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...
Use Your FSA Funds Before the End of the Plan Year
Use Your FSA Funds Before the End of the Plan Year
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.