HSA

Going Beyond the Basics: Building an Effective Well-being Package

The employment landscape has undergone some drastic changes in the past five years. For many companies, remote or hybrid work arrangements have become permanent; Gen Z is bringing new energy and new ideas; and people are reprioritizing their personal needs, seeking non-traditional ways to improve their professional and personal lives. The changing norms and expectations have forced many employers to rethink employee benefits and well-being. With workers in diverse locations and spanning multiple generations, companies

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The Power of HSAs in Bank Financial Wellness Programs

Financial wellness has become a major focus in employee benefits. Financial stresses can dramatically impact mental health, seeping into an employee’s professional life and leading to disengagement, higher absenteeism, and increased turnover. The problem has gotten so pervasive that in Bank of America’s 12th Annual Workplace Benefits Report, 97% of surveyed employers said they felt responsible for employee financial wellness. Yet despite that, only 28% of employers offer financial wellness programs, according to the Harvard

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Understanding Eating Disorder Therapies and How Benefit Accounts Can Help

National Eating Disorder Awareness Week, observed from February 17-21, is a critical time to raise awareness about eating disorders, their treatment options, and the financial resources available to support recovery.  With millions of individuals affected by conditions like anorexia nervosa, bulimia nervosa, and binge-eating disorder, it is essential to understand the various therapies that can aid recovery. Additionally, many individuals may not realize that benefit accounts, such as FSAs, HRAs, and HSAs, can help offset

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HSA vs 401k – Which Account to Fund First?

Do you have both a Health Savings Account (HSA) and a 401(k) through your employer? HSAs are generally thought of as a vehicle for healthcare savings – after all, that’s right in the name! – and most people understand that a 401k is used for retirement. Many wonder, though, which account they should fund first, the HSA or 401k. Let’s compare the two. HSA vs 401k – What is the difference? What is an HSA?

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Leveraging Tax-Advantaged Benefit Accounts in Recruitment

While competitive salaries and flexible work arrangements often grab headlines, tax-advantaged benefit accounts like health savings accounts (HSAs), flexible spending accounts (FSAs), and health reimbursement arrangements (HRAs) are powerful tools for recruiting and retaining top talent that are often overlooked. These accounts support employees’ financial wellness and help employers manage benefit costs effectively, creating a win-win scenario for both parties. Financial Wellness Benefits Grow in Importance Financial stress remains a significant burden for many employees.

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HSAs as a Retirement Tool

When you think of finances and retirement, what immediately comes to mind? Popular retirement vehicles typically include Social Security benefits, a 401(k), an IRA, and investments like mutual funds or stock options. There is another retirement tool that many people overlook – the Health Savings Account or HSA. At first glance, this may seem confusing. What does an account used for healthcare needs have to do with retirement? While HSAs are primarily used for qualified

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Eligible FSA/HSA Expenses You May Have Overlooked

For decades, participating in a Flexible Spending Account (FSA) or Health Savings Account (HSA) has been crucial to affordable healthcare for millions of American workers and their dependents. The extensive list of eligible expenses covers well-known services like medical, dental, and vision copays, copays, deductibles, eyeglasses and contact lenses, and prescription medication. However, due in part to updates in recent years to approved items and services, you may be overlooking a host of qualified FSA

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12 Ways to Improve Open Enrollment

Open enrollment can be stressful for employees, HR professionals, and third-party benefit administrators. Vital information must be shared and digested, and timely financial decisions must be made so coverage can start on time. Your company workforce may range from experienced, veteran employees to new hires in their first job. It’s a tall task to pull off an open enrollment season that meets the needs of everyone involved (but you CAN do it!). Here are 12 ways

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Making the Most of Open Enrollment: Understanding Your Tax-Advantaged Account Options

Open enrollment represents a pivotal moment for both employees and employers each year. This is when individuals can make significant choices regarding their health insurance coverage. For many, it’s the sole chance to enroll in or adjust tax-advantaged benefits such as Healthcare Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs), and Dependent Care FSAs. Grasping the nuances of these accounts will help you make better decisions, enhance your savings, and fully

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Engage Employees to Achieve Cost Savings and Better Health Outcomes

As employers plan their benefits programs for 2025, they face the daunting task of managing costs while ensuring high-quality healthcare options for their workforce. The annual premium average for employer-sponsored family coverage in 2023 was $23,968, with employees contributing an average of 27.4%, or $6,575, according to the KFF Employer Health Benefits Survey. However, access to healthcare is only the first step. Many employees struggle to navigate the complex healthcare system, often seeking medical services

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