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...
New survey results published during Mental Health Awareness Month indicate that a variety of financial and health factors are the top drivers influencing mental health in this country. Money was the top factor at 52%, with personal health and the health of family/friends also ranking among the top four. There are a variety of ways...
Supporting employees throughout their employment lifecycle is essential for improving engagement, loyalty and long-term satisfaction in the workplace. By optimizing employee benefits and creating a supportive environment, employers can enhance the employee experience at every stage of their journey, from onboarding to retirement. This comprehensive guide will help you understand and implement effective employee lifecycle...
May is Mental Health Awareness Month, an opportunity to raise awareness and reduce stigma surrounding mental health issues in the workplace. As an HR representative or benefits decision-maker, you have a responsibility to support your employees’ mental wellbeing. What can employees do to raise mental health awareness in the office, especially during Mental Health Awareness...
Key takeaways – 2025 HSA contribution limits 2025 HSA contribution limits will increase to $4,300 and $8,550 for self-only and family HSAs, respectively. 2025 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. Health savings account (HSA) contribution limits are on the rise again in 2025. The IRS announced that 2025 HSA contribution limits...
If you’re a first-time medical FSA participant, you may not be familiar with FSA definitions and rules. We’ve provided a list of the top things a first-time medical FSA participant should be aware of in order to take full advantage of their FSA. What is a Medical Flexible Spending Account (FSA)? A medical FSA...
A dependent care flexible spending account (FSA) lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping individuals save 30 percent or more (based on their tax rate) on dependent care costs. Dependent Care...
The season for filing taxes is upon us once again. We’re getting closer to the deadline for filing for 2023. We wanted to share a few tips and reminders about health savings accounts (HSA) you’ll need for your tax return. HSA Tax Prep Checklist Check your W-2 for HSA payroll contributions Get your 1099-SA form...
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.
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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.