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 if you have a Health Savings Account (HSA) or a Flexible Spending Account (FSA) from Advantage Administrators, you can use those funds to help you...
Advantage Administrators will be closed on Monday, May 25th in observance of Memorial Day.
On May 21, 2020 the IRS announced new HSA contribution limits. In 2021, the self-only contribution limit will rise from $3,550 in 2020 to $3,600. The family contribution limit will rise from $7,100 in 2020 to $7,200. The IRS also announced 2021 high-deductible health plan amounts and expense limits: If you have questions or need...
We’re still limiting the number of people in our office at once. We’d like to introduce you to Platoon Two, which works 10:15 am-5 pm: Fawn, Stacy, Sue, Christina, and Phephile.
Sarah loves working at Advantage Administrators because of the small company feel and involvement in the community.
When you participate in a Health Savings Account (HSA) and/or Flexible Spending Account (FSA), you’re able to contribute pre-tax funds for use on hundreds of eligible expenses. Recently, you gained even more flexibility in your ability to save when the CARES Act was signed into law. This new legislation expanded the list of expenses that are considered eligible...
The CARES Act was signed into law on Friday, March 27th, 2020 as an additional piece of legislation crafted to help Americans during the COVID-19 pandemic. For your convenience, we’ve outlined a few of the highlights below: • OTC (over-the-counter) products as eligible expenses. The CARES Act permanently reinstated over-the-counter products as eligible expenses for...
Struggling to keep your kids occupied while they’re out of school? Remember that Dependent Care FSAs let you set aside up to $5,000 for daycare expenses like preschool, after-school care, daycare, and summer day camps!
Many employers mistakenly believe that COBRA is simply billing and collecting premiums from terminated employees. Unfortunately, nothing could be further from the truth. COBRA is one of the most complex and burdensome regulations employers face today. Issues related to COBRA require daily attention. Worse yet, the cost of noncompliance can be extremely high. When employers consider that COBRA is “policed” by divorced spouses and terminated employees, it should become immediately evident why employers should take their COBRA responsibility very seriously.
Contrary to the common myth, true compliance with COBRA requires employers to implement and maintain a three-pronged process. To comply with COBRA, employers must:
(1) Develop, maintain and adhere to formal policies and procedures;
(2) Be able to demonstrate that employees who are responsible for COBRA are well-informed; and,
(3) Administer COBRA properly.
In the best of times, most employers find that just developing a comprehensive COBRA strategy is extremely challenging; while maintaining COBRA compliance is near impossible. That is why so many employers choose outsourcing as part of their COBRA strategy. Unfortunately, outsourcing does not alleviate the employer from their COBRA related responsibilities.
Even if an employer outsources COBRA administration, the employer retains the liability for COBRA compliance. What does this mean? It means the employer still needs to take an active role in COBRA. And it means the employer needs to choose their administrator wisely, and then stay with the administrator to ensure consistency. That is why Advantage Administrators has chosen to partner with Custom Benefit Administrators (CBA) in offering COBRA Administration Services.
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