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. ...
Since flexible spending accounts (FSAs) are governed by the IRS’ use-it-or-lose-it rule, any unused funds that remain in your account at the end of the year may be forfeited — with some exceptions, like if your FSA includes a carryover or grace period. It’s estimated that $1 billion of unused medical FSA funds will be forfeited this year alone. That’s a staggering amount! Fortunately, if your FSA has a grace period, you may still have time, to incur expenses and spend your 2021 balance. We’ve got you covered with a few tips below on how to use your account balance.
Review if your FSA has a carryover or grace period
An FSA carryover lets you carry a pre-determined number of dollars (the IRS allows a $570 maximum) to the next plan year. A grace period lets you spend your funds after the plan year has expired for a pre-determined amount of time. If your plan has neither, it’s crunch time!
Review your medicine cabinet
How is your supply of bandages? Do you use an over-the-counter nasal spray or eye drops? There are hundreds of common household items that qualify as FSA-eligible items. If you’re curious about the eligibility of a certain household item, look for it in our searchable list of eligible expenses.
Schedule a dental cleaning, eye doctor appointment or physical
It’s recommended that you have your teeth cleaned twice a year and have your eyes checked every two years (or annually, depending on your age). Maybe it’s simply time to get in your annual physical. If you’re due for a checkup, get in before the end of your plan year and use your FSA funds to cover eligible costs.
Schedule a chiropractor or acupuncture visit
FSA funds cover acupuncture appointments and many types of chiropractic care. With chiropractic visits, only adjustments are considered a qualifying expense. Some chiropractors also provide massage therapy, which can qualify as an eligible expense, but only if recommended by a physician to treat a specific medical condition. Documentation for massage therapy might be required.
Plan ahead for upcoming vacations
Do you have any vacations planned? Many common travel and outdoor expenses, such as first-aid kits, sunscreen and bug spray, can be purchased using your account dollars. (Note: For sunscreen to qualify, it must be SPF 30 or higher.)
Check your baby supplies
If you have a little one at home, there are several products you may be able to pay for with FSA dollars. Breast pumps and any supplies that assist lactation, such as bottles and storage bags, can be purchased with pre-tax funds. Prenatal vitamins and baby thermometers are also qualified expenses.
If you still have leftover funds, head over to the FSA Store, where you can find hundreds of eligible items and pay for them with your account dollars without ever leaving your house.
Education is critical to get the most out of your employee benefits. Stay updated on the latest trends and insights by subscribing to 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.
Flex Plans
Forms
HSA
HRA
Retirement
Health Shopper
FSA Store