“I feel socially awkward,” one HR manager at a major medical supply company said at the beginning of a virtual meeting as she described her first few days in the office without having to wear a mask. “It’s like that first day of high school as an awkward teenager. I don’t know how to interact...
Health savings account (HSA) contribution limits will increase considerably in 2023. The IRS announced that 2023 HSA contribution limits will rise to $3,850 for self-only HSAs and to $7,750 for family HSAs. Those are increases of $200 and $450, respectively, from 2022. The 2023 HSA limit increases are in response to our country’s recent spike in...
The number of Americans who quit their jobs in 2021 reached record highs. One of the ways to stop the tide of employee departures is through your benefits by implementing a greater focus on employee wellness. With that in mind, here are five ways we expect employee wellness to trend in 2022. Offer a lifestyle...
Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. Below, we’ve outlined the key differences between an HSA and an FSA so you can see how they work, the advantages of each and why you should participate in them. Health savings account An HSA is...
There are a lot of options for what to spend your FSA and HSA funds on – but spending these funds on non-eligible expenses can have negative consequences. We’ve compiled a list of eligible and non-eligible expenses to take the guesswork out of it. View it at the link below. https://bit.ly/3lYkj2i
Did you know that benefits play a huge role in employee satisfaction? Not only will top-of-the-line benefits retain employees, but it’ll also encourage high-level talent to apply for positions at your company! If you’re wondering how you can incorporate the best plan for your company, contact us and we’ll help you out.
Since flexible spending accounts (FSAs) are governed by the IRS’ use-it-or-lose-it rule, any unused funds that remain in your account at the end of the year may be forfeited — with some exceptions, like if your FSA includes a carryover or grace period. It’s estimated that $1 billion of unused medical FSA funds will be...
Happy St. Patrick’s day from our team! We enjoyed some treats and had plenty of fun to boot!
Allergy season will be here before you know it (assuming we don’t get another March snowstorm). Products to treat allergies can be purchased using your FSA or HSA funds – so we recommend stocking up now! If you have questions about what other products you can purchase, give us a call at 800-383-1623.
We got the shot! At Advantage Administrators, we’re doing our part to stop the spread of COVID-19. Several of our employees have already gotten the vaccine.
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Since March, the COVID-19 pandemic caused a lot of changes to the workforce. Now, after nearly a year, Advantage Administrators has identified new wellness trends have emerged that employees may find beneficial. Integrated Mental Health Offerings More people than ever have been looking for help for anxiety and depression, both of which affect eating, sleep...
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Because of the COVID-19 pandemic, 2020 brought many changes to employee benefits rules and regulations. Wex Health has gathered its top 10 blog posts of 2020, many of which explain these changes and what they mean to employees. Click here to read the top blog posts of 2020.
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Last night, Congress passed a COVID bill intended to bring much relief to Americans and businesses struggling this year. It includes several provisions that will allow changes to FSAs and additional carryover of FSA funds, if permitted by employers. This bill is waiting to be signed into law by the President. Many details are needed yet to roll...
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With COVID-19 still ravaging the country and flu season on the horizon, health experts warn that the U.S. may experience a “twindemic.” A twindemic occurs when two pandemics happen at the same time. You can prepare yourself by getting a flu shot and continuing with COVID-19 precautions including social distancing and wearing a mask. You...
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The COVID-19 pandemic has changed our lives in many ways, including how we think about our healthcare benefits. WEX’s annual healthcare survey in June found that HSA contributions have increased, consumers appreciate their benefits more, and many have changed their opinion on online healthcare and telemedicine.
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If you were hoping to use your FSA or HSA to purchase hand sanitizer, you’re out of luck. Hand sanitizer is not eligible for reimbursement with an FSA or HSA.
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One of the questions we’ve been getting a lot is are face masks HSA and FSA eligible? Here’s the answer: disposable face masks are not an eligible FSA expense unless you have a Letter of Medical Necessity for a medical condition that requires you to wear a face mask. Disposable face masks may be purchased...
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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...
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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...
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The recent CARES Act enacted by the U.S. government granted HSA and FSA eligibility to new products, including over the counter (OTC) medications and menstrual products. Watch our video to learn more.
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Due to the COVID-19 pandemic, many Americans are stocking up on health supplies. You might be wondering if you can use your FSA or HSA funds to purchase these items. The short answer is: in some cases. Masks Currently masks, including surgical masks and the N95...
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The recent CARES Act enacted by the U.S. government includes updates regarding FSA and HSA eligible items. The eligibility lists on FSAStore.com and HSAStore.com have been updated to reflect these changes. Over-the-counter medications and feminine care products are now eligible. Both websites now accept FSA and HSA debit cards for these items. Both websites will...
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Bonnie and her granddaughter, Leah, made homemade disinfectant wipes for the office. The recipe is in the photos if you want to make some too!
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Over-the-Counter (OTC) medications (such as Tylenol and Flonase) are once again “qualified medical expenses” for Health Flexible Spending Accounts and Health Savings Accounts thanks to the CARES Act stimulus bill passed by Congress and signed by the President on Friday, March 27, 2020. The OTC medication must have been purchased on or after January 1,...
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Some employers have asked whether they can extend the deadline for employees to file flexible spending account claims. Most plans required employees to file claims within three months of the end of the plan year. For calendar year plans, this deadline would be March 31. The deadline for filing claims (but not the deadline for...
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The IRS announced yesterday that 2019 HSA Contributions will be accepted up to the filing deadline of July 15, 2020. The guidance was issued as a follow up to IRS Notice 2020-18. This change will allow the system to accept HSA contributions for 2019 up until the new filing date of July 15th, 2020. We...
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We have received a number of questions concerning how temporary employee furloughs or reductions in hours because of the COVID-19 virus affects Cafeteria plan benefits. Click here for a general discussion of the issues raised. Some of the plan provisions may be specific to documents prepared by Advantage Administrators and may not reflect the provisions...
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As concern grows around COVID-19 (coronavirus), Advantage Administrators wants to ensure our clients, that you and our employees health and safety is our top priority. Our management team is closely monitoring the situation and are meeting daily so we can take all action to protect our clients and employees. Advantage Administrators has several options...
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