January Advisor Newsletter
Why we hate METC calculators for HSAs
Many times, we run into a scenario where a business owner is assessing whether to use an HSA or the Medical Expense Tax Credit (METC). If you understand both concepts, it is a no brainer to setup an HSA. Tim and I have always fought to not include the “HSA vs METC Savings Calculator” on the platform because to us it's unnecessary. In the context of a small business, I’ll explain my thoughts below:
Our 2023 Predictions
We started this last year and thought it would be fun to do again!
Before we jump into the 2023 predictions, let’s see how I did last year. The 3 trends we predicted for 2022 were:
Important Notices for January
January 1: myFlexplan
Employees will be sent an email notifying them to make their allocation between HSA and WSA. They will also be reminded with 8 days left in the allocation and the day before the allocation closes
Have you seen the allocation window countdown on the dashboard on our mobile app? Its a great reminder for employees to know exactly how long they have to allocate. Employees can allocate their funds as they choose during the allocation window. Once the window closes, their funds will automatically be allocated based on the default auto-allocation set up in the plan design.