News & Blog

Changing Your FSA Election During the Coronavirus Crisis

Flexible Spending Accounts, Participant

  Recently, there have been many changes happening in the benefits industry to help provide relief for Americans impacted by COVID-19. Under IRS Notice 2020-29, employers can allow for mid-year changes to 2020 Health FSAs and Dependent Care FSAs. If your employer adopts this provision, you can change your FSA election mid-year – without waiting…

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P&A Group’s SmartFlex Program: How to Increase FSA Participation

Employee Benefits, Employer, Flexible Spending Accounts, P&A Group, Solutions

  Many employers and employees have quickly adapted to working from home during the coronavirus pandemic.  As the country continues to rebuild and operate in a COVID-19 era, many employees are still working remotely. With more employees home, communicating with your workforce is more essential than ever, especially when your company needs to deliver important…

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2020 FSA Changes: 5 Things Employers Should Know

Employee Benefits, Employer, Flexible Spending Accounts

The IRS has announced 2020 FSA changes employers can make to provide relief during COVID-19, including the option to allow election changes mid year. Piggy bank with words Flexible Spending Account FSA.   With the outbreak of the coronavirus pandemic, the IRS has released new provisions to provide relief for FSA account holders.  Below is…

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2021 HSA Contribution Limits Announced

Health Savings Account, HSA

On May 21, 2020, the IRS announced the 2021 HSA contribution limits for Health Saving Accounts (HSA). The following increases are effective January 1, 2021:   2021 HSA Contribution Limits Individuals with single HDHP coverage will see a $50 increase in the annual contribution limit, bringing the maximum limit to $3,600 for 2021. Families with…

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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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