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FAQs regarding the NueSynergy Smart Debit Card
NueSynergy offers a smart debit card to provide account holders with a convenient method to pay for qualified out-of-pocket expenses for themselves, their spouse, and/or any dependents. Here are some frequently asked questions about the smart debit card. Question #1:...
10 items you may not know are HSA-eligible
Health Savings Account (HSA) participants can use their HSA funds to pay for qualified health care expenses such as deductibles and prescription drugs. What many don’t know is that HSA funds can also cover these commonly used products and services: Dental treatment...
The basics of a Lifestyle Spending Account
You probably know that NueSynergy offers Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs). But did you know we also administer Lifestyle Spending Accounts (LSAs)? An LSA is sponsored and funded by a...
Inflation Reduction Act indirectly impacts employer-sponsored group health plans
Congress has passed, and the President has signed, the Inflation Reduction Act of 2022. While the legislation largely focuses on climate change mitigation and deficit reduction, several provisions are of interest to group health plan sponsors and their advisors. Here...
When are carryover funds available for a new FSA member?
For new FSA members, there are two carryover fund options to take note of: Healthcare to Healthcare and Healthcare to Limited Purpose. Here they are followed: Healthcare FSA to Healthcare FSA carryover As of December 31, any funds up to $570 remaining in a Healthcare...
8 ways NueSynergy’s mobile app is convenient and intuitive
NueSynergy is proud to provide a free mobile app that allows access to all benefit account holder’s information anywhere at any time. Our app’s goal is to make the user experience easy while providing innovative features for a participant to make important health care...
Dependent Care FSA: 5 Important Facts
A Dependent Care FSA, or DCA, is a flexible spending account that allows employees to contribute to a portion of their paycheck, pre-tax, to pay for qualified dependent care expenses. Here is a list of five facts regarding this account. Fact #1: Any participant of...
IRS extends SECURE Act and CARES Act amendment deadlines
The IRS has extended the deadlines for adopting retirement plan amendments to reflect certain provisions of the SECURE Act and the CARES Act. As background, under the SECURE Act, the plan amendment deadline for most plans is the last day of the first plan year...
Questions to consider regarding a Commuter Benefits FSA
A Commuter Benefits FSA is a reimbursement plan governed by the IRS that grants employees to contribute a set amount of gross income to a designated account(s) before taxes. The two types of Commuter Benefit accounts are transportation and parking. Here are questions...
IRS updates Determination Letter application forms to reflect electronic filing
In connection with the move to all-electronic filing of Form 5300 as of July 1, 2022, the IRS has updated related forms and instructions. Form 5300 is no longer available through the IRS forms and publications database; instead, filers are directed to the pay.gov...
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