Have you recently changed employers? Or are you considering making a change? Fortunately, when you participate in a health savings account (HSA) through your employer, your HSA stays with you. There are plenty of myths about HSAs, so let’s tackle what really happens to your HSA when you change employers. You Have Options HSA...
As we enter another season of open enrollment, one crucial topic is top of mind for many employees: HSA and FSA compliance. Health savings accounts (HSAs) and flexible spending accounts (FSAs) are often misunderstood, despite their significant financial advantages. It’s time to clarify the ins and outs of these tax-saving healthcare accounts and answer HSA...
When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. In this blog we explore all the unknown voluntary benefits terms and bring clarity of information to first-time...
The IRS released 2025 contribution limits for medical flexible spending accounts (medical FSAs), commuter benefits and more as part of Revenue Procedure 2024-40. These limits undergo annual adjustments to account for inflation. 2025 Medical FSA Contribution Limits (including limited and combination FSAs) 2024: $3,200 per year 2025: $3,300 per year 2025 Medical FSA...
If you’re an employer, is your in-house benefits administration team struggling to juggle the multitude of complexities behind running a successful benefits administration program? Are you spending too much time and resources trying to keep up to date with compliance changes and providing the technology and services your employees need for a positive benefits experience?...
Whether you’re transitioning from your parents’ insurance, landed your first full-time job or are simply obtaining coverage for the first time, choosing health plans and employee benefits can be overwhelming. You’ll likely hear a lot of terms and acronyms that you’ve never heard before. For starters, let’s look at a few considerations when evaluating health...
According to the Bureau of Labor Statistics, employers typically pay around 80% of traditional employer-sponsored healthcare plans on behalf of employees. With rising healthcare costs, your business is most likely struggling to solve this key problem: how to maintain financial stability while providing robust benefits to your employees. But what solutions can actually provide benefits...
The concept of work-life balance has become more than just a buzzword; it’s a necessity for employee satisfaction and retention. According to WorkLife.news, employers are increasingly recognizing the importance of providing ample time off to their employees with more than 80% of U.S. employers planning to change their leave policies over the next two years....
Did you know employers can enhance their benefits offerings by incorporating voluntary benefits? What exactly are voluntary benefits and how can employers design an effective plan? We sat down with Hugh McDaniel, manager of channel partnerships at WEX, to get his insights on crafting voluntary benefits plans that meet the diverse needs of employees. ...
Open enrollment comes around once a year. Communication about benefits often comes shortly before the enrollment period begins. Why not keep the dialog going year-round? Sharing tips and tricks on how to use benefits would be beneficial to many individuals.
Benefit Explanation
When employees think of benefits, they often think of vacation time, work perks and retirement accounts. One of the biggest benefits an employer can offer is health insurance. Health insurance can often be overlooked. It is important to take the time to absorb, understand and think about which plan is right for you before making a decision. Many employees feel overwhelmed when deciding which plan is right for them. Terminology is often a barrier to understanding not only the plan, but how to use it as well.
Open Line of Communication
Open enrollment is often flooded with information. Keeping lines of communication open year-round will help employees better understand their plan and how to optimize its benefits. Creating resources that employees can reference and look back on would be beneficial; as well as creating content that is engaging to participants. Having a point of contact within the company to answer any questions would be helpful. Offering testimonials from participants can help individuals understand how plans would work for them.
Streamlining Open Enrollment
Creating an easy and uncomplicated enrollment process will help employees navigate open enrollment. Technology is a great way to do this. Making the process user friendly will be beneficial. Sending reminder messages and mailings can help employees remember to complete the open enrollment process.
The information in this blog post is for educational purposes only. It is not investment, legal or tax advice. For legal or tax advice, you should consult your own counsel. To stay up to date on benefits trends and insights, subscribe to our blog.
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