News & Blog

5 OTC Items You Can Now Buy with Your FSA or HSA

Flexible Spending Accounts, Health Savings Account, Participant

  Under the new CARES Act, millions of account holders can now use their spending accounts to purchase over-the-counter (OTC) items. Consumers were previously prohibited from using their FSA or HSA to purchase OTC items without a doctor’s prescription under the 2011 Affordable Care Act provision. For years, healthcare consumers and industry leaders lobbied for…

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CARES Act: Changes to Retirement Plans

Retirement, Retirement Plan Services

One Hundred Dollar Bill With Medical Face Mask on George Washington. The Coronavirus Aid, Relief and Economic Security Act, or CARES Act, contains important changes to retirement plan vehicles, including changes to defined contribution and defined benefit retirement plans. Americans can expect the following changes to retirement plans.   Early Withdrawals Waived for Coronavirus-Related Distributions Under…

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2020 CARES Act: Employee Benefits Update

Employee Benefits, Flexible Spending Accounts, Health Care Reform, Health Reimbursement Arrangements, Health Savings Account, HSA, Participant, Reimbursement Accounts

  President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act or CARES Act on Friday, March 27. This bill is intended to help Americans by providing some financial relief as we continue to face the coronavirus pandemic. We are especially happy to see these legislative changes provide greater flexibility for account holders. Employees…

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Coronavirus Testing & Treatment Identified as Preventative Care for HDHPs

Flexible Spending Accounts, FSA, Health Reimbursement Arrangements, Health Savings Account, HSA

Novel coronavirus disease 2019-nCoV written on blue folder.     On March 11, 2020, the IRS released guidance concerning the widespread COVID-19 coronavirus as it relates to the testing and treatment of individuals enrolled in a high deductible health plan (HDHP). The decision came swiftly due to the public health crisis unfolding across the globe.…

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California FSA Notice Requirement

Flexible Spending Accounts

Are you familiar with the new California FSA notice requirement for employers? If not, keeping reading.  Here’s everything you need to know about the new rule that went into effect on January 1, 2020.   What is the California FSA Notice Requirement? Under Assembly Bill 1554, California employers must notify all FSA participants of their…

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Employer Savings Case Study: How to Increase Your FSA Participation

Flexible Spending Accounts, P&A Group, Reimbursement Accounts, Solutions

With rising healthcare costs, companies are taking a closer look at employer-saving strategies.  For example, one area worth examining is Flexible Spending Accounts.  Yes, that’s right – Flex plans offer significant saving opportunities, especially for medium to large size employers.  Here’s what you should consider when discussing how an FSA can contribute to employer savings.…

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