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. ...
Testing and treatment for COVID-19 will now be covered by high-deductible health plans prior to those covered by such plans meeting their deductible, thanks to new guidance from the IRS. IRS Notice 2020-15 classifies coronavirus testing and treatment as qualified medical expenses for HDHPs, meaning that people can use their health savings account dollars to cover those expenses.
On March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. As a result of this national health emergency, the recently issued IRS notice also applies to HDHPs that provide other benefits covering coronavirus testing and treatment. It also applies to HDHPs whose deductibles are below the minimum requirement.
As concerns regarding transmission of coronavirus have intensified, the HSA Council has worked in conjunction with the United States Congress to get this measure passed quickly. Senator Steve Daines (R-MT) wrote to Treasury Secretary Steve Mnuchin to request approval, and Representatives Diana DeGette (D-CO) and Donna Shalala (D-FL) introduced H.R. 6173, which would “amend title XXVII the Public Health Service Act to require group health plans and health insurance issuers offering group or individual health insurance coverage to cover COVID-19 testing without cost sharing.” If H.R. 6173 is passed, testing for coronavirus will be added to the list of preventive care mandates. High-deductible health plans are required to cover items on the preventive care mandate list without cost-sharing.
Symptoms of COVID-19 include fever, cough, and shortness of breath, though these symptoms may take up to 14 days after exposure to appear. If you develop symptoms or if you have been exposed to COVID-19, call your doctor. Preventive measures include washing your hands with soap and water for at least 20 seconds; using hand sanitizer containing at least 60% alcohol; and social distancing. If you become sick, stay home and separate yourself from other people and animals.
For more information on COVID-19, see the Center for Disease Control and Prevention’s website.
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