Spring is in the air! But so are dust and pollen and mold spores (oh, my!), which cause a host of sinus and allergy problems for millions of Americans. But if you have a Health Savings Account (HSA) or a Flexible Spending Account (FSA) from Advantage Administrators, you can use those funds to help you...
Advantage Administrators will be closed on Monday, May 25th in observance of Memorial Day.
On May 21, 2020 the IRS announced new HSA contribution limits. In 2021, the self-only contribution limit will rise from $3,550 in 2020 to $3,600. The family contribution limit will rise from $7,100 in 2020 to $7,200. The IRS also announced 2021 high-deductible health plan amounts and expense limits: If you have questions or need...
We’re still limiting the number of people in our office at once. We’d like to introduce you to Platoon Two, which works 10:15 am-5 pm: Fawn, Stacy, Sue, Christina, and Phephile.
Sarah loves working at Advantage Administrators because of the small company feel and involvement in the community.
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...
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...
Struggling to keep your kids occupied while they’re out of school? Remember that Dependent Care FSAs let you set aside up to $5,000 for daycare expenses like preschool, after-school care, daycare, and summer day camps!
Most “health and welfare” benefit plans must comply with specific requirements set forth by ERISA (the Employee Retirement Income Security Act of 1974). Most fully insured policies comply with ONLY SOME of those requirements. The following are a few of the ERISA requirements that employers need to comply with:
Failure to meet ERISA’s requirements can result in significant penalties imposed by the DOL:
The Wrap document is a shortened plan document and/or summary plan description that incorporates all required language to meet the ERISA guidelines. This document “wraps around” existing insurance policy language, and self-insured plan language, to create a fully compliant plan document and summary plan description. The Wrap document is a single document that can fully incorporate multiple plan documents for the different employee benefits that an employer offers. It can also be a combination of fully-insured and self-insured plans or any variation thereof. More importantly, only ONE summary plan description and ONE Form 5500 filing is required for all the plans that fall under the Wrap arrangement.
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