The IRS requires flexible spending account (FSA) participants to submit documentation to prove their purchase was an eligible expense. The IRS emphasized these requirements and potential penalties for employers not meeting the requirements when releasing an Office of the Chief Counsel memorandum detailing medical expense claim substantiation for medical FSAs and dependent care FSAs. That’s...
Dental expenses can be a significant financial burden, especially when unexpected dental procedures arise. For those who have health savings accounts (HSAs) or medical flexible spending accounts (FSAs), there are opportunities to save money on these expenses. Below we answer a few common dental-related questions as it relates to your HSA or medical FSA. ...
Rising healthcare costs are a growing concern for employees and employers alike. With premiums, deductibles and out-of-pocket expenses increasing, employees may struggle to afford necessary care. As an employer, you have the power to support your workforce by providing cost-saving solutions and promoting smarter healthcare decisions. Here’s how you can help employees navigate and reduce...
The IRS recently announced the 2026 Limits for HSAs, HDHPs and EBHRAs! Learn more about these limits below! The new 2026 limits are: HSA Annual Contributions Single $4,400 per year Family $8,750 per year HDHP (self-only coverage) $1,700 minimum deductible $8,500 out-of-pocket limit HDHP (family coverage) $3,400 minimum deductible $17,000 out-of-pocket limit EBHRA $2,200 ...
Employee benefits are a critical component of workplace satisfaction and overall wellness. However, traditional benefits programs are often riddled with complexity, making it challenging for employees to fully understand and utilize their options. Simplification is the key to driving better engagement, increasing participation and reducing administrative burdens for HR teams. This is the first part...
Tax season is in full swing and as the April 15 filing deadline approaches, employees are looking for ways to maximize their savings. One often-overlooked strategy? Taking full advantage of pre-tax benefits. These employer-sponsored programs can help you reduce your taxable income and keep more of your hard-earned money. What are Pre-Tax Benefits? Pre-tax...
When it comes to using pre-tax health accounts like health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs), you may assume that all medical expenses are automatically covered. However, certain expenses require additional documentation to be considered eligible. That’s where a letter of medical necessity (LMN) comes in. If you’ve ever...
March is Women’s History Month, a time to celebrate the achievements of women across industries—including finance. While women have made incredible strides in wealth-building and financial independence, there are still areas where confidence lags. One of those areas is investing in health savings accounts (HSAs). Despite their powerful benefits—including triple-tax advantages, long-term savings potential and...
With the 2024 U.S. election potentially leading to significant shifts in employment laws and employee benefits, it’s crucial for employers to stay ahead of changes to maintain compliance. New regulations could affect everything from healthcare policies and labor laws to tax laws, all of which play a key role in benefits administration. Employers who proactively...
Thinking of changing your HSA administrator mid-year? This can seem daunting, but Advantage Administrators can make it easy and worry-free. We will minimize the disruption of your plan and provide...
Health Savings Accounts are a powerful tool for retirement planning, but we know that sometimes investing can feel intimidating. Planning for retirement can seem overwhelming, but Advantage Administrators is here...
Spring is in the air! But so are dust and pollen and mold spores (oh, my!), which cause a host of sinus and allergy problems for millions of Americans. But...
Due to the COVID-19 pandemic, many Americans are stocking up on health supplies. You might be wondering if you can use your FSA or HSA funds to purchase these items....
Testing and treatment for COVID-19 will now be covered by high-deductible health plans prior to those covered by such plans meeting their deductible, thanks to new guidance from the IRS....
For many people, winter and illness go hand in hand. But if you have a Health Savings Account (HSA) or a Flexible Spending Account (FSA) from Advantage Administrators, many of...
For the first time in history, there are five generations of people working side by side. As a result, employers have their work cut out for them when it comes...
HSAs are a great way to help defray the ever-increasing cost of healthcare for those who are eligible to participate. But did you know that HSA participants can be largely...
So you have a Health Savings Account (HSA)…Now what? Now it’s time to make it work for you. You already know that contributions are tax-deductible and that earnings and qualified...
Remember Sue? She was confused about her benefits, but with a little help from her friends, she made the change to an HSA with Advantage Administrators. Now that it’s been...
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