Does your health savings account (HSA) have enough funds to carry you through the second half of the year? If it does, is there more you could be doing to grow those funds? We’ve broken down how to know if you’re contributing enough to your HSA to cover costs for the entire year and whether...
In today’s world, employees seek more than just a paycheck. They desire benefits that cater to their unique needs and offer peace of mind. This is where benefits personalization technology comes into play. Let’s explore how modern technology is revolutionizing benefits personalization and how employers can leverage these advancements effectively. The Value of Personalized...
New survey results published during Mental Health Awareness Month indicate that a variety of financial and health factors are the top drivers influencing mental health in this country. Money was the top factor at 52%, with personal health and the health of family/friends also ranking among the top four. There are a variety of ways...
Supporting employees throughout their employment lifecycle is essential for improving engagement, loyalty and long-term satisfaction in the workplace. By optimizing employee benefits and creating a supportive environment, employers can enhance the employee experience at every stage of their journey, from onboarding to retirement. This comprehensive guide will help you understand and implement effective employee lifecycle...
May is Mental Health Awareness Month, an opportunity to raise awareness and reduce stigma surrounding mental health issues in the workplace. As an HR representative or benefits decision-maker, you have a responsibility to support your employees’ mental wellbeing. What can employees do to raise mental health awareness in the office, especially during Mental Health Awareness...
Key takeaways – 2025 HSA contribution limits 2025 HSA contribution limits will increase to $4,300 and $8,550 for self-only and family HSAs, respectively. 2025 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. Health savings account (HSA) contribution limits are on the rise again in 2025. The IRS announced that 2025 HSA contribution limits...
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...
Employees – and You – Benefit from a Benefits Debit Card
Employees – and You – Benefit from a Benefits Debit Card
Helping your employees save doesn’t just benefit them – it helps employers like you, too. Providing employee benefits that are easy to both understand and use will encourage them to participate. Advantage Administrators recommends accomplishing this by providing employees with a benefits debit card.
Automated Spending
Using a benefits debit card has a lot of perks, one being ease of access. Americans use debit cards more frequently than cash when making a purchase, oftentimes because of its convenience. A benefits debit card allows employees to access their funds from all of their employee benefits in one place. Since using a debit card is already standard procedure for many employees, they will be more inclined to take part in the program.
Additionally, using a benefits debit card is time-saving. Employees who use their benefits debit card at an Inventory Information Approval System (IIAS) merchant can bypass the need to substantiate Flexible Spending Account (FSA) or Health Reimbursement Arrangement (HRA) claims. These programs make for a better experience, which could help up program participation and help you save on FICA taxes.
Keeping it Simple
To prove the eligibility of expenses, the IRS requires FSA and HRA claims to be substantiated. If the IRS finds evidence that the purchases were not compliant, the plans could be disqualified and contributions may become taxable.
Some benefits debit cards automatically substantiate recurring expenses and copays. If the card identifies similar conditions as a previously substantiated purchase, such as the same amount and location, the purchase is approved automatically. The card also recognizes recurring copays and allows employees to approve them without additional documentation.
As an employer, a benefits debit card also reduces the number of questions you have to field regarding employee benefits. With timely reimbursement and less time filing claims or uploading documents, Advantage Administrators knows that you and your employees will be able to spend more time on things that matter.