For many of us, the normal workplace landscape has changed significantly this year. With many employers opting to host a virtual Open Enrollment, employees will need to keep an eye on their inbox for updates. When it comes to your Flexible Spending Account (FSA), here are three tips to consider during Open Enrollment. Know Your… Continue reading Virtual Open Enrollment: 3 Tips When You Enroll in a Flex Plan
Category: Flexible Spending Accounts
Changing Your FSA Election During the Coronavirus Crisis
Some FSA participants may be allowed to change their FSA election(s) during the coronavirus pandemic. Recently, there have been many changes happening in the benefits industry to help provide relief for Americans impacted by COVID-19. Under IRS Notice 2020-29, employers can allow for mid-year changes to 2020 Health FSAs and Dependent Care FSAs. If your… Continue reading Changing Your FSA Election During the Coronavirus Crisis
P&A Group’s SmartFlex Program: How to Increase FSA Participation
P&A Group's SmartFlex e-mail program keep your workforce connected during Open Enrollment. Many employers and employees have quickly adapted to working from home during the coronavirus pandemic. As the country continues to rebuild and operate in a COVID-19 era, many employees are still working remotely. With more employees home, communicating with your workforce is more… Continue reading P&A Group’s SmartFlex Program: How to Increase FSA Participation
2020 FSA Changes: 5 Things Employers Should Know
The IRS has announced 2020 FSA changes employers can make to provide relief during COVID-19, including the option to allow election changes mid year.
2021 HSA Contribution Limits Announced
On May 21, 2020, the IRS announced the 2021 HSA contribution limits for Health Saving Accounts (HSA). The following increases are effective January 1, 2021: 2021 HSA Contribution Limits Individuals with single HDHP coverage will see a $50 increase in the annual contribution limit, bringing the maximum limit to $3,600 for 2021. Families with family… Continue reading 2021 HSA Contribution Limits Announced
5 OTC Items You Can Now Buy with Your FSA or HSA
OTC items purchased with a Flexible Spending Account no longer require a prescription for reimbursement. Under the new CARES Act, millions of account holders can now use their spending accounts to purchase over-the-counter (OTC) items. Consumers were previously prohibited from using their FSA or HSA to purchase OTC items without a doctor's prescription under the… Continue reading 5 OTC Items You Can Now Buy with Your FSA or HSA
2020 CARES Act: Employee Benefits Update
President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act or CARES Act on Friday, March 27. This bill is intended to help Americans by providing some financial relief as we continue to face the coronavirus pandemic. We are especially happy to see these legislative changes provide greater flexibility for account holders. Employees enrolled… Continue reading 2020 CARES Act: Employee Benefits Update
Coronavirus Testing & Treatment Identified as Preventative Care for HDHPs
Coronavirus testing is considered a preventive service for individuals under high deductible health plans (HDHP)s. On March 11, 2020, the IRS released guidance concerning the widespread COVID-19 coronavirus as it relates to the testing and treatment of individuals enrolled in a high deductible health plan (HDHP). The decision came swiftly due to the public health… Continue reading Coronavirus Testing & Treatment Identified as Preventative Care for HDHPs
California FSA Notice Requirement
Are you familiar with the new California FSA notice requirement for employers? If not, keeping reading. Here’s everything you need to know about the new rule that went into effect on January 1, 2020. What is the California FSA Notice Requirement? Under Assembly Bill 1554, California employers must notify all FSA participants of their plan’s… Continue reading California FSA Notice Requirement
Employer Savings Case Study: How to Increase Your FSA Participation
P&A Group helps grow your FSA plan with educational tools for participants. With rising healthcare costs, companies are taking a closer look at employer savings strategies. For example, one area worth examining is Flexible Spending Accounts. Yes, that’s right – Flex plans offer significant saving opportunities, especially for medium to large size employers. Here’s what… Continue reading Employer Savings Case Study: How to Increase Your FSA Participation