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...
This is Sue. Sue is confused about her benefits. She usually just picks the plan with the cheapest co-pay—that’s the safe thing to do. But she’s been wondering if that’s...
Success requires two things: preparation and opportunity. Right now is your opportunity to prepare your employees for financial success. With pre-tax benefits plans from Advantage Administrators, you and your employees...
The truth is, it depends. There are many variables to take into account when deciding which health plan is right for you. And if your employer offers many different plans...
For most people, the idea of a health savings account (HSA) or flexible spending account (FSA) can appear confusing, if not a little intimidating. What are they? What types of...
If you own or run a business, the benefits plan you choose can have a big impact on the success of your organization. Why? Because more and more, employees are...
It’s back to school time, and with it, the time for spending money to get your children ready to learn. As children get older, those expenses can really pile up....
Saving for retirement is critical, but sometimes the array of options available can feel overwhelming. Should you make contributions to this account? Or that one? How much? For how long?...
The modern workforce is evolving, and with it, the expectations of those employees. More and more millennials are joining the workplace and playing active and important roles in organizations everywhere....
Modern life is all about convenience. We have smart-home systems to help us make everyday tasks around the house easier. Our vehicles can be started remotely with the press of...
Can you feel that? Although slower than we’d like, the weather is getting warmer and the snow is melting away, which means that spring is approaching. And as you start...
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