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. ...
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...
Are you investing in a health saving account (HSA)? Only 5% of HSA participants invest their funds, but all profits are tax-free and grow faster than a 401(k) or IRA.
Before you start investing, be sure to make a plan. Advantage Administrators recommends this three-step process.
Instead of jumping headfirst into investing in an HSA, we recommend identifying a few numbers, including monthly expenses and current disposable or investable income, in addition to creating an estimate of future earnings.
These numbers will help determine what you can invest right away. If you have questions, set up an appointment with Advantage Administrators.
When do you want to retire? How much money will you need in retirement? How much do you currently spend each year? These questions should drive your decision on how much money to invest in your HSA account.
The average retirement age is 64 for men and 62 for women, while the average life expectancy in the United States is 79. This means that the average retiree will have 15-20 years of retirement but should plan – and save – for more.
This is where Advantage Administrators recommends using the 4% rule. This rule states that you should only spend 4% of
your current investment each year of retirement. This rule helps the average retiree save enough for 25-30 years of retirement.
When you’re ready to get more in-depth in HSA planning, check out our online HSA goal calculator.
Once you’ve established how much you want to invest and your goals, it’s time to strategize your approach. Luckily, there are over 8,500 types of funds and investment opportunities in your HSA to help you meet your goals.
Now that you’ve invested in an HSA, there are a couple things to remember. One is to monitor your investments. While some do it daily, some prefer to do it quarterly. Regardless, when checking your HSA, remember the following:
Another step Advantage Administrators highly recommends is adjusting your investment goals. As your life changes, funds do too. By tracking healthcare expenses and taking a personalized risk assessment, you can make sure you have enough money to cover healthcare after retirement.
Lastly, if you prefer a hands-off approach to investment strategy, we recommend utilizing automation. There are several programs that allow you to automatically transfer funds from your cash to HSA accounts.
If you have questions about or want to start investing in an HSA, contact Advantage Administrators.
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