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Historically, the flexible spending account has been a “use it or lose it” account, but a new law is allowing employees to hold on to their money for an additional year.
The Consolidated Appropriations Act was passed by Congress and signed by President Trump in December. Going on record as the longest bill ever passed by Congress (a whopping 2,124 pages), the legislation was designed to provide Americans with financial relief from the pandemic.
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Despite not being a mandate, the passing of the bill could make a big difference in leaders’ approach.
Engaging communication strategies will be key to getting employees interested in evaluating benefit options and making more informed decisions.
Even high-income employees are uncertain about where to put their next dollar, highlighting the need for workplace guidance on financial wellness.
Better benefit plan design and HSAs can support employees as they struggle to afford their medical bills.
With this alternative model, benefit professionals have the potential to not only stabilize employee health benefit costs but actually return dividends.
