The end of the year is drawing near which may mean you have some extra money to spend. No, you didn’t read that wrong. Many Americans have money in their Flexible Savings Accounts (FSAs) that they need to use up before the end of the year. FSAs provide the benefit of putting pre-tax money aside … Continued
Change will reduce year-end buying rush but halt expenses offset. Read full article…
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.
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.
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.
Morganthaler and Wimer’s report outlines four benefit and payroll areas that should be top of mind
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.
