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. ...
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 important to provide well-rounded employee mental health support beyond EAPs. If retention and securing top talent are your goals, explore the resources below to help improve employee mental health.
What is an EAP?
In essence, an EAP is a confidential resource designed to support employees facing personal or professional challenges that may impact their well-being and job performance. These programs offer a wide variety of services including counseling, mental health support and assistance with issues like stress management and work-life balance. By providing a safety net for employees, EAPs not only enhance the overall mental and emotional health of employees but also contribute to increased job satisfaction and performance.
Misconceptions Around EAPs
Many companies struggle with low usage of their EAPs due to employee misconceptions. One popular misconception is that employees think utilizing an EAP will incur personal expenses. It is key to communicate to your employees that EAPs are generally employer-funded. Another common misconception is concerns about privacy with sensitive information.
The truth is, EAPs take privacy seriously, so employees can seek help without stressing about their personal information being shared. Clearing up misconceptions and highlighting the low-cost and confidential nature of EAPs can boost engagement and get more employees to tap into these resources.
Do EAPs Provide Enough Support to Meet Employee Needs?
Relying solely on EAPs may fall short of addressing all the diverse mental health needs of today’s workforce. EAPs often focus on crisis intervention and short-term problem-solving. A comprehensive approach to employee wellness should extend beyond reactive measures. Additionally, EAPs may not fully encompass the evolving challenges employees face, such as the growing importance of work-life balance and career development.
EAPs and Beyond
To cultivate a healthy workplace, it’s important to consider offering resources beyond traditional EAPs that can help improve mental wellness. Health savings accounts (HSAs) give employees the opportunity to save money on a variety of mental health-related costs such as therapy and prescription/OTC meds. Employees can use lifestyle spending account (LSA) funds for emotional wellness eligible expenses including counseling services and medication.
Allowing flexible work arrangements acknowledges the diverse needs of your workforce and promotes a better work-life balance. Initiatives aimed at reducing the stigma around mental health, such as awareness campaigns and open conversations help create a supportive environment. To go even further, hosting mental health workshops can provide practical tips for employee mental wellness. By combining these mental health resources with EAPs, businesses can create a comprehensive wellness strategy that addresses various aspects of employees’ lives and actively promotes a workplace culture where mental health is a priority.
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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