stress that can harm their ability to stay motivated and productive in their jobs. Employers can help ease the burden by including emergency savings accounts (ESAs) in their benefits package. ESAs are funded by employees through automatic payroll deductions, just as they do with healthcare spending and retirement accounts. Unlike those other accounts, however, ESA contributions are made post-tax. How well are Americans saving for their
What is a cafeteria plan? Cafeteria Plans are an employer-sponsored benefit that lets employees pay certain qualified medical expenses – such as health insurance premiums for medical, dental, and vision coverage – on a pre-tax basis. They are sometimes called Section 125 Cafeteria Plans. “Section 125” refers to the portion of the Internal Revenue Code (IRC) that regulates these pre-tax plans. “Cafeteria Plan” reflects the fact that, similar to a lunch cafeteria, you can choose
Families with young children can face enormous childcare costs. It’s not uncommon for daycare fees to add up to one of the family’s largest recurring expenses each month. Fortunately, there are several ways to offset a portion of childcare expenses, including Dependent Care Flexible Spending Accounts ( DCFSA ), also known as Dependent Care Assistance Programs (DCAP), and the Dependent Care Tax Credit. Dependent Care FSA The DCFSA does for childcare expenses what the Healthcare
COBRA coverage can work with healthcare benefit accounts such as HSAs, HRAs, and FSAs to help former employees meet their eligible medical expenses.
Although COVID-19 was a top health story in 2020, another disturbing health trend also emerged with fewer people quitting smoking. The health dangers of smoking cigarettes have been well-documented since the U.S. surgeon general’s groundbreaking report in 1964. The number of adults who smoke was down to an estimated 14 percent in 2019, and cigarette sales steadily continued declining year after year until 2020, when they increased slightly. 1-800-QUIT-NOW, a national portal connecting callers to local