Every year, the IRS announces FSA contribution limits for the following calendar year and usually revise them upward. And it’s important to pay attention to the changes to make sure you’re maximizing this benefit.
Employers that offer Flexible Spending Accounts can choose to provide an FSA rollover or grace period at the end of each plan year, but not both. If you’re nearing the end of the year and have some money remaining in your FSA, it’s important to understand what will happen to it if you don’t use it all.
To effectively communicate the value of an HSA, focus on the long term savings value of the account, the healthcare and tax savings associated with an HSA, and how an HSA can complement other flexible employee benefits.
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Employers need employees to adopt and engage with their benefits and one way to encourage employees to adopt and contribute to (i.e. engage with) an HSA, is for employers to match employees’ contributions.
Lively’s second annual survey of HR leaders that captures crucial insight about the employee benefits that make an impact for retention and cost savings and critical action items for brokers and employers.
Lively has put together a wealth of resources to ensure that open enrollment goes smoothly no matter what your role. As open enrollment season gets underway, we wanted to take the time to round them up for you, so you can find the guidance you need during this critical, busy season.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.