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. ...
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...
If you have a calendar year health insurance plan with a Flexible Spending Account (FSA), you’re running out of time to use up your FSA funds! FSAs are “use it or lose it” accounts, meaning that any unspent funds are lost when the new plan year starts.
Some employers allow you to roll over a certain amount (usually $500) of your FSA dollars to the next year. Check with your Advantage Administrators representative to find out if your employer allows rollovers.
If you want to make sure you don’t lose your money, here are a few ideas on eligible expenses you can spend it on before December 31st.
First Aid Kits and Replacement Supplies
Do you have a first aid kit in your home and every vehicle? Buy full kits or replace used or expired items in exiting kits. First aid kits, as well as bandages, antiseptics, aspirin, and other supplies, are FSA-eligible.
Sun Protection
It may not be on your mind in the colder months, but sun protection, including sunscreen and SPF lip balm, are necessary year-round. Both are FSA-eligible.
Hot and Cold Packs
You never know when pain is going to hit. Buy hot and cold packs to have ready when you need them. Both are FSA-eligible.
Athletic Braces and Supports
It doesn’t hurt to have a few braces on hand for when knee, ankle, or wrist injuries happen. These types of braces are FSA-eligible, and so are arthritis gloves and compression socks.
For more ideas, the FSA Store offers a full FSA Eligibility List. If you have questions about Flexible Spending Accounts, rollover amounts, or open enrollment, visit our website or contact your Advantage Administrators representative today.
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