Open Enrollment: Employee Spending Account Education
It's peak open enrollment season at Lumity, and I wanted to share one of my favorite PowerPoint presentations. It's an employee education deck around spending accounts.
During open enrollment, employees look to HR for benefits election guidance. It's important that you’re the one to provide information and answer employee questions—or have a benefits partner who has your back.
Spending Accounts: 101
Spending Accounts: 101 (automatic download)
This deck is created with those new to electing employer benefits in mind. It's designed for employees who have aged off a parent's plan or those new to the U.S. healthcare system. It can also be useful if it's the first time you're offering a new tax-advantaged benefit.
The presentation includes FAQs and covers:
- Health Savings Accounts
- Health FSAs
- Limited Purpose FSAs
- Dependent Care FSAs
- Commuter Benefits
NOTE: Templates were updated on 11/10/21 when the IRS announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including contribution limits for Health FSAs ($2,850) and Commuter Benefits ($280)! The maximum Health FSA carryover amount has increased, too ($570).
Additional Employee Benefits Education
I also encourage you to check out 5 Tips and Templates for Open Enrollment and 10 Things Your Employees Need to Know About Health Plans. Hopefully, these materials will help you get through this season!
If you have any questions, you can also contact Lumity to connect with one of Lumity's benefits consultants.