Medical cost trends have risen by 10% since 2022. But the cost trend for Rx is over 17% for the same period. Much of this increase in Rx is due to exploding sales for GLP-1s (such as Ozempic, Wegovy, Zepbound and Rubelsus) for use as weight loss drugs, driving costs to unsustainable levels for both...
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. We answer a few common dental-related questions as it relates to your HSA or medical FSA. Can...
Did you recently elect to participate in a medical flexible spending account (FSA)? 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 to take full advantage of their FSA. ...
The season for filing taxes is upon us once again. We’re getting closer to the deadline for filing for 2025. We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. These will help you get organized and prepared for easy and successful filing....
Saving, investing and retirement planning. These are just three of the perks you’ll experience when you participate in a health savings account (HSA). To be eligible for an HSA, there are only a few requirements, with two of the big ones being that you must be covered by a high-deductible health plan (HDHP), and you...
When managing pre-tax health accounts such as HSAs, FSAs and HRAs, it is easy to assume that all medical expenses automatically qualify for reimbursement. However, some services and products require additional documentation before they are considered eligible. That documentation is called a Letter of Medical Necessity. If you or your employees have ever been asked...
Flexible spending accounts (FSAs) provide you with a smart way to save money on healthcare and dependent care expenses (depending on the type of FSA you’re enrolled in). When you participate in an FSA, you’re putting money aside before it is taxed so you can save on eligible expenses. However, you may have a number...
Congratulations, benefits professionals! You’ve accomplished another year’s open enrollment! Whether you survived or thrived, you have an opportunity to lead your organization’s benefit evaluation. It’s time to charge full speed ahead with your open enrollment aftermath strategy. By analyzing what went right and what could be improved, you can help ensure an easier, more effective...
In 2026, the IRS explicitly warned consumers about misleading “FSA Eligible” labels, particularly from companies claiming that general wellness items like meal plans or gym memberships can be converted into medical expenses through “letters of medical necessity” obtained via online questionnaires. Retailer “FSA eligible” badges are not a legal guarantee of reimbursement. Eligibility is...
“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...
This is a friendly reminder that we will be closing for the holidays! The office will be closed Friday, December 24 and Monday, December 27th. We will reopen on Tuesday,...
A flexible spending account (FSA) lets you save money by setting aside pre-tax dollars to pay for eligible medical, dental, vision and dependent care expenses incurred by you, your spouse,...
The end of the year is almost approaching! If you have money left in your FSA account, be sure to use it before 2022 rolls around. Feminine care, acne/skincare and...
So, you’ve found out that your employer offers a Health Reimbursement Arrangement (HRA), but you don’t know the details of the plan or how it works. Check out the link...
Children depend on adults for a lot of things, and healthcare is one of them. Opening a dependent care FSA allows you to pay for expenses relating to caring for...
Open enrollment is around the corner for many of you. It’s your best chance to evaluate your healthcare needs and find opportunities to save money. However, a whopping 92 percent...
Our office will be closed November 25 and 26 to celebrate Thanksgiving. Thank you for understanding, and have a great holiday.
Want to find a way to put more money in your pocket while still saving health-related funds? Learning about a medical FSA may be in your best interest. Watch our...
Open Enrollment is happening for many of our clients, and we’ve been out and about educating employees about their benefits. For more information, check out our website at https://bit.ly/2FbbqPQ
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