Posts Tagged ‘FSA’
Cold and Flu Season is Here
Common colds are the main reason children miss school and adults miss work, according to the Center for Disease Control and Prevention (CDC). Respiratory viruses love to circulate in the winter, including rhinovirus, one cause of the “common cold”, and respiratory syncytial virus (RSV), which is the most common cause of severe respiratory illness in…
Read More4 Key Messages for Employees with FSAs and HRAs Before the End of the Year
If an employer plan wraps up at the end of the year (on Dec. 31, 2021), it’s important to make sure your team members with a flexible spending account (FSA) or health reimbursement account (HRA) know they’ll need to spend down their balance. Otherwise, they’ll lose any remaining money they’ve set aside when the new…
Read More2022 FSA, TRA, and Adoption contribution limits announced
The Internal Revenue Service (IRS) announced the official 2022 Flexible Spending Account (FSA), Transportation Reimbursement Arrangement (TRA), and adoption credit limits, and it’s good news for those wanting to save money on their eligible expenses. 2022 contribution limits 2022 Healthcare FSA/Limited Purpose FSA – $2,850 2022 FSA carryover – $570 2022 DCAP (also known as…
Read MoreA Reminder to Your Team Members: Spend Down FSA, HRA Balances by Year’s End
As the end of the year nears, it’s important for your team members to think about what to do with any remaining funds in their flexible spending account (FSA) and/or Health Reimbursement Arrangement (HRA) account. For accounts with standard plan years, members should plan to spend most funds by the end of 2021 and make sure…
Read MoreKey Ways to Maximize a Further Debit Card
Many types of Further accounts, including health savings accounts (HSAs) and flexible spending accounts (FSAs), offer a debit card that gives members a convenient way to pay for eligible expenses right in their wallet. However, many members don’t fully understand what their card is for or how they can use it. Here are some helpful…
Read MoreThree “201” Strategies for Maximizing HSAs
When it comes to health care consumerism, we have good news. Through both offline and online resources, our data shows that consumers are becoming more educated on using their health care spending dollars wisely. Consider these facts: Consumer Directed Health Plan (CDHP) participants are 39% more likely to check the price of a service before…
Read MoreConsolidated Appropriations Act, 2021: What does it mean for FSA and DCAP?
The Consolidated Appropriations Act, 2021, was signed into law on December 27, 2020. This COVID relief bill includes several items that impact medical flexible spending accounts (FSAs) and dependent care assistant plan (DCAP) accounts. Most of these changes are temporary – only lasting through 2022 – but the enhancements may affect how you choose to…
Read MoreHealth Care Finance Year in Review: 2020
When 2020 began, it’s safe to say no one could have predicted all that was to come. As individuals and organizations, we all came together to quickly pivot to keep ourselves, our families, and our communities safe. As we look back over the year, organizations and legislation has also changed to address the COVID-19 pandemic,…
Read MoreDon’t Lose It! FSA Funds, That is! Tips for Spending Remaining FSA Funds
As we approach the end of the year, it may be the case that many employees are unaware that they may have unused flexible spending account (FSA) dollars left in their accounts. Beneficially, an FSA allows employees to set aside pre-tax dollars to be spent on eligible health care out-of-pocket expenses that a health care…
Read More2021 FSA Contribution Limits Remain at $2,750
The IRS announced that the 2021 Flexible Spending Account (FSA) contribution limit will remain at $2,750. A medical FSA is a personal expense account that works with an employer’s health plan, allowing employees to set aside a portion of their salary, pretax, to pay for qualified medical expenses. An FSA offers employees a smart way…
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