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 in order to take full advantage of their FSA. What is a Medical Flexible Spending Account (FSA)? A medical FSA...
A dependent care flexible spending account (FSA) lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping individuals save 30 percent or more (based on their tax rate) on dependent care costs. Dependent Care...
The season for filing taxes is upon us once again. We’re getting closer to the deadline for filing for 2023. We wanted to share a few tips and reminders about health savings accounts (HSA) you’ll need for your tax return. HSA Tax Prep Checklist Check your W-2 for HSA payroll contributions Get your 1099-SA form...
Health savings accounts (HSAs) have become increasingly popular but they often come with misconceptions. To help employees make informed decisions, let’s debunk common HSA myths and shed light on the HSA facts that matter. HSA Fact #1: HSAs are Employee-Owned While employers may choose to contribute to an employees’ HSA, it’s important for employees...
Expanded public transit. The rise and rebound of ridesharing. Increased work-from-home arrangements. The work commute has changed a lot recently, as lawmakers and civic officials grapple with how to effectively support people traveling to and through ever-growing cities. New York City, Washington, D.C., Chicago, Philadelphia and Seattle are among cities that have enacted laws and...
What are pre-tax savings and post-tax savings? Understanding taxes relating to health savings accounts (HSAs), flexible spending accounts (FSAs) and other benefits plans can be time-consuming and difficult to explain. Pre-tax savings are tied directly to FICA taxes. You may be wondering what FICA is and how does pre-tax savings work for HSAs and FSAs?...
In 2023, mental health became a top priority for employees and employers. According to a SHRM study, 41% of U.S. employees said they would likely or would very likely leave their current job if they were offered a new position with significantly improved mental health benefits. While many companies offer employee assistance programs (EAPs), it’s...
Welcome to 2024! As we get ready for another year of sharing the latest benefits trends and practical tips to enhance you and your employees’ benefits experience, let’s look back at our most popular blog posts from 2023. Get the Best Results from Your Benefit Budget Conversations Benefits are critical for attracting and retaining...
As we age, the importance of maintaining safe mobility within our home becomes critical. It is crucial to understand how to save money on common at-home expenses with health savings accounts (HSA) and flexible spending accounts (FSA). From home modifications to adaptive equipment, creating an environment that not only nurtures a person’s well-being but also...
Recently, President Biden advised Congress of his plans to end the two COVID-19 emergencies as of May 11, 2023. What this means from a COBRA and employee benefits stand point is that the temporary extensions introduced during the pandemic will come to an end. As the end of the declarations draw closer, it is important to understand what will happen to healthcare costs. We’ve created a list of key things to know.
COBRA
The end of the national emergency will end extensions announced in the EBSA Disaster Relief Notice 2020-01, which provided beneficiaries and COBRA participants time to send notifications about COBRA, opt into COBRA benefits and pay premiums. The extensions were retroactive to any deadline occurring March 1, 2020 until 60 days after the national emergency has ended or until one year has passed, whichever happens first.
FSAs and HRAs
The EBSA Disaster Relief Notice 2020-01 also granted a temporary extension for run-out periods for those enrolled in flexible spending accounts (FSA) and health reimbursement accounts (HRA). The extra time gave participants additional time to submit claims for any active plan year they are enrolled in that has a run-out period ending between March 1, 2020 and 60 days after the national emergency has ended or until one year has passed, whichever happens first.
Telemedicine
Before the pandemic, those enrolled in Medicare in many rural areas were the only people who could use Medicare to pay for telehealth appointments. COVID-19 made telehealth a more flexible option than in-person appointments. President Biden signed a $1.7 trillion bill in December 2022 that included an additional two-year extension to continue Medicare telehealth coverage through 2024.
The $1.7 trillion bill also extended a provision that provided assistance to health savings account (HSA) participants. HSA-qualifying plans will be able to continue with telehealth services on a pre-deductive basis through 2024.
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.
Flex Plans
Forms
HSA
HRA
Retirement
Health Shopper
FSA Store