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. ...
An HRA Plan is an effective and simple way for an employer to take control of employee health care benefit costs. This is a medical reimbursement plan that allows the employer to contribute tax-free dollars to designated employee accounts. These HRA dollars can be used to pay for any eligible health care expense. By offering an HRA Plan, employers will be able to lower insurance costs when the plan is combined with a higher deductible health insurance plan. Employers have the ability to fine-tune their employee benefits plan, and the administrative costs are tax deductible. We offer two plan designs: a Comprehensive HRA or Partial Self-Funded.
The employer has an account set up for each eligible employee. The account is then funded with a fixed amount of employer only dollars to pay for eligible expenses incurred by plan participants. When an expense occurs, the employee submits claims to Advantage Administrators, and we release funds based on the plan design. Common expenses include Co-pays, prescriptions, doctor’s office visits, and other regular medical expenses. The employer has the option to make HRA funds available all at once or in equal portions periodically throughout the plan year. The employer maintains control of any unused dollars and can allow participants to carry over all or part of those unused dollars to the next year (rollover) or have unused balances forfeited at the end of each year. This type of account MUST be set up in conjunction with group insurance.
The employer usually purchases a High Deductible Health Plan (HDHP). The employer then partial self-funds the account to a lower deductible, out-of-pocket maximum or other plan design. The employer receives a savings on their premium versus a regularly priced plan at the same benefit level. A portion of those savings are then used to help cover employee’s medical expenses. Advantage Administrators receives the insurance carrier’s Explanation of Benefits (EOB), and then issues a second EOB that explains the employee’s actual financial responsibility and releases payment when necessary based on the plan design. This type of account MUST be set up in conjunction with group insurance.
A Basic Bridge example would be an employer purchasing an insurance plan with a $5,000 Single/$10,000 Family Deductible. The employer then partial-self funds the plan to a $2,500 Single/$5,000 Family Deductible. The employee pays 100% of the first $2,500 Single/$5,000 Single. Advantage Administrators would then pay on the employer’s behalf 100% of the next $2,500 Single/$5,000 Family until the $5,000 Single/$10,000 Family Deductible was met. The regular insurance conditions would then become effective again. Advantage Administrators issues employees EOB’s explaining their expenses and would also request any funds from the employer that were paid on the employer’s behalf. An Extreme Bridge would be any plan design more complex than this example.
Flex Plans
Forms
HSA
HRA
Retirement
Health Shopper
FSA Store