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It’s open enrollment season: time for HR professionals to help employees evaluate and make important decisions about their health and financial benefits. Among those choices are flexible spending accounts (FSAs) and health savings accounts (HSAs), popular options that can play a central role in protecting the health and financial futures of employees. To make it […]
Alcohol frequently plays a big role in summer festivities, whether its families celebrating the summer holidays, weddings and reunions, or friends gathering for barbecues, outdoor concerts, or long days on the water. Even work-related events can follow the trend, often pairing fun in the sun with coolers of refreshing beverages. Summer’s fine weather, relaxed settings […]
With inflation continuing to drive prices upward on a broad range of products and services, financial wellness is top of mind for nearly everyone. According to a recent Bank of America survey, 62% of employees are stressed about their finances and 71% feel the cost of living is outpacing growth in their income. All told, […]
Spring is right around the corner, and so is an important deadline for more than 30 million Americans who are enrolled in a flexible spending account (FSA). March 15 is the most common deadline for the 37% of FSA users who have an optional grace period — a 2.5-month extension for spending down funds from […]
Employees will be able to contribute up to $2,700 to a health flexible spending account (FSA) in 2019, a $50 increase from the 2018 amount, the Internal Revenue Service (IRS) announced in Revenue Procedure 2018-57.
Employees will be able to contribute up to $2,650 to a health flexible spending account (FSA) in 2017, a $50 increase from the 2017 amount, the Internal Revenue Service (IRS) announced in Revenue Procedure 2017-58.
On Friday we heard from Lindsay Sanchez from Kore about how bots can be used to streamline the onboarding process. Today we’ll look at what bots can do at the 30 days-hired-or-more mark.
One key difference between health savings accounts (HSAs) and health flexible spending accounts (FSAs) is that in some circumstances HSAs can reimburse Medicare and other insurance premiums; health FSAs cannot. Recent guidance from the Internal Revenue Service (IRS) in Information Letter 2017-0004 confirmed this fact.
Unlike summer blockbuster movies with a large cast of key characters, benefit plan documentation has just three: the plan document under the Employee Retirement Income Security Act (ERISA), the summary plan description (SPD), and the Internal Revenue Code Section 125 cafeteria plan document.
Generally speaking, money contributed to a health flexible spending account (FSA) in any plan year can be used only to reimburse qualified expenses incurred during that year; money not used to reimburse eligible medical expenses incurred during the plan year is forfeited.