FSA

Shopping for FSA Products Online

Consumers have been shopping for everything from clothing to groceries to furniture through online retailers for years. It’s convenient, and prices may be lower than those at brick-and-mortar retail stores. More and more, people are turning to the web to buy healthcare products. Many retailers sell FSA-eligible products online, and Flexible Spending Account (FSA) participants can use their account-linked debit cards as payment. What to Know When FSA Shopping Online Before shopping online with your

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Healthcare Consumerism Continues to Rise

Healthcare consumerism is a movement to make healthcare services more efficient and cost-effective. It transforms an employer’s health benefit plan, putting the economic purchasing power and decision-making in participants’ hands. Consumerism aims to enable patients to become wholly involved in their healthcare decisions. What drives healthcare consumerism? Customers can access features, benefits, and cost comparisons in most industries to guide their purchasing decisions. In contrast, the healthcare industry presents many choices, contact points, and service

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What is an FSA or LPFSA?

Rising healthcare costs have people more actively managing their healthcare expenses. Many are doing so with the help of consumer-directed healthcare (CDH) resources like Flexible Spending Accounts (FSA) and Limited Purpose Flexible Spending Accounts (LPFSA). To increase employee utilization of these accounts, it’s important to provide education on FSA and LPFSA basics regularly throughout the year.Flexible Spending Account BasicsA standard FSA is a health benefits account to which participants contribute money deducted from their paychecks

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Benefit Accounts Address Economic Challenges

A recent article in Employee Benefits News outlined the three economic challenges to American workers: inflation, market volatility, and rising interest rates. Employers can use benefit accounts to help employees address these concerns. Challenge #1: Inflation The Consumer Price Index (CPI) rose 7.7% overall between October 2021 and October 2022. Increases occurred year over year (YOY) in every category the CPI measures, including fuel oil (68.5%), natural gas (20.0%), gasoline (17.5%), transportation services (15.2%), and

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Whitepaper: Getting Creative in a Post-Pandemic Enrollment Season

Always an intense and stressful time for brokers, TPAs, and employers alike, enrollment season for the 2023 plan year promises to be even more so. As COVID-19 gradually transitions from pandemic to endemic, its impact on Americans cannot be denied. By mid-2022, more than 90 million had contracted COVID-19, with over a million confirmed deaths. How can we successfully address the past two years’ influence on our workplaces and workforce? It will take more than

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Financial Benefits Continue to Gain in Importance

In Morgan Stanley’s second annual State of the Workplace Financial Benefits Study, 71% of employees said financial stress negatively affected their personal lives and work. More than four out of five (84%) believe employers should provide more tools to help them navigate economic challenges. Traditional Financial Benefits Employers have long offered financial tools like profit-sharing plans and 401Ks. Both offer some tax savings and enable a path toward a more comfortable retirement. However, they come with

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Halloween Health and CDH Accounts

Halloween is a favorite time of year for some, from decorations to pumpkin carving to dressing up. However, it can also be a time of pumpkin carving cuts, bumps and bruises, sprains, and even broken bones from tripping over costumes. Let’s talk about staying safe, Halloween health, and your CDH accounts. Some of the reasons why Halloween is so scary Halloween is undoubtedly fun, but dangers are lurking and parents need to be vigilant. Children’s

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9 Ways to Spend Down Your FSA Funds

Your FSA plan may have a provision that the balance forfeits to your employer if you don’t spend down all your funds by the end of the plan year. Other plans allow you to carry up to a certain amount of leftover funds to the next plan year. Don’t know which type of plan you have? Ask your HR or benefits administrator ~ and check out these 9 ways to use up any leftover FSA

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What’s the Right Amount for my FSA?

With the popularity of flexible spending accounts on the rise, participants want to know, “What’s the right amount to put in my FSA?” Flexible Spending Accounts (FSAs) are fast becoming one of the most popular employer-sponsored benefits in the United States. In their latest market review, the Aite-Novarica Group estimated 32.6 million FSA accounts in force in 2022. Why are FSAs popular? According to FSAFEDs.com, the official FSA website for federal employees, taking advantage of

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Inflation Reduction Act May Impact Employer-Sponsored Health Plans

President Biden signed the Inflation Reduction Act (IRA) into law on August 16, 2022. Among other provisions, the IRA: Here’s how the Society of Human Resource Managers (SHRM) expects the IRA to impact employer-sponsored group health plans. ACA Subsidies Extended to 2025 The American Rescue Plan of 2021 (ARPA) expanded access to premium tax credits (PTCs) that subsidize the purchase of health insurance on the ACA marketplace. The IRA extends those subsidies through 2025. According

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