Now that the IRS has made health flexible spending accounts more attractive, it's time for HR professionals to swing into action.
The IRS is now allowing a $500 carryover from year to year for FSAs in which employees have dough for medical care. Previously, there was no carryover options — those only applied to traditional employee health savings accounts. The IRS is now narrowing the differences between the two, differences which already had many employees scratching their heads when asked to cite them.
The FSA is now a much better deal for workers, but employers have to get the word out to them if they're to take advantage of it in 2014.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
