Separate HSA and FSA as Company-Level Deductions
To give you even more flexibility when managing your deductions for payroll, we are making a slight adjustment to how HSA and FSA plans are managed. Instead of one company-level deduction for each plan type that all plans roll up into, each HSA and FSA plan will now have its own company-level deduction. This allows companies to have multiple HSA plans or multiple FSA plans of that same deduction type and for employees to enroll in these plans.
This means when you set up an HSA or FSA plan, you will have the option to set up the deduction date individually. Here are some common use cases where this new change can be helpful.
- General vs Limited FSA
- Family vs Individual HSA (Varying Annual Max)
- Employee vs Employer HSA (Varying deduction schedules)
If you have any questions about deduction date settings in BambooHR, click here.