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...
Spring is in the air! But so are dust and pollen and mold spores (oh, my!), which cause a host of sinus and allergy problems for millions of Americans. But if you have a Health Savings Account (HSA) or a Flexible Spending Account (FSA) from Advantage Administrators, you can use those funds to help you beat the springtime sniffles.
Relieve sinus problems
Whether as a result of the common cold or sinusitis, millions of Americans suffer from sinus pain and pressure, nasal congestion, and drainage every year. But did you know that many nasal sprays, sinus rinses, and other remedies are eligible expenses under your HSA or FSA? That can mean big savings if you use those funds instead of paying out of pocket.
Identify allergy triggers
If allergies are to blame for your troubles and over-the-counter remedies have proven ineffective (or if they’re just not effective enough), it may be worth looking into what your specific triggers might be. Your doctor can perform skin tests and blood tests to determine what’s causing your allergy symptoms in order to provide the most effective course of treatment, and you may be able to use your HSA or FSA funds to cover the cost.
Fix up your first-aid kit
As the weather improves, you may be spending more time outdoors in order to rid yourself of the winter blues. But spending more time outside may increase your risk for scratches, scrapes, and bruises. It’s a good idea to keep a well-stocked first aid kit handy, or to restock your existing kit if you’re running low on supplies. Items like bandages, gauze, and gloves qualify as eligible expenses, meaning you can use your FSA funds to pay for them.
Save your receipts
When you’re stocking up on supplies to help heal your springtime scrapes and sniffles, you’ll want to make sure you keep track of what you’re spending your FSA funds on. Because FSAs are tax-advantaged accounts, the IRS requires proof that the funds are being spent on eligible expenses. The IRS may disqualify FSAs it determines to be either previously or currently non-compliant. And if a plan is disqualified, any contributions that were made to that plan could be considered taxable.
An Explanation of Benefits (EOB) form usually contains the required information, but if you don’t receive one, the information you’ll need to provide includes:
The date the service was received or the purchase was made
A description of the service received or the item purchased
The dollar amount for the service received or the item purchased
The name of the service provider or the name of the store where the item was purchased
When you use your benefits debit card from Advantage Administrators to pay for eligible expenses from merchants with an Inventory Information Approval System (IIAS), you won’t have to submit receipts to verify your purchases—you can just swipe the card and go. Purchases from non-IIAS merchants, however, will still require submission of receipts so your purchases can be verified. Our mobile app makes uploading receipts and filing claims a cinch, and is available for both Apple and Android devices.
If you’ve got questions about what may or may not qualify as an eligible expense, or about how to take advantage of the benefits that come with having a Health Savings Account or a Flexible Spending Account, contact Advantage Administrators today!