The following infographic highlights HSA growth opportunity for third party administrators. Since 2011, Health Savings Account (HSA) adoption has grown nearly 400 percent. Health Savings Accounts (HSAs) – A Growth Opportunity for TPAs Sicen 2004, HSAs have skyrocketed in popularity. They are now the second most popular tax-advantaged account next to Flexible Spending Accounts (FSAs). … More >>
The Internal Revenue Service (IRS) recently published Notice 2021-31, with an extensive list of clarifications for the COBRA subsidy approved by the American Rescue Plan Act (ARPA). Subjects addressed in the Notice include Assistance Eligible Individuals (AEIs), involuntary termination of employment, furloughs, coverages eligible for the subsidy, and much more. The following questions and answers … More >>
LITTLE ROCK, ARKANSAS (May 11, 2021) – DataPath, Inc., a leading solutions provider for consumer-directed healthcare benefits administration, has published a whitepaper titled, “Fear Not: There’s Still Time for TPAs to Enter the Thriving HSA Market.” The whitepaper takes an in-depth look at the growth of Health Savings Accounts (HSAs), qualified high deductible health plans, … More >>
On Monday, May 10, the Internal Revenue Service (IRS) published the 2022 HSA contribution limits, out-of-pocket limits, and high deductible health plan (HDHP) minimum deductibles. Rev. Proc. 2021-25 also includes the excepted benefit Health Reimbursement Arrangement (EBHRA) limit for 2022. 2022 HSA Contribution Limits In 2022, Health Savings Account (HSA) owners will be able to … More >>
In the world of employer-sponsored benefits, COBRA subsidies have been the hot topic since the American Rescue Plan Act (ARPA) passed in March 2021. Not only does ARPA concern people who have lost their jobs since March 2020, but it also has a significant impact on how employers and COBRA administrators are handling the surge … More >>
The fight against COVID-19 has expanded to the purchase of personal protective equipment (PPE) items. On Friday, March 26, the IRS released Announcement 2021-7, which qualifies PPE purchased for the primary purpose of preventing the spread of COVID-19 as medical expenses under section 213(d) of the Internal Revenue Code. The regulation allows specific items to be … More >>
On Thursday, March 11, President Biden signed the American Rescue Plan Act (ARPA) of 2021. Among other features, ARPA provides full COBRA subsidies under specific circumstances and creates significant additional COBRA enrollment eligibility. The following is a list of common ARPA COBRA subsidy frequently asked questions (FAQs). This is not intended to be legal advice. Please … More >>
Health Savings Accounts (HSAs) can be a great investment in one’s personal healthcare and financial future. Their versatility, and the fact that these accounts can be kept for life, mean that HSA owners need to adopt strategies for building and using the accounts to their full potential. March 17, 2021 By Chris Gunderman Originally Posted … More >>
For benefits administrators and brokers, what does the future of technology hold? What can software providers do to help them drastically improve their services, give them a competitive edge, and ensure they can stay in compliance?
President Biden signed The American Rescue Plan Act (ARPA) of 2021 into law on Thursday, March 11, 2021. In addition to stimulus checks and child tax credits, ARPA features full COBRA subsidies for a limited time and an increase in the maximum contribution limits for people who use Dependent Care Assistance Plans (DCAP) through their … More >>
On Friday, February 26, the Department of Labor (DOL) published Disaster Relief Notice 2021-01, a follow up to the Joint Notice published May 4, 2020. The May notice required that health and retirement plans disregard a number of deadlines for individuals during the COVID-19 National Emergency, plus a 60-day period (the “Outbreak Period”) starting March … More >>
DataPath examines the effects of COVID-19 on COBRA and upcoming ERISA plan deadlines LITTLE ROCK, ARKANSAS (February 16, 2021) – DataPath, Inc., a leading developer of technology solutions for employee benefits administration, has published a whitepaper titled, “COVID-19 and COBRA Continuation Insurance: Where Do We Stand?” The paper takes a deeper look at the effect … More >>
Third party benefits administrators need to be aware of the upcoming end to the COVID-19 outbreak period for group health plans. This deadline, which ends February 28, 2021, could cause unfamiliar administrative burdens on TPAs. In May 2020, following the passage of the CARES Act, the IRS and DOL issued a joint notice on COVID-19 … More >>
Do you know the difference between a HRA vs HSA? The key difference between the two is that an HRA is employer-owned whereas an HSA is employee-owned. With an HSA, the employee keeps the account and can transfer it when he or she changes jobs. Account holders may also invest their HSA funds.
On Monday, December 21, Congress passed a new $900 billion COVID stimulus bill (known as the Consolidated Appropriations Act, 2021). The legislation is aimed at helping Americans cope with challenges from the pandemic. Along with stimulus payments and other financial provisions, the bill also includes modified carryover and dependent rules for Dependent Care Assistance Plan … More >>