Does your health savings account (HSA) have enough funds to carry you through the second half of the year? If it does, is there more you could be doing to grow those funds? We’ve broken down how to know if you’re contributing enough to your HSA to cover costs for the entire year and whether...
In today’s world, employees seek more than just a paycheck. They desire benefits that cater to their unique needs and offer peace of mind. This is where benefits personalization technology comes into play. Let’s explore how modern technology is revolutionizing benefits personalization and how employers can leverage these advancements effectively. The Value of Personalized...
New survey results published during Mental Health Awareness Month indicate that a variety of financial and health factors are the top drivers influencing mental health in this country. Money was the top factor at 52%, with personal health and the health of family/friends also ranking among the top four. There are a variety of ways...
Supporting employees throughout their employment lifecycle is essential for improving engagement, loyalty and long-term satisfaction in the workplace. By optimizing employee benefits and creating a supportive environment, employers can enhance the employee experience at every stage of their journey, from onboarding to retirement. This comprehensive guide will help you understand and implement effective employee lifecycle...
May is Mental Health Awareness Month, an opportunity to raise awareness and reduce stigma surrounding mental health issues in the workplace. As an HR representative or benefits decision-maker, you have a responsibility to support your employees’ mental wellbeing. What can employees do to raise mental health awareness in the office, especially during Mental Health Awareness...
Key takeaways – 2025 HSA contribution limits 2025 HSA contribution limits will increase to $4,300 and $8,550 for self-only and family HSAs, respectively. 2025 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. Health savings account (HSA) contribution limits are on the rise again in 2025. The IRS announced that 2025 HSA contribution limits...
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...
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.