article thumbnail

FSA eligible expenses — what purchases count?

Business Management Daily

Open enrollment is underway for many companies right now and one benefits offering that may be on the menu this year is an FSA. Flexible Spending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. Healthcare FSA. Healthcare FSAs.

article thumbnail

HR Professionals… What’s Your Problem?

Benefit Resource Inc.

One of the “mountains” you may be facing is combating rising healthcare costs. The Challenge Rising healthcare costs are one of the main concerns for Americans. Of those, more than seven in ten employers (71 percent) also offer a health savings account with employer funding. How can we help you?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Estimated Time on HR: Procuring Benefit Plans and Open Enrollment Administration Tasks

Stratus.HR

Creating a full wrap document to comply with ERISA (Employee Retirement Income Security Act): 1 hour if digital . Answering employee questions about open enrollment: 1-3 hours . Following-up with outstanding employee enrollments: 1-2 hours . Administering a Flexible Spending Account (i.e.,

article thumbnail

FSA receipt requirements: What you need to document

Business Management Daily

Flexible spending accounts (FSAs) are employer-established accounts that allow you to put aside pre-tax dollars from your paycheck into a special account to be used for eligible health or dependent care expenses. This means that employees do not have to wait to use their health FSA funds. Date of service.

Retail 52
article thumbnail

Help Employees Understand the HSA Value Proposition

Corporate Synergies

Educate employees on how to use these funds for current and future healthcare expenses. Health savings accounts can be a good deal for employees. But there’s a great chance that if you offer a high deductible health plan with an HSA, your employees aren’t crystal clear on the benefits of the health savings account.

401(k) 40
article thumbnail

Benefits for One, Benefits for All: Understanding Lifestyle Spending Accounts

HR Digest

If you’re unfamiliar with the concept of a lifestyle spending account you’re not alone in your confusion. A Health Spending Account (HSA) might be a more familiar concept to you—a workplace benefit account that helps you out with healthcare expenses by drawing from reserves that build up over time.

article thumbnail

From deductibles to wellness: Why benefits options matter

WEX Inc.

HSA or FSA options Similar to the choice in health plans, many participants told us in the survey that they wanted to choose between either a health savings account (HSA) or a flexible spending account (FSA). However, not all employees are offered these benefits.