Have you recently changed employers? Are you considering making a change? Fortunately, when you participate in a health savings account (HSA) through Advantage Administrators, your HSA stays with you. There are plenty of myths about HSAs, but today let’s tackle what really happens to your HSA when you change employers. HSA transfer If your new employer offers an...
“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!
A Defined Contribution is an option that can be added on to the Flex Advantage Plan, and is an effective and simple way for an employer to take control of employee benefit costs. The employer selects a set amount of money called a defined contribution that employees can use to enroll in any eligible group health insurance, ancillary insurance, or medical and dependent care reimbursement account. Any amount elected above the defined contribution is payroll deducted from the employee. By offering a Defined Contribution Plan, employers will be able to fix their employee benefits costs while providing a customizable health plan for each individual employee. Employers are no longer required to select a one-size fits all benefits plan for their employees. Download the Defined Contribution Employer Brochure Here.
Any administrator can propose a plan, but we take our administration the extra mile for you and your employees by providing superior customer service. Advantage Administrators provides the following services for our Defined Contribution Plans.
-Claims Administration
-Claims submission via Mobile App, Online Portal, E-mail, Fax, Mail or Drop-Off
-Reimbursements processed daily
-Reimbursement by Direct Deposit, Check, or Debit Card
-E-Mail and text notices of account activity and monthly statements
-Available 24/7/365 via Online Portal
-Available 24/7/365 via Mobile App
-Customer Care Department Open Mon-Fri 8:00-5:00
-Required by Law – Free of Charge
-Employer Requested – Nominal Fee
-Special Memos, Seminars and Roundtables as required
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