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...
Health savings accounts (HSAs) have become increasingly popular but they often come with misconceptions. To help employees make informed decisions, let’s debunk common HSA myths and shed light on the HSA facts that matter. HSA Fact #1: HSAs are Employee-Owned While employers may choose to contribute to an employees’ HSA, it’s important for employees...
Expanded public transit. The rise and rebound of ridesharing. Increased work-from-home arrangements. The work commute has changed a lot recently, as lawmakers and civic officials grapple with how to effectively support people traveling to and through ever-growing cities. New York City, Washington, D.C., Chicago, Philadelphia and Seattle are among cities that have enacted laws and...
What are pre-tax savings and post-tax savings? Understanding taxes relating to health savings accounts (HSAs), flexible spending accounts (FSAs) and other benefits plans can be time-consuming and difficult to explain. Pre-tax savings are tied directly to FICA taxes. You may be wondering what FICA is and how does pre-tax savings work for HSAs and FSAs?...
In 2023, mental health became a top priority for employees and employers. According to a SHRM study, 41% of U.S. employees said they would likely or would very likely leave their current job if they were offered a new position with significantly improved mental health benefits. While many companies offer employee assistance programs (EAPs), it’s...
Welcome to 2024! As we get ready for another year of sharing the latest benefits trends and practical tips to enhance you and your employees’ benefits experience, let’s look back at our most popular blog posts from 2023. Get the Best Results from Your Benefit Budget Conversations Benefits are critical for attracting and retaining...
As we age, the importance of maintaining safe mobility within our home becomes critical. It is crucial to understand how to save money on common at-home expenses with health savings accounts (HSA) and flexible spending accounts (FSA). From home modifications to adaptive equipment, creating an environment that not only nurtures a person’s well-being but also...
She was confused about her benefits, but with a little help from her friends, she made the change to an HSA with Advantage Administrators. Now that it’s been a few months, her friends want to know how things are going. See how it has been going with Sue:
By investing her HSA funds, Sue is helping her account grow even faster and making her money work for her. With her online portal and the Advantage Administrators mobile app, Sue can stay up to speed and access all her accounts at home as well as on-the-go.
Sue is glad she decided to enroll in an HSA. Be like Sue—check with your employer or contact Advantage Administrators today to learn how to make your HSA work for you!
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