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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...
Can HSAs provide tax-free reimbursement for the same expenses as Health FSAs?
Question: Our company currently offers a general-purpose health FSA. If we switched to an HDHP/HSA, could our employees receive tax-free reimbursements for the same types of expenses from their HSAs? Answer: Yes, and they might acquire a few additional options. Like...
Benefits of enrolling in a Limited Purpose FSA
A limited-purpose FSA (LPFSA) is a Health Savings Account (HSA) eligible FSA plan that allows you to set aside pre-tax dollars for dental, vision, and orthodontia expenses for you and your dependents, even if they are not covered under your primary health plan. The...
Overview on recent changes to employee benefits following U.S. Supreme Court abortion ruling
Last month's U.S. Supreme Court ruling, which overturned the constitutional right to abortion (Roe v. Wade), has left thousands of women across the country unsure of where to find appropriate care and abortion expenses. Below is an overview of the recent changes to...
What happens to an FSA once employment ends?
In the event of employment termination for an account holder, there are several notable procedures and regulations that occur: Any participation in a Flexible Spending Account (FSA) – Health Care FSA, Limited Purpose FSA, Dependent Care FSA, Adoption Assistance, or...
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