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. ...
On November 15th, 2018, IR-2018-222 of the Internal Revenue Service (IRS) announced the 2019 annual cost-of-living inflation adjustments, which included increased limits for flexible spending accounts (FSAs), transportation fringe benefits, and qualified parking expenses.
A summary of the 2019 IRS contribution limits and their impacts on health benefit accounts is provided below and is summarized in the 2019 IRS Numbers You Need to Know document, available on Partner Central/Marketing Resources or by clicking here.
Changes announced in the latest IRS announcement are as follows:
IMPACT TO WEX HEALTH CLOUD PLAN SETUP AND RENEWAL
What does this all mean, and what action is required? The good news: WEX Health is handling it for you. Here’s how:
HEALTH FLEXIBLE SPENDING ACCOUNTS
The adjusted health FSA pre-tax salary reduction limit is per employee, per employer, per plan year starting January 1st, 2019.
WEX Health Cloud allows you complete control to configure the FSA maximum by plan, so you can easily make the maximum contribution adjustment at plan design when setting up a new plan.
As of today, when you create new 2019 plans within WEX Health Cloud, the default FSA maximum value will be updated to reflect the new 2019 limit of $2,700.
For pre-existing 2019 plans that have already been set up, the WEX Health Cloud product development team will be running a script to increase the FSA limit to reflect these new changes.
We are currently working to make the following adjustments:
If you do not want your plans updated, please submit a Support Request (SR) with the category of Configuration Data Change > 2019 Opt Out, by December 7th, 2018.
COMMUTER AND QUALIFIED PARKING BENEFITS
WEX Health Cloud does NOT default the monthly contribution maximums, so we will not make any changes to contribution fields for commuter and parking benefits. However, we will be changing the database value to cap reimbursement of these plans to the new maximum ($265) beginning January 1st, 2019.
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