Use-it-or-Lose-it: COVID-19 and Your FSA Balance

This has been a trying year for everyone due to COVID-19. With so many people at home and not following their normal spending habits throughout much of 2020 – whether personal, pleasure, and healthcare – it’s quite possible that your remaining FSA balance is larger than normal. In fact, FSAStore.com estimates that the average FSA … More >>

2021 FSA Contribution Limits, Max Carryover Announced by IRS

On Monday, October 26, the Internal Revenue Service (IRS) published Rev. Proc. 2020-45, announcing the 2021 annual contribution limits for Flexible Spending Accounts (FSAs), maximum carryover amounts, and contribution limits for Transportation benefits. Next year, the limits will remain the same for FSAs and Transit/Commuter/Parking benefits. Learn more about the 2021 FSA contribution limits and … More >>

FSA and HSA: Can You Have Both at the Same Time?

During enrollment season, a question people commonly ask is, “Can I have an FSA and HSA at the same time?” Both benefit accounts are popular because people want to maximize their tax savings and lower their healthcare costs. Let’s take a look at both accounts and see if you can have an FSA and an … More >>

Questions Employers Need to Ask Before Building A Benefits Plan

A company’s benefits package is a vital tool for attracting and keeping talented employees. It can also improve workforce health and engagement. But with workers who span four generations in today’s labor force, building a benefits plan can be a challenge for employers. Baby Boomers are nearing retirement while Gen Z is just entering the workforce. Meanwhile, … More >>

2021 HSA Contribution Limits, Out of Pocket Max Increased

On Wednesday, May 20, the Internal Revenue Service (IRS) published the new rates for Health Savings Accounts (HSAs) in 2021. There is an increase for 2021 HSA contribution limits as well as out-of-pocket maximum limits for high deductible health plans (HDHPs). Learn more below. 2021 HSA Contribution Limits For 2021, the IRS has adjusted HSA … More >>

IRS Relaxes Mid-Year FSA Elections, Extends Grace Period

On Tuesday, May 12, the IRS published additional COVID-19 guidance for employer-sponsored healthcare benefits.  Drafted to address unanticipated changes in medical and childcare costs due to the COVID-19 emergency, the two Notices relax mid-year election changes for health Flexible Spending Accounts (FSAs) and Dependent Care Assistance Programs (DCAPs). They also provide more flexibility in grace … More >>

Furloughs vs Layoffs – COBRA During COVID-19

The impact of COVID-19 on the economy has created a situation where a lot of people have been furloughed or laid-off. One frequently asked question people want to know is whether or not they are eligible for COBRA benefits. Learn more about furloughs vs layoffs, COBRA eligibility, qualified events, and the cost of continuing coverage. … More >>

COBRA Benefits During COVID-19: Proposals for Expansion

Nearly a month after Congress passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act), millions of American workers and employers want to know if COBRA benefits will also be expanded. Currently, Congress is working on some relief legislation that may expand COBRA benefits. Learn more below about past legislation, current proposals, and how … More >>

FSA eligible expenses, Wallet, Money

FSA Eligible Expenses and Other Important Information

Flexible Spending Accounts (FSAs) are an important benefit that helps people reduce out-of-pocket healthcare costs and save money on taxes. An estimated 43 percent of all civilian (non-government) workers have access to an FSA through their employers. These employer-sponsored, tax-advantaged accounts allows participants (employees) to set aside money before taxes to pay for eligible medical … More >>

IRS Extends Tax Filing and HSA Contribution Deadline

In light of recent developments regarding COVID-19 (coronavirus) and the impact it is having across the country, Congress and the IRS have made significant decisions to provide relief for workers and their families. Learn more below about tax deadline extensions, HSA contribution extensions, and information about coronavirus treatments with a high deductible health plan.   … More >>

ICHRA and EBHRA; New Rules from IRS

ICHRA and EBHRA: IRS Expands HRA Plan Types for Employers

The Internal Revenue Service (IRS), in coordination with other Federal agencies, published a final ruling today which expands Health Reimbursement Arrangement (HRA) plan types for employers. HRAs are employer-funded benefit plans used by employees to cover qualified healthcare expenses. The newly-created Individual Coverage HRA (ICHRA) and Excepted Benefit HRA (EBHRA) will be available beginning January … More >>

The Importance of COBRA Compliance for Employers

The importance of COBRA compliance cannot be understated. For employers, COBRA is often the most challenging aspect of offering healthcare benefits. In addition to being time-consuming (and sometimes confusing), failure to comply with COBRA requirements can put companies at risk of serious legal issues and steep financial penalties. What is COBRA? COBRA (Consolidated Omnibus Budget … More >>

Go Mobile with Your Healthcare Benefits Accounts

Did you know you can take your benefits accounts on-the-go? With the demands of today’s modern society – more than two-thirds of Americans own a mobile phone – many benefits administrators offer account holders the modern conveniences of mobile apps and debit cards. These make it very easy for those who have a Flexible Spending … More >>

Dental care and your FSA

Smile! Getting Dental Care with Your FSA or HSA

Dental care is costly. First, you have the cost of insurance (if you choose to enroll). Depending on your coverage, you may get a checkup, cleanings, and x-rays once or twice a year. But what happens when you, your spouse, or your child needs a filling, root canal, orthodontia, or an emergency extraction? Insurance probably … More >>

DCAP benefits; man and son typing on computer

Getting the Most Out of Your DCAP Benefits

A Dependent Care Assistance Plan (DCAP), also known as a Dependent Care Flexible Spending Account, is a very useful benefit for working parents and those who are caring for other dependents. With a DCAP, you elect up to $5,000 annually (before taxes) to spend on care for dependent children under age 13 or dependents over … More >>

4 things to know about your FSA

4 Things to Know About Your FSA Before the Year Ends

When you have a Flexible Spending Account (FSA), you set aside money before taxes to cover qualified out-of-pocket healthcare expenses. But as the year comes to an end, there are a few things you need to be aware of so you can maximize your account’s benefits. Here are 4 things to know about your FSA … More >>

Benefits enrollment season

Are You Ready for Enrollment Season?

Are you ready for enrollment season? For many working people, benefits enrollment season is coming up very soon. Open enrollment is the period during which you review your benefit options and choose which ones you want to enroll in for next year. These include health insurance, life insurance, and tax-advantaged healthcare benefits accounts, among others. … More >>

Should I sign up for an FSA?

Should I Sign Up for an FSA?

Benefits enrollment season is right around the corner. In addition to health, dental, and vision insurance, some companies offer other benefit options like commuter benefit accounts and consumer directed healthcare (CDH) accounts. Depending on your company’s benefit plan, you may be wondering – should I sign up for an FSA? What is an FSA? An … More >>

Benefits of an HSA: Portability, Deferred Reimbursement, Catch up Contributions, and More!

Health Savings Account (HSA) owners – there may be some advantages to your tax-advantaged healthcare benefit account you aren’t aware of. Most people are familiar with the triple tax savings: tax-free contributions, tax-free earnings, and tax-free withdrawals for qualified healthcare expenses. However, while HSAs are designed primarily to help reduce healthcare costs, some benefits of … More >>

COBRA Insurance

COBRA FAQs – Questions and Answers about COBRA Insurance

Among the benefits that American workers receive, one of the most important options is COBRA insurance. COBRA allows workers to keep their healthcare coverage in case they experience a qualifying event that may cause them to lose coverage. For more information about COBRA insurance, see the following COBRA FAQs. What is COBRA? Now over three … More >>

FSA Terminology: Use It or Lose It, Grace Period, Carryover, and More

Whether you’re new to or familiar with Flexible Spending Accounts (FSAs), there are some key terms you should know. FSAs are employer-sponsored benefit plans. When the plan is setup, the employer has several spending options to choose from: use it or lose it, grace period, and carryover. In order to max out your tax-free benefit … More >>

Healthcare consumerism

Healthcare Consumerism: What is it and How Does it Affect Healthcare?

Healthcare consumerism, a movement designed to refine the efficiency and affordability of healthcare services, is working to change how people prioritize their personal healthcare. Imagine a system where savvy patients use their knowledge to take a more active role in purchasing and utilizing healthcare services. Healthcare consumerism is getting closer to making this a reality. … More >>

Seven Facts about FSAs and HSAs

7 Facts About FSAs and HSAs That Employees Should Know During Open Enrollment

Open enrollment season for benefits is a time for making important decisions regarding healthcare expenses for you and your family. In addition to health insurance options, many companies sponsor tax-advantaged consumer directed healthcare accounts, like Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs). FSAs and HSAs are popular because they can help you save … More >>