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As the popularity of flexible spending accounts continues to rise, new and renewing participants may need help deciding how much to set aside in FSA contributions. In this article, we provide a quick overview of why FSAs are so popular, how they work, and how to calculate the annual contribution amount. Why are FSAs so … More >>
Flexible spending accounts (FSAs) are the most common tax-advantaged healthcare spending account currently available and have been around the longest. But they are often misunderstood and underutilized. Even though FSA account holders can experience tax savings of 20- 40% on the funds set aside, many companies have a relatively low adoption rate. The biggest objection? … More >>
We live in a convenience-based society, always on the lookout for immediate satisfaction. Linking tax-advantaged benefits accounts such as FSAs and HSAs to benefits debit cards is a popular option that creates more convenience for everyone. When using an account-linked benefits debit card, the participant can make eligible purchases without having to front the expense, … More >>
To say that the last two years have been challenging would be an understatement. For the benefits industry, it’s been particularly difficult to navigate changes to various rules and regulations. Among their efforts to provide relief to employees during the pandemic, Congress has temporarily changed certain regulatory requirements and deadlines for the 2021-2022 period. It’s … More >>
Preventive healthcare may help reduce the risk of disease, disabilities, and death. However, millions of people still don’t seek out preventive care services. The problem has become so rampant that the Department of Health and Human Services (HHS) has launched an initiative called Healthy People 2030. The initiative aims to educate people on preventive care … More >>
Healthcare costs have been on the rise for decades, and this year is on track to continue that trajectory. Current predictions are that costs will likely trend up about 6.5 percent in 2021, especially in the areas of mental health and ongoing COVID-19 care. The portion of healthcare costs that a patient is responsible for after … More >>
Severe acute respiratory syndrome coronavirus 2 (SARS‑CoV‑2) is the formal name of the coronavirus responsible for the ongoing COVID-19 pandemic. In the United States, since the original outbreak we have so far experienced two variants, Delta and Omicron. Public health experts believe that, like influenza, COVID will eventually become endemic – never completely disappearing, but due to vaccination … More >>
Many companies work hard to offer great benefit plans to their employees. But plan documents can be hard to understand and may discourage employees from enrolling at all – and if they do enroll, they may not use their benefits as much as they could, or should. As a result, employers pay for benefits not … More >>
As the plan year for your Flexible Spending Account (FSA) comes to an end, there are a few things you need to know to make sure you are maximizing your FSA account benefits. Calendar-year FSA plans end on 12/31. Your plan may differ, but at least a month or two before it ends, you should … More >>
With 20% of adults experiencing some form of mental illness, the need for mental health care impacts many families. Your benefit accounts can help pay for this much needed care.