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. ...
Success requires two things: preparation and opportunity. Right now is your opportunity to prepare your employees for financial success. With pre-tax benefits plans from Advantage Administrators, you and your employees have an opportunity to save money, both now and in the future.
During open enrollment, your employees can choose to enroll in a Health Savings Account (HSA) if they haven’t done so already. Here are a few questions they may want to ask in advance:
What type of health plan do I need to qualify?
Health Savings Accounts (HSAs) can only be used with a qualified High-Deductible Health Plan (HDHP). The IRS sets annual deductible limits for HDHPs each year.
How much should I contribute?
Since all the funds in an HSA can be carried over from one year to the next, they are powerful tools to help participants save for retirement and pay for their family’s emergency medical expenses. As a result, it makes sense to contribute as much as possible (within the IRS contribution limits, of course). Other things to consider are:
Can I enroll in an HSA and an FSA?
Yes! Participants can save even more on eligible expenses by participating in an HSA as well as certain types of Flexible Spending Accounts (FSAs). Participants in an HSA can also contribute to:
It’s important to note, however, that plan participants are not eligible to participate in both an HSA and a Medical FSA, which covers eligible medical, dental, vision, and preventive care expenses.
What is the investment threshold?
HSA funds can be invested, allowing participants to build up a balance at a much higher rate than would be possible with an HSA’s cash account, which is one of the reasons why an HSA rivals a traditional IRA or 401(k) plan when it comes to saving for retirement. But before participants can invest their HSA funds, they must reach an investment threshold. It’s important to know what that threshold is so that participants will know how soon they can invest.
How do I know what expenses are eligible?
The IRS determines which expenses are eligible under HSAs and FSAs.
Open enrollment season will be here before you know it, but all it takes is a few simple steps to boost plan participation and put you and your employees on the road to savings:
START STRONG
Start strong by scheduling a time to meet with your employees so you can review the plans available for them to consider. If there are any changes to your offerings, such as new plans or changes to contribution limits, make sure your employees are aware of them. Encourage your employees to review their current plan elections and bring a list of any questions they might have to your meeting.
LEARN MORE TO GET THE MOST OUT OF PRE-TAX BENEFITS
Staying educated throughout the plan year can help avoid confusion during open enrollment season, and our website is the perfect place to start. You’ll find information on HSAs, FSAs, and more that will help you maximize plan participation. Our blog offers updates throughout the year about employee benefits and how to make them work for you.
Did you know that Advantage Administrators offers a mobile app? Designed for on-the-go access to all your Advantage Administrators accounts, our app lets you stay up to speed on your healthcare account information. It’s easy to check balances and expense eligibility, make payments, and manage your HSA investments, and it’s available for Apple and Android devices.
COMMUNICATION IS KEY
Good communication is essential. After all, if your employees don’t know which plans you offer and the differences between them, how will they know which plan may be right for them?
That’s why it’s important to develop a unique communication strategy that meets the needs of you and your employees. Key things to consider when developing this plan include how your employees have responded to past communications. Do your employees respond best to emails? Text messages? Phone calls? Some may prefer face-to-face meetings. Each employee has different needs, and it’s important to keep those in mind.
FIND YOUR CHAMPIONS
Word of mouth is still one of the best ways to build confidence in any product or service, and the same is true with benefits plans. Talk to your employees who regularly participate in your employee benefits and ask a couple of them to share their stories during open enrollment. Employees who may be apprehensive about participation might be more comfortable approaching other employees they know and trust. These employees can offer valuable insights into employee benefits since they understand the participant experience.
KEEP IT SIMPLE
Ninety-two percent of employees keep the same elections they had the previous year, regardless of any changes that may have taken place in their lives. If your employees are part of that majority, they may be missing out on pre-tax savings. Providing them with informative materials like handouts and links to blog posts that they can review at their convenience can help them see if that is the right choice for them.
The benefits experience is often complicated, but it doesn’t have to be. Educating employees about the advantages of participation in your benefits programs, coupled with early planning and tailored communications concerning open enrollment, will help ensure that your message resonates with employees.
Flex Plans
Forms
HSA
HRA
Retirement
Health Shopper
FSA Store