Have you recently changed employers? Or are you considering making a change? Fortunately, when you participate in a health savings account (HSA) through your employer, your HSA stays with you. There are plenty of myths about HSAs, so let’s tackle what really happens to your HSA when you change employers. You Have Options HSA...
As we enter another season of open enrollment, one crucial topic is top of mind for many employees: HSA and FSA compliance. Health savings accounts (HSAs) and flexible spending accounts (FSAs) are often misunderstood, despite their significant financial advantages. It’s time to clarify the ins and outs of these tax-saving healthcare accounts and answer HSA...
When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. In this blog we explore all the unknown voluntary benefits terms and bring clarity of information to first-time...
The IRS released 2025 contribution limits for medical flexible spending accounts (medical FSAs), commuter benefits and more as part of Revenue Procedure 2024-40. These limits undergo annual adjustments to account for inflation. 2025 Medical FSA Contribution Limits (including limited and combination FSAs) 2024: $3,200 per year 2025: $3,300 per year 2025 Medical FSA...
If you’re an employer, is your in-house benefits administration team struggling to juggle the multitude of complexities behind running a successful benefits administration program? Are you spending too much time and resources trying to keep up to date with compliance changes and providing the technology and services your employees need for a positive benefits experience?...
Whether you’re transitioning from your parents’ insurance, landed your first full-time job or are simply obtaining coverage for the first time, choosing health plans and employee benefits can be overwhelming. You’ll likely hear a lot of terms and acronyms that you’ve never heard before. For starters, let’s look at a few considerations when evaluating health...
According to the Bureau of Labor Statistics, employers typically pay around 80% of traditional employer-sponsored healthcare plans on behalf of employees. With rising healthcare costs, your business is most likely struggling to solve this key problem: how to maintain financial stability while providing robust benefits to your employees. But what solutions can actually provide benefits...
The concept of work-life balance has become more than just a buzzword; it’s a necessity for employee satisfaction and retention. According to WorkLife.news, employers are increasingly recognizing the importance of providing ample time off to their employees with more than 80% of U.S. employers planning to change their leave policies over the next two years....
Did you know employers can enhance their benefits offerings by incorporating voluntary benefits? What exactly are voluntary benefits and how can employers design an effective plan? We sat down with Hugh McDaniel, manager of channel partnerships at WEX, to get his insights on crafting voluntary benefits plans that meet the diverse needs of employees. ...
Back to school time is quickly approaching, and this year promises to be even more hectic than normal. With the COVID-19 pandemic making so much uncertain, we at Advantage Administrators want to provide some guidance on how to keep your family safe at school and make the most of your HSA or FSA during this time.
What to Talk About:
Discuss with your children the importance of social distancing at school, wearing their mask, frequently washing their hands, and not sharing school supplies. As much extra work as this might seem for them, explain that this is the safest way for them to still be able to see their friends at school, rather than be stuck at home again with online classes.
Teachers and other school staff are going to be doing everything possible to keep kids safe and healthy, but making sure your children know what to expect and how they can help their classroom run smoothly will help everyone out this fall.
How Can MY HSA or FSA Help?
As of right now, consider the following:
“Disposable face masks cannot be reimbursed with a Flexible Spending Account unless you are provided with a Letter of Medical Necessity. A Letter of Medical Necessity is only available if you have a medical condition that requires you to wear a face mask.
Disposable face masks can be purchased with funds from a Health Savings Account but disposable face masks are not eligible medical expenses and the amount withdrawn would be taxable income.”
Health Shopper and the FSA Store: Heath Shopper with Amazon and the FSA store have plenty of supplies to help keep you and your family healthy this fall. Take a look at their websites to see what they offer and get the most out of your HSA or FSA.
Contact Advantage Administrators today with any questions regarding your HSA or FSA and COVID-19.
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