One of the best perks employees have are benefits, which is why it’s important for Human Resources’ departments to remind them to make sure they use any key benefits that may expire on an annual basis.
Here is a list of the top FIVE benefits to remind employees about this month.
- Checkups – Annual exams and other yearly checkups are often covered in full by most medical insurance policies. Send employees reminders to use these benefits before year’s end.
- Flexible Spending Accounts – Flexible Spending Accounts (FSA) are different from Health Savings Accounts (HSA), which we will discuss below. Flexible Spending Accounts allow pre-tax money to accrue for eligible medical expenses, but they come with a use-it-or-lose-it penalty. However, over the last five years, the IRS has modified that rule and allows up to $500 in unused contributions to be carried over to the following year. The amount is not cumulative, which means it’s important to remind employees about their options for taking advantage of FSA contributions.
- Health Savings Account – An HSA is different from an FSA because amounts can transfer over year-after-year. While it’s still tax-free medical dollars at work for employees, it’s an excellent opportunity for employees of all ages to put money towards current or future medical expenses. Remind employees of the upcoming individual and family savings annual contribution amounts and the differences between an HSA and FSA account.
- Vacation Benefits – Whether companies have a policy about losing unused vacation at the end of each year or they allow employees to carry over a certain number of hours, it’s important to remind employees how much remaining vacation time they have left in 2018. Additionally, make sure that the paid time off policy complies with all local and state regulations, especially if companies enforce using or losing the accrued time.
- Life Events – If employees have a qualifying life event, such as getting married or having a child, after open enrollment season, make sure they have the necessary coverage to support them and their families.
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