Understanding the benefits of dependent care flexible spending accounts
Many organizations are looking for new and creative ways, besides traditional benefits, to meet their staffs’ needs. A good benefit plan for employees is the dependent care flexible spending account (DCFSA). It helps with dependent care expenses and attracts a diverse workforce while reducing financial burden. For many years, one of the biggest costs for families […]
Navigating Inflation and the Strategic Role of Employee Benefits
In the dynamic landscape of the modern workforce, employers and HR professionals are faced with the challenge of not only attracting top talent but also ensuring the well-being of their existing employees. One often-overlooked aspect that plays a pivotal role in employee satisfaction, particularly during times of inflation, is the impact of rising costs on […]
Managing Employment Complications and Pre-Tax Benefits
Facing unemployment or managing a $200 monthly commute can be challenging. While we can’t offer a magic solution, we can provide practical advice on utilizing pre-tax benefits to improve your situation. Managing Job Loss with COBRA Job loss can be a stressful experience, especially when it comes to maintaining coverage for you and your family. […]
Are you offering the best dental coverage options to employees?
Everyone is feeling the pinch these days, and budgets are tighter than ever. Ensure your employees save money by offering these three essential dental coverage options. A LIMITED FSA IN PLACE OF DENTAL INSURANCE Dental insurance often carries a reputation for being costly relative to its benefits. The key is understanding your employees’ yearly dental […]
How Employers Can Support with Pre-Tax Benefits and Adoption Assistance
May is Foster Care Month, a time to recognize the invaluable contributions of foster parents, advocates, and organizations dedicated to supporting children and families in need. For employers, it’s an opportunity to not only celebrate but also take action in supporting foster care initiatives. One impactful way to do so is by offering adoption assistance […]
Are You Using Your Dependent Care Account the Right Way?
As we navigate the intricate world of employee benefits, it’s crucial to ensure that we’re taking full advantage of the offerings available to us. One often underutilized but immensely valuable benefit is the dependent care account (DCFSA). Whether you’re a seasoned employee or new to the company, understanding how to make the most of your […]
Tips for the Early Plan Year
Pre-tax benefits are a powerful tool for saving money and maximizing your income. From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. As the new plan year kicks off, it’s the perfect time to dive into the basics, understand how these benefits work, […]
What These 10 Common Pre-tax Terms Really Mean
Navigating the world of pre-tax benefits can sometimes feel like deciphering a complex code. With terms like “substantiation” and “HRA” it’s no wonder many find themselves scratching their heads in confusion. Yet, understanding these terms is key to unlocking the full potential of pre-tax benefits. Whether you’re a seasoned benefits administrator or new to the […]
Five Basic Questions to Ensure Your Receipt Is Accepted
Congratulations on enrolling in a Flexible Spending Account (FSA)! The key to a smooth reimbursement process lies in understanding the crucial elements of proper expense documentation and ensuring your receipt answers 5 fundamental questions. Let’s explore these questions and discover where to find the necessary information. The Handling of Unresolved Expenses A month into your […]
How to Be Smart About FSA Spending
Flexible Spending Accounts (FSAs) offer employees a valuable opportunity to save money on eligible medical and dependent care expenses. However, navigating the ins and outs of FSA spending can be a bit tricky. In this blog, we’ll explore some smart strategies to help employees make the most of their FSA funds and maximize their savings. […]
Maximizing Health Savings and Financial Flexibility through a Well-Designed Benefits Package
Organizations are continuously looking for strategies to draw in and keep top talent in the highly competitive employment market of today. An excellent benefits package is one important component that is vital to this effort. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are two of the most effective instruments for optimizing health savings […]
Unveiling the Power of Pre-Tax Benefits on Nurturing Employee Well-Being
Blue Monday, often dubbed as the gloomiest day of the year, casts a shadow over the workplace, affecting employee morale and mental health. As businesses navigate the challenges of a rapidly evolving professional landscape, prioritizing employee well-being has become more critical than ever. Understanding Blue Monday Blue Monday typically falls on the third Monday of […]
Top Ten Weirdest Eligible Expenses
Acupuncture. Dog food. Motion sickness wristbands. What do these three items have in common? They’re all eligible medical expenses under your health accounts. We looked far and wide to identify the Top Ten Weirdest Eligible Expenses. And the results are… 1. Acupuncture First, treat yourself to an acupuncture appointment and let them stick it to […]
Tips and Resources for Every New Plan Participant
After much consideration, you’ve made the wise decision to enroll in a pre-tax benefit plan. As a new plan participant, you will experience significant savings on eligible items and services in the coming months! To help you make the most of your account(s), here are some helpful reminders, tips and valuable resources. How do I […]
FSA Eligible Purchases for the End of the Year
We’re coming up on the end of the plan year for many FSA participants. If you have unused FSA funds, it can be a somewhat stressful time with the “use it or lose it” concern looming ahead. But it doesn’t need to be. There are plenty of FSA eligible items you can stock up on […]
New to Benefits Education Series for HR Professionals and Advisors
In the ever-evolving realm of employee benefits, staying ahead of the curve is essential for HR professionals and benefits advisors. Understanding the intricacies of pre-tax benefit plans and COBRA regulations is crucial, but for those new to the field, it can be a challenging endeavor. Recognizing this need, Benefit Resource (BRI) has introduced a groundbreaking […]
4 Life Hacks to Extend the Value of Your Benefits
We are all faced with choices every day which can lead you to save time or money. You might plan for retirement by contributing to a 401k plan. Use paid time (and personal savings) for a relaxing vacation. Take out a life insurance policy for added peace of mind. The importance of employee benefits should […]
Compare: Medical FSA and Dependent Care FSA
If you’re wondering what the difference is between a Medical Flexible Spending Account (Medical FSA) and a Dependent Care Flexible Spending Account (DC FSA), you are not alone. Maybe you didn’t realize there is more than one type of FSA to choose from. Participants often do not understand that separate elections must be made for […]
Health and Wellness Initiatives to Boost Employee Morale in the Winter Months
As the winter months roll in, many employees can experience a dip in their morale due to factors like cold weather, shorter daylight hours, and holiday stress. As employers and HR professionals, it’s essential to take proactive measures to boost employee morale during this time. A well-rounded approach to health and wellness initiatives can make […]
Trying to stay healthy during the holidays?
“I will stay healthy during the holidays.” This simple phrase can feel like a personal mission for many of us. Your pre-tax benefits might provide a little help along the way. Allow us to explain and share the multiple ways your pre-tax funds may come in handy. This holiday season, here are four things to […]
Frightfully Fun Ways to Spend Down Your FSA Funds This Halloween Season
As Halloween approaches, it’s time to dust off your spookiest decorations, plan your terrifyingly good costumes, and, of course, think about your finances. Wait, what? That’s right! This Halloween season, we’re here to help you unravel the mysteries of Flexible Spending Accounts (FSA) and show you how to make the most of your FSA funds […]
Imputed income: The real reason behind those pesky receipt requests
Imputed income is a little bit of a mystery. It’s not overly common. However, when you encounter it, you can be left with an uneasy feeling. Let’s start by covering what it is. Then we’ll go over why it happens and how to prevent it. What is imputed income? The technical definition is: when the […]
When can I make an election change to my FSA? To my HSA?
There are many common misconceptions regarding election changes when it comes to pre-tax benefit accounts. In fact, just more than 1 in 3 people understand when an election change can occur for a health savings account. (HINT: It is more often than you might realize.) This is understandable given that flexible spending accounts have been available […]
Say this, not that: Taboo words in your benefits communication
We wrote a piece on benefits communication a while ago, focused on clearing up 9 confusing benefits terms. Benefits are a tricky topic. That includes pre-tax benefits. This makes proper benefits communication crucial. So, knowing that benefits communication is complicated (even if it’s not intentional), this blog will equip you to reframe confusing Open Enrollment […]
