FSAs

Posted January 15th, 2019 in Producers

Using a debit card just got a whole lot easier!

Debit cards offer easy access to tax-advantaged benefits and should improve the overall experience of the employee. Yet sometimes, substantiating debit card charges on a Health Care Flexible Spending Account (FSA) or Health Reimbursement Account (HRA) can be frustrating and time-consuming. As a benefits administrator for 30 years, Flex has been working hard to solve this problem for participants.
 
Posted December 20th, 2018 in Individuals

Time is running out to spend your 2018 FSA funds. In most cases, unless your plan has carryover or the Grace Period, you’ve only got until 12/31 to spend any remaining balance. By the time the ball drops on New Year’s Eve, any money left in your account will be forfeited.

Posted May 15th, 2018 in Employers, Producers
Two things happened in 1986. Run-D.M.C released their hit song, “It’s Tricky,” and COBRA became effective. Thirty-two years later, Run-D.M.C.’s music is still popular, and COBRA administration is still tricky—especially when it comes to Flexible Spending Account (FSAs). Add FSA carryover to the mix, and it gets even trickier.
 
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Posted January 30th, 2018 in Producers, Employers, Individuals
The Tax Cuts and Jobs Act was signed into law on December 22, 2017. It has been making headlines for many reasons over the past few weeks, but some parts of the law aren’t receiving as much attention – such as the provisions pertaining to the use of the Chained Consumer Price Index for Urban Consumers, also known as the Chained CPI.
 
Posted December 1st, 2017 in Producers, Employers
Bipartisan efforts (yes, you read that right) are underway to repeal the Cadillac Tax imposed by the Affordable Care Act (ACA). A letter signed by 140 bipartisan members of the House of Representatives (House) urges a repeal this year. Efforts are being led by Congressman Joe Courtney (D-CT-2) and Mike Kelly (R-PA-3). 
 
Posted October 23rd, 2017 in Producers, Employers, Individuals

IRS Revenue Procedure 2017-58 was released last week. It includes a number of inflation adjustments to various benefits and other items for 2018 including the following for Consumer-Driven Accounts:

Posted October 17th, 2017 in Producers, Employers
To offer an FSA, or not to offer an FSA, that is the question. Let’s just cut right to the chase. 
 
Flexible Spending Accounts (FSAs) are a great way for employees to save on taxes for medical and dependent care expenses, but employers also receive financial benefits by offering an FSA. 
 
Posted August 22nd, 2017 in Producers, Employers
Flexible Spending Accounts (FSAs) are one of the few benefits an employer can provide that often pays for itself (and then some). While there are expenses that will be incurred by the employer when using a third-party administrator for the FSA, there are also payroll tax savings that will offset some or all of those expenses.
 
Posted June 20th, 2017 in Producers, Employers, Individuals
President Donald Trump held a party in the White House Rose Garden to celebrate the passage of the American Health Care Act (AHCA) by the House of Representatives (House). President Trump touted the House bill as being an “incredible health care plan.” The AHCA is now under consideration by the Senate, and in a closed-door meeting held with several Republican Senators last week, President Trump allegedly said the current version of the AHCA is too “mean” and needs to be “more generous.” 
 
Just how "mean" is the AHCA, and who is it "mean" to?
Posted May 16th, 2017 in Producers, Employers
The fifth installment of the Patient-Centered Outcomes Research Institute (PCORI) fees will be due on July 31, 2017. As its name suggests, PCORI is a research institute, and it was created by the Affordable Care Act (ACA) to improve clinical effectiveness. It is partially funded by fees charged to health plans.
 
The following list contains information and some reminders about the upcoming PCORI fee that is due:
 
  • The fee is paid on the average number of covered lives for the plan year ending in 2016.

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