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How to Make the Most Out of Your FSA at Year-End | Ohio Benefit Advisors

As 2017 comes to a close, it’s time to act on the money sitting in your Flexible Spending/Savings Account (FSA). Unlike a Health Savings Account or HSA, pre-taxed funds contributed to an FSA are lost at the end of the year if an employee doesn’t use them, and an employer doesn’t adopt a carryover policy. … Continued

What You Need to Know about Health Flexible Spending Accounts | Ohio Benefit Advisors

A health flexible spending account (FSA) is a pre-tax account used to pay for out-of-pocket health care costs for a participant as well as a participant’s spouse and eligible dependents. Health FSAs are employer-established benefit plans and may be offered with other employer-provided benefits as part of a cafeteria plan. Self-employed individuals are not eligible … Continued

Ask the Experts: Dealing With FSA Carryover Funds | Ohio Benefit Advisors

Question: If an employee has a small health flexible spending account (FSA) balance with a carryover to the next year, and the employee chooses not to participate in the new FSA year, can the employer force the employee to use those funds so as not to incur additional administrative fees in the next plan year? Answer: … Continued

IRS rule allowing flexible spending account carry-overs has pros and cons for employers

Change will reduce year-end buying rush but halt expenses offset. Read full article…

IRS Releases Tax Benefit Inflation Adjustments for 2014

Internal Revenue Service (IRS) Revenue Procedure 2013-35 provides the cost-of-living adjustments to certain items for 2014 as required under the Internal Revenue Code. This revenue procedure includes updates for numerous items including:

The New FSA Carryover Rule…Pros and Cons…

What does the new FSA Carryover Rule mean for your benefits plan. See how you may keep your plan as is, or change to the new rule.

Health FSA Rule Change Explained

Under the new rule, a plan may — but is not required to — allow participants to carryover up to $500 in unused contributions to the next plan year. The $500 carryover does not count against the maximum employee contribution to an HFSA of $2500 per year.

FSA use-it-or-lose-it rule changed!

The U.S. Department of the Treasury and the IRS on Thursday issued a notice modifying the longstanding “use-or-lose” rule for health flexible spending arrangements. Participants now can carry over up to $500 of their unused balances remaining at the end of a plan year.

What you may not know about your FSA

Now is the perfect time for HR managers to keep details of FSAs top of mind and help employees understand the fine print so they recognize why enrolling this fall is the smart financial decision.

Highlights of the Health FSA Contribution Limit

Our access to PPACA Advisor resources can help you clear up PPACA questions and help you shape your company’s benefit strategy.

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