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. ...
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...
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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