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...
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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...
Start Your New Benefits Plan Year Off Right with These 8 Tips
Start Your New Benefits Plan Year Off Right with These 8 Tips
For most of you, a new plan year has begun! Just because you have an entire plan year ahead doesn’t mean you should wait until November or December to put time and energy into your employee benefits. In fact, staying on top of your health savings account (HSA), flexible spending account (FSA), or any other plan you signed up for throughout the year can pay off for you. We’ve compiled some tips to help you if you participate in an Advantage Admin benefits plan.
Download our app
A variety of day-to-day expenses are eligible for your HSA and FSA funds, including over-the-counter expenses. Having your employee benefits anytime you need them isn’t just comforting. It’s an expectation. If you participate in an HSA, FSA, HRA, LSA, or commuter benefits with us, download the benefits mobile app to check your balance, file claims, upload documentation, and even use the scanner to check products for eligible expenses.
How do you do this? Go to the Apple or Google Play store and search “Advantage Admin.” It will be one of the first apps you see after that.
Sign up for text alerts
Statements. Contributions. Debit card activity. There are a variety of activities related to your account that you want to stay on top of by signing up for text alerts.
How do you do this? From your online account, click on Message Center and then click Update Notification Preferences. In this menu, you can also add your phone number and email address for your account.
Update email address
If you completed the previous task of signing up for text alerts, you may have noticed that there are a variety of email notifications also available, including notifications for your HSA account summary or debit card activity. Plus, going paperless is great for the environment! You’ll want to make sure you have the right email address on file when signing up for these.
How do you do this? From your online account, hover over Accounts and click on Profile Summary.
Add dependents
Your HSA or FSA may cover your dependents’ costs if the dependents are claimed on your tax return.
For medical FSAs, expenses for children through age 26 and spouses are permitted.
For dependent care FSAs, it’s generally used for dependent children through age 12 (or spouses or adult dependent children who are physically and mentally incapable of self-care).
For HSAs, expenses for tax dependents and spouses are covered.
How do you do this? From your online account, hover over Accounts and click on Profile Summary.
Add beneficiaries (for HSA)
An HSA is all yours. Your balance rolls over from year to year, and the account stays with you even if you change jobs. Because an HSA is a “savings” account, you’ll want to designate a beneficiary (or beneficiaries), just as you would with a 401(k) or other retirement-planning accounts.
How do you do this? From your online account, hover over Accounts and click on Profile Summary.
Add a bank account
When you pay out of pocket for HSA or FSA eligible expenses, you want to be reimbursed fast! By adding a bank account to your account, your HSA and/or FSA can reimburse you for out-of-pocket expenses through direct deposit, which is a faster way to be reimbursed.
How do you do this? From your online account, hover over Accounts and click on Banking/Cards.
Check out our knowledge base
If you want to know the answer to something, you can search for it online. Your employee benefits experience should be the same way. We developed our knowledge base with that in mind, so you can easily find answers to questions you have about HSAs, FSAs, commuter benefits, and more!
How do you do this? Click “Get Help” within your online account to view our knowledgebase of help articles. Search for what you need, or peruse articles based on topic.
Review your tasks
The Tasks menu will let you know of any actionable items, such as setting up a bank account for direct deposit and the need to upload documentation for an outstanding FSA claim.
How do you do this? Right after you log in to your online account or the benefits mobile app, you’ll see a “Tasks” menu.
Education is critical to get the most out of your employee benefits. Stay updated on the latest trends and insight by subscribing to our blog!
The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel.