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...
Health savings accounts (HSAs) have become increasingly popular but they often come with misconceptions. To help employees make informed decisions, let’s debunk common HSA myths and shed light on the HSA facts that matter. HSA Fact #1: HSAs are Employee-Owned While employers may choose to contribute to an employees’ HSA, it’s important for employees...
Expanded public transit. The rise and rebound of ridesharing. Increased work-from-home arrangements. The work commute has changed a lot recently, as lawmakers and civic officials grapple with how to effectively support people traveling to and through ever-growing cities. New York City, Washington, D.C., Chicago, Philadelphia and Seattle are among cities that have enacted laws and...
What are pre-tax savings and post-tax savings? Understanding taxes relating to health savings accounts (HSAs), flexible spending accounts (FSAs) and other benefits plans can be time-consuming and difficult to explain. Pre-tax savings are tied directly to FICA taxes. You may be wondering what FICA is and how does pre-tax savings work for HSAs and FSAs?...
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...
Welcome to 2024! As we get ready for another year of sharing the latest benefits trends and practical tips to enhance you and your employees’ benefits experience, let’s look back at our most popular blog posts from 2023. Get the Best Results from Your Benefit Budget Conversations Benefits are critical for attracting and retaining...
As we age, the importance of maintaining safe mobility within our home becomes critical. It is crucial to understand how to save money on common at-home expenses with health savings accounts (HSA) and flexible spending accounts (FSA). From home modifications to adaptive equipment, creating an environment that not only nurtures a person’s well-being but also...
Welcome to 2024! As we get ready for another year of sharing the latest benefits trends and practical tips to enhance you and your employees’ benefits experience, let’s look back at our most popular blog posts from 2023.
Get the Best Results from Your Benefit Budget Conversations
Benefits are critical for attracting and retaining talent. Because of this, it is critical to make a strong case for employee benefits during budget conversations with leadership. So, how can you be ready to have budget conversations with your leadership team? Learn more about how you can get the best results from your benefit budget conversations by reading our blog!
Seven Basic Rules of an HSA you Need to Know
Understanding the basic rules of a health savings account (HSA) is critical in driving employee participation. Only half of those surveyed in WEX’s “Paying for Healthcare in America” report said that they understand the differences among the different health spending accounts. Check out the breakdown of HSA’s basic rules by visiting our blog!
What Data Says About the Who, What, When, Where and Why of Open Enrollment Education
Open enrollment is nearly here for many. It is important to create an atmosphere where employees are engaged, eager to enroll and save money with the benefits you provide. You’ve probably read advice on how to do that but we’ve got the data to back up a strategy and it comes directly from employees. We will help you understand the who, what, when, where and why behind a successful open enrollment in our blog.
Voluntary Benefits: A Guide for your First-Time Enrollees
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. Check out our blog to learn about voluntary benefits, perks of those benefits, factors to consider and more.
Considerations When Choosing a Health Plan for the First Time
Whether you’re transitioning from your parents’ health insurance, you 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. Check out what you should consider when evaluating health plans for the first time by visiting our blog!
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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