article thumbnail

17 Surprising Ways to Use your Medical FSA Funds

Benefit Resource Inc.

You may be able to save on routine expenses, like preventative healthcare costs. As an FSA account holder, you have access to your entire annual amount as soon as you choose it, and it can be used for medical, dental & vision costs. Use-It-Or-Lose-It.

Medical 75
article thumbnail

Increase Your Financial Well-Being Through Medical Savings

Benefit Resource Inc.

The cost of healthcare can be daunting, especially for those who do not have adequate insurance coverage or savings to cover medical expenses. Fortunately, there are ways to increase your financial well-being through medical savings. One such way is by utilizing health savings accounts (HSAs) and flexible spending accounts (FSAs).

Medical 52
Insiders

Sign Up for our Newsletter

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

article thumbnail

4 Life Hacks to Extend the Value of Your Benefits

Benefit Resource Inc.

Additionally, you may also already have a built-in savings option to pay for your COBRA premiums. A health savings account is not only an important component to paying for medical expenses today, but it is a tool you can use throughout retirement.

401(k) 98
article thumbnail

What is a POP (Premium Only Plan)?

Higginbotham

Examples of qualified benefits include group health insurance , adoption assistance, voluntary group insurance such as dental or vision , dependent care assistance, group term life insurance or Health Savings Accounts (HSAs). The tax savings are the main advantage for both employees and employers.

article thumbnail

6 Things Employees Should Understand About COBRA Coverage

Benefit Resource Inc.

This includes: medical, dental, vision, Medical Flexible Spending Accounts (Medical FSAs) and Health Reimbursement Accounts (HRAs). While a Health Savings Account (HSA) is not technically covered by COBRA, funds in the HSA are owned and may be used by the individual. 2) Timing Matters.

article thumbnail

Open enrollment checklist for employers

Business Management Daily

The survey results will help you prioritize the benefit changes or expansions that would be most impactful for your current employees so that you can utilize your benefits budget effectively. Many businesses start out with basic health plans and then add on dental and vision once they’re able to. Stay organized.

article thumbnail

Hiring Trends To Be Aware Of In 2023

Genesis HR Solutions

Utilizing software for recruitment. Flexible Spending Account (FSA): An FSA (also known as a flexible spending arrangement) is a special account employees put money into that they use to pay for certain out-of-pocket health care costs. As an employer, you may make contributions to your FSA, but you aren’t required to.