When you participate in a Health Savings Account (HSA) and/or Flexible Spending Account (FSA), you’re able to contribute pre-tax funds for use on hundreds of eligible expenses. Recently, you gained even more flexibility in your ability to save when the CARES Act was signed into law.
At 24HourFlex, we believe that if you're not growing, you're dying and we take that very seriously. This is a theme you'll find throughout our organization and technology is no exception. Our robust mobile application and consumer portal is constantly updating and improving to make our consumers' lives easier and their health spending accounts manageable.
Health Spending Accounts are confusing! The IRS has so many rules! Sometimes it’s hard to figure out what you can use your funds on, and what you cannot. With medicine and law ever-changing, and the rising tensions related to healthcare coverage, questions are inevitable. We’ve tallied up the Top 5 Frequently Asked Questions of 2019 and answered them.
24HourFlex has expanded our growing list of 130+ vendor integrations and partnered with Employee Navigator’s powerful Benefits Administration solution to deliver an end-to-end, integrated experience for brokers, employers, and employees. Employee Navigator provides a simpler way to quickly enroll new hires, manage contribution levels, and compare and select plans. With this integration, you can have top, integrated payroll and benefits administration technology through Employee Navigator's efficient and streamlined approach.
If you’re an employer or benefits administrator, part of your job during open enrollment is to equip employees with the information they need to make the best decision about their healthcare benefits. This year is no exception.
IRS ANNOUNCES ADJUSTMENTS FOR 2020
Today, November 6, 2019, the IRS released a statement announcing the Health Flexible Spending Account (FSA) and Qualified Parking and Transportation Account election limits for any plan years beginning in 2020.
Overwhelmed by a dizzying string of options and acronyms, some Americans are overlooking their best options for health coverage simply because they’re confused by the terminology. Especially for Millennials and Gen Z, just graduating and launching careers, the choice for health coverage must be made quickly, often amidst a barrage of employer-supplied documents, with little time to research. Unfortunately, the plans that might help them the most are the easiest to overlook. But regardless of age or experience, many consumers don’t realize that HDHPs can lead to monthly savings, that HSAs are portable and that FSAs can have rollover options that avoid the use-it-or-lose-it penalty associated with the accounts. In fact, many don’t know what these acronyms stand for at all.
As temperatures drop and the fall season comes to an end, stress spikes in HR departments all over the country—that’s because it’s open enrollment season. Open enrollment is a window during which individuals and employees may add or drop their health insurance, or make changes to their coverage. The 2020 open enrollment period runs through Saturday, December 15, 2019, and if your employees don’t act by then, they can’t get 2020 coverage unless they qualify for a special enrollment period. Keep in mind that for employer-sponsored coverage, the open enrollment period is set by the employer, so be sure to clearly communicate these dates to your employees. To make a better impact on your employees this year and drive engagement to new levels, here are a few suggestions on how to innovate your strategy.