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...
There are plenty of online stores where you can purchase HSA/FSA eligible products, but Health Shopper also has learning resources for those just starting out! Check them out at the...
Any administrator can propose a plan, but we want to make sure our service is easily accessible. That’s why we offer an online portal and mobile app for both Apple...
Are you an HSA investor? If you are, then you have a health savings account (HSA). You’ve heard about its investment potential, and you’ve read that an HSA has retirement-planning perks that...
For most of you, a new plan year has begun! Just because you have an entire plan year ahead doesn’t mean you should wait until November or December to put...
Are you tired of searching for products to treat your condition and not finding them? The HSA Store not only sells products that can be purchased with your HSA funds,...
If part of your new year’s resolution is to save more for retirement, consider opening a Health Savings Account. Funds deposited into an HSA are tax-free, and roll over year...
Happy anniversary Stacy! Stacy Jacobs always makes sure we keep on track as one of our operations assistants and is always willing to pitch in when needed. Be sure to...
Each employee’s plan should be individually tailored to their needs, and a Defined Contribution Plan (an addition to a Flex Savings Account) is the best ways to accomplish this. Watch...
Just a reminder that Advantage Administrators will be closed Friday, December 31st for the new year holiday. We will resume normal hours on Monday, January 3rd.
“When I’m 59 1/2, I’ll get to take [the money] out without any penalties, and if I use it for medical care later on, I’ll never pay any tax on...
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