HSAs and FSAs are both great savings vehicles that can help you reduce medical expenses. When it comes to determining which account is right for you, it’s important to weigh the benefits of each account. Let’s review! What is a Flexible Spending Account (FSA)? A Flexible Spending Account, also known as an FSA, gives you… Continue reading HSA or FSA: What Should You Choose?
If you’re re-imagining the Open Enrollment experience this year, you’re not alone. Many employers are transitioning to a completely virtual Open Enrollment for 2020, using creativity and relying on fresh digital strategies to augment their Open Enrollment. P&A Group can help create and deliver an Open Enrollment campaign that keeps your employees informed and engaged. … Continue reading Building a Successful Virtual Open Enrollment Campaign
School is just around the corner. Whether students will be back in the classroom or will continue virtual learning, preparations for the start of the new academic year are underway for many families. As you stock up on back-to-school essentials, save some money by using your Health Flexible Spending Account (FSA) on eligible expenses. Consider… Continue reading Use Your Health FSA to Get Back-to-School Ready
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
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 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
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.
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
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
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