“We have the opportunity to apply lessons learned from the pandemic to develop ways to serve the needs of our multi-generational workforce with more effective COBRA communications.“ November 30, 2022 By Levita ScullOriginally Posted on BenefitsPRO.com The COVID-19 pandemic dramatically changed American attitudes toward work. The Great Resignation and Quiet Quitting phenomena have proven that … More >>
A recent article in Employee Benefits News outlined the three economic challenges to American workers: inflation, market volatility, and rising interest rates. Employers can use benefit accounts to help employees address these concerns. Challenge #1: Inflation The Consumer Price Index (CPI) rose 7.7% overall between October 2021 and October 2022. Increases occurred year over year … More >>
Health Savings Accounts (HSAs) are popular, tax-advantaged savings accounts designed to help people with High Deductible Health Plans (HDHPs) pay for out-of-pocket healthcare expenses. HSA accounts have seen substantial growth since their introduction in 2004. Devenir’s mid-year 2022 update reports that nearly $99 billion in assets were held in almost 34 million HSA accounts. There … More >>
In today’s fast-paced world, debit cards provide an efficient payment method for consumers everywhere. Providers can automatically track purchases, and the cardholder can easily view and manage activity online. Additionally, debit cards are accepted all over the world. For Third-Party Administrators (TPAs), account-linked debit cards can help control costs through more efficient benefits administration. Many … More >>
In response to the COVID-19 outbreak, the U.S. government first enacted a National Public Health Emergency in March 2020. Intended to last one year, it has been extended twice. The current extension is scheduled to end in January 2023. Public health emergency status gives the government special, temporary powers. For example, regulatory agencies can approve … More >>
In Morgan Stanley’s second annual State of the Workplace Financial Benefits Study, 71% of employees said financial stress negatively affected their personal lives and work. More than four out of five (84%) believe employers should provide more tools to help them navigate economic challenges. Traditional Financial Benefits Employers have long offered financial tools like profit-sharing plans … More >>
Halloween is a favorite time of year for some, from decorations to pumpkin carving to dressing up. However, it can also be a time of pumpkin carving cuts, bumps and bruises, sprains, and even broken bones from tripping over costumes. Let’s talk about staying safe, Halloween health, and your CDH accounts. Some of the reasons … More >>
On October 18, 2022, the Internal Revenue Service (IRS) announced updated regulatory limits for FSA, Transit, and Adoption Assistance plans for 2023. These were included in IRS Revenue Procedure 2022-38. 2023 FSA Limit The maximum annual contribution for Health FSAs will be $3,050 for the 2023 plan year, an increase from $2,850 in 2022. There are … More >>
Take advantage of creative opportunities to expand your benefits package. By Bo Armstrong Originally Published by HR.com September 29, 2022 Getting Creative in a Post-Pandemic Enrollment Season Open enrollment is always an intense and stressful time for HR teams, as well as benefits brokers and TPAs. But as we transition from pandemic to endemic, Covid-19’s impact … More >>
Your FSA plan may have a provision that the balance forfeits to your employer if you don’t spend down all your funds by the end of the plan year. Other plans allow you to carry up to a certain amount of leftover funds to the next plan year. Don’t know which type of plan you … More >>
The fourth quarter of every year is hectic for employers and TPAs. From processing new benefits to closing out the current year, there is no shortage of work. But with regulatory changes over the last two years, it’s important to ensure you’ve maintained compliance. Now’s a good time to review Affordable Care Act (ACA) compliance … More >>
Unlike an FSA or an HRA, both of which are owned by the employer, HSAs are owned by the individual. This means that the account owner funds the HSA, spends the money (within IRS regulations), earns interest, and chooses whether or not to invest the money. Most importantly, the individual keeps the account (HSA portability) should their employment status change due to job loss, changing company, or retirement. Employers may also choose to contribute to the HSA, but the account owner keeps the funds.
DataPath’s one-of-a-kind employee education and engagement program, The Adventures of Captain Contributor, has earned an international creative award. LITTLE ROCK, ARK. (September 23, 2022) – DataPath, a leading provider of administration solutions for employer-sponsored healthcare benefit accounts, has won a 2022 Summit International Creative Award. The Summit International Creative Awards competition honors the best web, … More >>
Forbes Advisor reports that although many Americans are happy with their health insurance, not many fully understand basic terminology. For example, over 75% cannot identify “co-insurance,” while nearly 50% incorrectly defined “copay” and “deductible.” Forbes also uncovered significant knowledge gaps about open enrollment, HSAs, and medical billing. With open enrollment coming up in the near … More >>
With the popularity of flexible spending accounts on the rise, participants want to know, “What’s the right amount to put in my FSA?” Flexible Spending Accounts (FSAs) are fast becoming one of the most popular employer-sponsored benefits in the United States. In their latest market review, the Aite-Novarica Group estimated 32.6 million FSA accounts in … More >>