Health Savings Accounts (HSAs) can help pay for health care expenses now, and both health care and other expenses in retirement. By Candy Darr Originally Published by BenefitsPROMay 18, 2022 There was a time when many American workers could anticipate sailing into retirement with profit sharing and investments, pension, Social Security benefits, and Medicare coverage. They … More >>
If your employer offers both Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), you may be wondering if it’s possible to have both at the same time. HSA and FSA Accounts If you are enrolled in a qualified high-deductible health plan (HDHP), you can enroll in an HSA account as long as you aren’t … More >>
The average American worker spent between $2,000 and $5,000 commuting to work in 2019, and the average one-way commuting time increased to nearly 30 minutes. As of early May 2022, gas prices nationwide averaged $4.37/gallon, compared to $2.94/gallon in May 2019. That has added to the resistance of many employees over returning to the … More >>
Did you know you can use your Flexible Spending Account (FSA) or Health Savings Account (HSA) for some certain nutritional expenses? Qualified medical expenses for these tax-advantaged accounts include “the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body.” Simply put, the … More >>
On April 29 the Internal Revenue Service (IRS) published the 2023 HSA contribution limits, out-of-pocket limits, and High Deductible Health Plan (HDHP) minimum deductibles in Rev. Proc. 2022-24. 2023 HSA Contribution Limits For 2023, Health Savings Account (HSA) owners will be able to contribute significantly more to their accounts. For those with self-only coverage, the annual … More >>
Full-featured debit card will support wide range of employee benefits programs LITTLE ROCK, ARK. (May 4, 2022) – DataPath, Inc., a leading provider of technology solutions for employee benefits administration, announced today the highly-customizable COMPASS™ debit card. COMPASS™ enables third-party administrators (TPAs) to utilize a full-featured debit card in support of almost any type of … More >>
Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) have similar acronyms, and they can be confusing. An example of confusion is that while both offer valuable benefits, some of those benefits overlap. If both are available to you, be aware of their differences and similarities to determine which is best for your needs. What … More >>
Employers depend heavily on their third-party administrators (TPAs) for much of the information and assistance they need to stay in compliance with regulatory reporting requirements. The good news is that some of the COVID-related requirements are ending. Other requirements are resuming or are new to the industry. Pharmacy and Health Care Spending Updates As required … More >>
With the cost of retirement continually rising, it’s important to start planning as soon as possible. You may have an IRA and/or a 401(k). But have you included a Health Savings Account (HSA) in your planning? Each offers important benefits. You may already know how an IRA and a 401K help, but you may not … More >>
Spring is a wonderful time of year – unless you suffer from allergies. The Centers for Disease Control and Prevention reports that flu season can last into May. Just as COVID seems to be dying down, another variant may be just around the corner. With all three of these illnesses presenting some of the same … More >>
Did you know that the average office worker spends 1,700 hours in front of a computer screen every year? That’s what the contact lens manufacturer Acuvue found in a study on screen time they sponsored a few years ago. And that only accounted for computer screens, not those of phones, tablets, etc. With an uptick … More >>
For many of us, our children are our greatest gifts. But caring for even the happiest and healthiest children can take a toll on parents. Add full-time work (or multiple part-time jobs) into the mix, and some days may feel like a challenge you can’t overcome. Now imagine taking care of an aging parent at … More >>
Flexible Spending Accounts, known as FSAs, are an important part of consumer directed healthcare. The tax-advantaged accounts allow participants to pay for out-of-pocket medical expenses that may not be covered by their health insurance plans. Many companies offer FSAs as part of their employer-sponsored benefits packages.
Student loan debt has been on the rise, yet paying down the debt has become harder. Many people found themselves struggling with income and savings during the pandemic. To help with COVID-19’s impact on borrowers, Congress enacted a moratorium on federal student loan payments in March 2020. Part of the CARES Act, the moratorium paused loan … More >>
In response to the outbreak of COVID-19, then-President Trump declared a National Emergency on March 1, 2020. Shortly before it was due to expire, on February 24, 2021, President Biden extended the National Emergency for another year. On February 18, 2022, Biden extended the National Emergency once again. At this time, there is no specific … More >>