FSA
In just a very short period of time, the Coronavirus Disease (COVID-19) is impacting health plans and health care throughout the country. Here are some key examples of recent developments:
The Internal Revenue Service (IRS) recently issued long awaited guidance that details how someone can be Health Savings Account (HSA)-eligible the following plan year if they have access to funds that rollover from a Healthcare Flexible Spending Account (FSA) from the previous plan year.
Last week, Senator Ben Cardin (D-MD) and Senator Mike Enzi (R-WY) introduced S 9.66, the Medical FSA Improvement Act, to eliminate the Use-It or Lose-It rule by allowing individuals to cash-out unused Flexible Spending Account (FSA) balances with the amounts treated as taxable income.
View the legislative language >>
What could this mean for Americans?
As tax season comes to a close, you might be wondering how to save more next year. Flexible Spending Accounts (FSAs) are a great tool that allows you and your employees to save on healthcare and dependent care expenses. Celebrating 25 years as a trusted benefits administrator, we have done the math to help you visualize your potential savings with our FlexFSA® product:
If you have a flexible spending account (FSA), the year-end FSA frenzy is here. FSA participants that may have contributed too much money may be in panic mode, but it does not have to be that way for you. Let’s take a look at some ways to use your FSA money.
Visit your:
- Doctor to make sure to get all immunizations done.
- Dentist/Orthodontist to get a check up on those pearly whites.
- Optometrist to get an eye exam! Buy a new pair of eyeglasses, prescription sunglasses, contact lenses, or even stock up on contact lens solution.
- Dermatologist to get prescriptions, such as acne treatments.
Don’t let unspent FSA dollars haunt you
It can be scary to think about how much health care costs you and your family. If you have a flexible spending account (FSA), there’s no need to fear. Flexible Benefit Service Corporation (Flex) has conjured up six not so spooky ways to use your FSA before the end of your plan year.
- Prescriptions – Don’t be afraid to ask. Your doctor can write a prescription for everyday over-the-counter items.
You are a business owner, human resource or benefits professional, or even an insurance broker. You are trying to help run a business or assist another businesses needs. You do not have time to learn all the ins-and-outs of every employee benefits offering or business process that comes across your desk.
You do, however, want to make available an employee benefits package that engages and retains employees, while promoting wellness. And, you keep reading in the news about account-based health plans, namely flexible spending accounts (FSAs), becoming a staple in offerings across the nation – and rightfully so.
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