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Posts Tagged ‘FSA’

CARES Act Permanently Extends Eligible Expense Items

The CARES Act made several routine expenses eligible for HSA and FSA reimbursement

With the passage of the CARES Act in March 2020, additional over the counter (OTC) products and feminine hygiene products are now eligible to be purchased using a medical spending account, such as an health savings account (HSA). Prior to the passage of the act, these items were only eligible for reimbursement with a prescription.…

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What Does the CARES Act Mean For Health Spending Accounts?

CARES Act makes over the counter medicine eligible for HSA and FSA expenses

On March 27, 2020, President Donald Trump signed the $2 trillion emergency spending bill, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This new law amounts to the largest stimulus package in U.S. history, and is aimed at providing economic relief to American workers, families and businesses impacted by Coronavirus. In particular, there are…

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Leveraging Multiple Health Accounts for Maximum Benefits

how to leverage multiple health spending accounts for maximum benefits

When it comes to health saving and spending accounts, employers have many options to offer to employees. From health savings accounts (HSA), flexible spending accounts (FSA), health reimbursement arrangement (HRA), and more, employers offer these health accounts to help employees pay for health care related expenses and save for future needs. While employees may be…

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Changes to 2020 Health Care That Employees Might Not Know About

see what's coming around the bend for health plans in 2020

With the new benefits year around the corner, employees are likely making plans around their health care including Health Savings Account (HSA) and Flexible Spending Account (FSA) contributions, contemplating providers that they may need to visit and planning for the unexpected. As plans begin to form, employees should review these health care changes that are…

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FSA Contribution Limits Increase for 2020

the federal government increased FSA limits for 2020

For 2020, the IRS increased the new 2020 Flexible Spending Account (FSA) limit to $2,750. For groups that have already set their contribution limits to the 2019 amount of $2,700, Further will automatically update the amount to the 2020 limit of $2,750, unless notified otherwise within the next 30 days. A medical FSA is a…

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Year-End Benefits Snafus and How to Avoid Them

Avoid mistakes with your benefits

As the end of the year nears, employees may have Flexible Spending Account (FSA) dollars that need to be spent. They may need to schedule last-minute appointments to fit in before the new year or begin planning their new year appointments. With the end of the benefits year, below are three common benefits snafus and…

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Pairing an HSA with a Limited Purpose FSA

You can pair a limited purpose FSA with an HSA

When it comes to health care spending options, there are many possibilities employers can offer. Whether it is a health savings account (HSA) or flexible spending account (FSA), both are great spending tools for employees with consumer-directed health plans that can be used for health care expenses. However, while many groups offer an HSA paired…

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Helping Employees Avoid a New Year’s FSA Hangover

Man sitting in bed holding his head

It’s that time of year again. The time when holiday bills and unintentionally bad spending behavior have come due. Whether that means spending too much on a teenager’s video game system, a spouse’s automated vacuum cleaner, or even a holiday party that went on a little later than expected, it results in a different kind…

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End Of Year FSA Expenses: An Employee Cheat Sheet

Top view of desk with calendar

The scenario is all too familiar for employers and human resource managers: The year ends, and employees still have unspent funds in their flexible spending accounts. Whether employees forget that the money in their FSAs must be used or it will be lost, or they simply aren’t aware of which expenses can be covered by…

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