Who is a qualified dependent under the Dependent Care FSA?
- Dependent under the age of 13; or
- Dependent or spouse of employee who is mentally or physically disabled and whom the employee claims as a dependent on his or her Federal Income Tax return.
16 things you had no idea you could purchase with your FSA
16 things you had no idea you could purchase with your FSA
January 29, 2019
Flexible Spending Accounts may be more flexible than you realized, and you don’t want to miss out. 2019 is expected to be an even bigger year for FSAs than the last, with 32 million accounts expected to open according to MarketWatch. What you may not know is there are several health-related necessities you can purchase using your FSA.
Because many FSAs have a “use-it-or-lose-it”” policy, at the end of each year users will lose any funds in the account that exceed $500. Using funds on these household products could prevent you from having unused funds and forfeiting them at the end of the year.
Items vary from first aid basics to personal care and while there are several, we’ve first listed 10 common products many people use that can be purchased with FSA funds. These items also don’t require a prescription from a doctor to be FSA-eligible.
Batteries
Lip balm
Reading glasses and contact lenses
Shoe insoles
Prenatal vitamins
Sunscreen
Thermometer
First Aid Kit
Hot/cold packs
Neck pillows
Local drug stores and pharmacies offer many of these products. There is also an online store with the above products, and many more, that are all FSA-eligible. You can make these purchases from your account without a prescription. As many individuals use these products regularly and will purchase them anyway, it becomes a perfect use of already allocated funds.
Purchasing these items is also a productive way to ensure you always have the supplies to maintain a healthy lifestyle. Many of these products assist with preventive care measures and encourage proactive self-care. Being proactive at home can help you save on medical costs in the future, which means your FSA is doing its job.
While the products listed above are frequently used by many Americans, there are other more specific medical items that are also FSA-eligible without a prescription. These 6 objects could be helpful for people with more specific medical conditions or needs.
Wheelchairs or other walking aids, such as crutches
Blood glucose monitors and testing strips
Compression socks
Blood pressure monitors
Motion sickness aids
Incontinence products
Braces (athletic or orthopedic)
Additionally, there are even more products that are FSA-eligible with a prescription from a doctor. To learn more about what is considered an FSA-eligible expense, you can revisit your NueSynergy FSA welcome kit or call us today at 855.890.7239.
IRS Announces 2019 Increases to Flex Benefit Contribution Limits
IRS Announces 2019 Increases to Flex Benefit Contribution Limits
November 15, 2018
The IRS has announced the 2019 contribution maximums for Flexible Spending Account (FSA) plans in the newly released Revenue Procedure 2018-57. Contribution limits increased for the Health FSA, Commuter Benefits and Adoption Assistance program, while limits for the Dependent Care FSA remained unchanged.
Health Flexible Spending Account
The Health FSA, which provides employees the ability to set aside money on pre-tax basis to pay for eligible medical, dental, and vision expenses will have an increase to its contribution maximum from $2,650 to $2,700 for 2019. The new contribution limit will also apply to the Limited Purpose FSA which reimburses eligible dental and vision expenses.
Commuter Benefits
Commuter Benefits help employees pay for certain parking, mass transit and/or vanpooling expenses with pre-tax dollars. The contribution limits for this account will increase from $260 to $265 for 2019.
Adoption Assistance
The Adoption Assistance FSA helps employees pay eligible adoption expenses such as agency fees and court costs by contributing to the account with pre-tax money from their paycheck. The contribution limits for this account will increase from $13,840 to $14,080 for 2019.
2018 and 2019 Contribution Amounts
Benefit 2018 | 2019
Health FSA $2,650 | $2,700
Limited Purpose FSA $2,650 | $2,700
Dependent Care $5,000 | $5,000
Parking/Transportation $260 / $260 | $265 / $265
Adoption Assistance $13,840 | $14,080
Questions? Contact us at 855.890.7239 or send an email to customerservice@nuesynergy.com.
Increase your book of business by partnering with NueSynergy
It may be difficult to believe, but open enrollment season is here again. And sure as the sun rises, many clients are demanding enhanced benefits at a zero-cost increase for the new year.
When it comes to administering services such as COBRA, FSAs, HRAs and HSAs, all third party administrators are the same, right? Wrong! Over the last two decades, NueSynergy has separated itself from the competition by offering personalized, knowledgeable service and innovative technology-based solutions that have helped raise the bar in benefit value and overall experience. We call it the NueSynergy Difference.
If you have any clients that are looking to enhance their benefits at a zero-cost increase, let’s schedule a 10-minute call to discuss how we can work together to accomplish this task.
Contact us at 855.890.7239 or sales@nuesynergy.com to schedule your consultation today.
Open enrollment is almost here
It’s that time of year again. Open enrollment is around the corner. For many companies, this is the best time to review the health care needs of the organization. And with unemployment rates nearing historic lows, many businesses are enhancing their benefits package to recruit and retain top talent.
As some of you may be aware, enrollment in Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs) has been on the rise over the last several years. Participation in flex-benefit plans is part of a growing trend for employees looking for perks at work. This holds especially true for Millennials, the largest generation in today’s workforce.
This is where NueSynergy can help
NueSynergy offers a fully integrated suite of administration services, managed by subject matter experts with an average of 10 years direct industry experience. Our administration services include:
Flexible Spending Arrangements
Health Savings Accounts
Health Reimbursement Arrangements
COBRA
Direct Bill
Consolidated Billing
Further, NueSynergy has the in-house expertise and integrated technology to help employers maximize operational efficiencies and control rising health care costs. Our commitment to outstanding client service ensures employees have the tools and resources to manage the financial aspect of their health care. By making innovations such as insurance carrier integration, single platform administration as well as single debit card and mobile app access to all plans part of our standard solution, we have quite simply raised the bar in benefit value and overall experience.
Open enrollment and beyond
In today’s modern workforce, it’s critical for employers to recognize the role that engaged employees play in driving sustainable company growth and success. By taking the time to educate and engage with employees about their benefits package, employers can better identify what programs and services employees and their families value the most. By taking this approach, employers better position themselves to create a healthier and more productive workforce.
So if you’re looking to add flex-benefits to your company’s health plan, or need help effectively communicating and educating your employees about their available benefits, please give us a call or send us an email! We’re here to help.
Please contact us today at sales@nuesynergy.com or 855.890.7239 to schedule your consultation today.