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. What are Some Examples of Voluntary Benefits? Voluntary benefits include a variety of options, all designed to...
As most organizations are already in the thick of annual benefits enrollment, the IRS announced that employees can funnel an extra $150 into their health flexible spending accounts (FSAs) next year. The annual contribution limit is rising to $3,200 in 2024, up from $3,050 in 2023. If the employer’s plan permits the carryover of unused...
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. Earlier...
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. Let’s look at a few considerations when evaluating health...
Understanding the basic rules of a health savings account (HSA) is critical in driving employee participation. Only half of those surveyed in our “Paying for Healthcare in America” report said that they understand the differences among the different health spending accounts. Let’s break down some of HSA’s basic rules. Who is Eligible for an...
According to the World Health Organization, roughly one in six adults worldwide are affected by infertility. Reasons can vary, which is why wide-ranging fertility benefits can also improve the lives of any adult wanting to start a family. Did you know that a variety of fertility and infertility treatments are eligible for health savings account...
Can you imagine sorting 4,000 rubber ducks? Well, our team did just that for the 26th annual Riverview Centers Duck Derby Race! We completed this project as part of the Waverly Shell Rock United Way Day of Caring on September 13. The race occurs on October 8 at 3 p.m. and is located on the...
Are you preparing to send your kids back to school? You might be surprised to learn that your health savings account (HSA) and medical flexible spending account (FSA) can help you save on a variety of back-to-school, expenses, including: Thermometers You can use your HSA or FSA to purchase a thermometer, which takes on added...
Many companies are recession-planning and looking for ways to cut costs. But employees remain top of mind for employers, with 55% of businesses saying they will not reduce salaries if there is a recession and 47% saying they will not reduce benefits, according to Employee Benefit News. Benefits are critical for attracting and retaining talent....
A Flex Plan allows a participant to set aside dollars each year from their paycheck to pay for qualified health and dependent care expenses through a Section 125 Cafeteria Account. These dollars are deducted from wages before any income or social security taxes are paid. By using this tax savings plan, participants will notice an increase in take home pay and have access to a reimbursement account throughout the year to pay for qualified expenses. Employers will not have to pay FICA or FUTA taxes on dollars run through the plan. Additionally, employers have the option of adding on a defined contribution plan set-up and an online enrollment tool.
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 Flex Plans.
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