If you’re a first-time medical FSA participant, you may not be familiar with FSA definitions and rules. We’ve provided a list of the top things a first-time medical FSA participant should be aware of in order to take full advantage of their FSA. What is a Medical Flexible Spending Account (FSA)? A medical FSA...
A dependent care flexible spending account (FSA) lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping individuals save 30 percent or more (based on their tax rate) on dependent care costs. Dependent Care...
The season for filing taxes is upon us once again. We’re getting closer to the deadline for filing for 2023. We wanted to share a few tips and reminders about health savings accounts (HSA) you’ll need for your tax return. HSA Tax Prep Checklist Check your W-2 for HSA payroll contributions Get your 1099-SA form...
Health savings accounts (HSAs) have become increasingly popular but they often come with misconceptions. To help employees make informed decisions, let’s debunk common HSA myths and shed light on the HSA facts that matter. HSA Fact #1: HSAs are Employee-Owned While employers may choose to contribute to an employees’ HSA, it’s important for employees...
Expanded public transit. The rise and rebound of ridesharing. Increased work-from-home arrangements. The work commute has changed a lot recently, as lawmakers and civic officials grapple with how to effectively support people traveling to and through ever-growing cities. New York City, Washington, D.C., Chicago, Philadelphia and Seattle are among cities that have enacted laws and...
What are pre-tax savings and post-tax savings? Understanding taxes relating to health savings accounts (HSAs), flexible spending accounts (FSAs) and other benefits plans can be time-consuming and difficult to explain. Pre-tax savings are tied directly to FICA taxes. You may be wondering what FICA is and how does pre-tax savings work for HSAs and FSAs?...
In 2023, mental health became a top priority for employees and employers. According to a SHRM study, 41% of U.S. employees said they would likely or would very likely leave their current job if they were offered a new position with significantly improved mental health benefits. While many companies offer employee assistance programs (EAPs), it’s...
Welcome to 2024! As we get ready for another year of sharing the latest benefits trends and practical tips to enhance you and your employees’ benefits experience, let’s look back at our most popular blog posts from 2023. Get the Best Results from Your Benefit Budget Conversations Benefits are critical for attracting and retaining...
As we age, the importance of maintaining safe mobility within our home becomes critical. It is crucial to understand how to save money on common at-home expenses with health savings accounts (HSA) and flexible spending accounts (FSA). From home modifications to adaptive equipment, creating an environment that not only nurtures a person’s well-being but also...
2021 Employee Pandemic Wellness Trends to Watch For
2021 Employee Pandemic Wellness Trends to Watch For
Since March, the COVID-19 pandemic caused a lot of changes to the workforce. Now, after nearly a year, Advantage Administrators has identified new wellness trends have emerged that employees may find beneficial.
Integrated Mental Health Offerings
More people than ever have been looking for help for anxiety and depression, both of which affect eating, sleep and employee productivity. Companies may consider adding mental health counseling or telehealth services to employee wellness initiatives to help with this. Employees should take part in this, regardless of their current mental state, as it could be effective preventative care.
Active Meetings
Sure, most meetings should be active in the fact that they buzz with conversation. These active meetings are different. As companies adjust to having remote and in-office employees, one way to encourage company camaraderie is hosting a “get active” meeting. Employees take part in a recurring meeting to get in some physical activity with their coworkers, such as yoga or walking. Working out has myriad health benefits across all aspects of life, making “get active” meetings an excellent choice to take part in.
Activity-Based HSA Contributions
Who doesn’t love getting paid to work out? Some companies have begun offering bonuses for physical activity that are tied to their health savings accounts (HSAs). For example, an employee could earn $1 a day for reaching 10,000 steps, another dollar for seven hours of sleep and an additional dollar for 30 minutes of exercise. These activities would be tracked on employee’s fitness trackers and, if all three were done every day, employees would earn $1,068 per year.