by WEX Benefits
In 2020, we saw unprecedented change in employee benefits rules and regulations, as federal agencies responded to the COVID-19 pandemic. In a year unlike any other, we have compiled our top 10 blog posts that our readers engaged with in the past year.
Health savings account (HSA) and flexible spending account (FSA) participants gained some added savings flexibility when the CARES Act was signed into law. The 213(d) eligible expense list that governs these accounts was expanded to include some common household over-the-counter (OTC) products. The added eligible expenses include pain relief medications, cold and flu products, and menstrual products. Check out our eligible expense list to see what expenses are eligible.
The addition of OTC products was just one way that the CARES Act impacted employee benefits when it became law in March. It also included additional provisions that affected high-deductible health plans (HDHPs) and telehealth expenses.
The Consolidated Appropriations Act, which was signed into law by President Trump last weekend, has draft language that includes several provisions providing relief for health and dependent care flexible spending accounts (FSAs). Find out more about the FSA flexibility that’s available.
The COVID-19 pandemic has led to widespread changes in our day-to-day lives. For example, there’s been a sharp increase in the number of employees working from home for part or all of their work weeks, which affected how much they needed their FSA or commuter benefits funds. That’s why we outlined three ways employers can help their employees during the pandemic.
A pair of notices were issued in April and May that affected FSAs, HDHPs, and health reimbursement arrangements (HRAs). EBSA Disaster Relief Notice 2020-01 also granted a temporary extension of certain deadlines for sending notifications, electing, and paying for COBRA continuation coverage during the COVID-19 pandemic. Learn more here.
HSA contribution limits increased in 2021 for self-only and family plans. Find out what the changes were and what the HDHP limits will be in 2021.
The IRS also recently released 2021 contribution limits for a variety of accounts, including FSAs and commuter benefits. Some limits will change for 2021, while some are staying the same.
HSAs and FSAs can make affordable expenses even more affordable. Did you know there are quite a few HSA-eligible and FSA-eligible expenses available for less than $10? Some of these expenses might surprise you!
It might be too late for your kids’ back-to-school needs. But that doesn’t mean expenses won’t emerge during the school year. We compiled nine school-related expenses that you can purchase with your HSA or FSA funds.
Electing COBRA can affect your ability to engage in the savings and spending accounts you were participating in prior to your election. Find out how COBRA works with an HSA, FSA, HRA, and commuter benefits.