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 >>
Health Savings Accounts (HSAs) are a wonderful tool for saving money on healthcare expenses. When you enroll in a qualified high deductible health plan and sign up for an HSA, you contribute pre-tax money into an account then withdraw those funds for qualified healthcare expenses. When used for qualified expenses, withdrawals are tax-free. However, many HSA owners wonder if the money can be used for non-qualified expenses. If so, is there an HSA withdrawal penalty?
Dependent Care FSA and Carryover – Concerns from COVID-19 Since March 2020, the United States has been reeling from the COVID-19 outbreak. Everyone across the nation has been impacted one way or another. From economic uncertainty to school and public safety concerns, adults and children alike have had to learn to deal with a new … More >>
Views: Employers and benefits administrators must prepare for a COBRA avalanche November 16, 2020 By Bo Armstrong Originally Posted by Employee Benefit News In the first six months of COVID-19 outbreak, more than 60 million Americans filed for unemployment. A recent report by the U.S. Department of Labor (DOL) suggests that companies are still cutting a … More >>
For people enrolled in a high-deductible health plan (HDHP) and have (or are considering) an HSA, some commonly asked questions include “Does Medicare Enrollment Impact My HSA Eligibility?” Here are the answers to this question and others.
The Internal Revenue Service (IRS) published Rev. Proc. 2020-45, announcing annual limits for Flexible Spending Account (FSA) contributions, maximum carryover amounts, and Transportation benefit (Transit/Commuter/Parking) contribution limits. FSA, LPFSA, and related limits for 2021 will remain the same as they are for 2020. Learn more about 2021 FSA contribution limits and other updates below. 2021 … More >>
Opening a Health Savings Account (HSA) can be a great investment in one’s personal healthcare and financial future. Owned by the participant (rather than the employer), an HSA is a versatile healthcare spending and savings account that can be used for many expenses. Since they can keep the account for life, HSA owners need to … More >>
Student loan repayment assistance: A benefit that employers and TPAs should take seriously Benefits administrators have an opportunity to fill a need that is predicted to soar in the coming years. October 14, 2020 By Bo Armstrong Originally Posted on BenefitsPRO Across the country, companies of all sizes seek to recruit and retain top talent … More >>
Since the COVID-19 outbreak began in the United States, more than 60 million Americans have filed for unemployment. A recent report by the U.S. Department of Labor (DOL) suggests that companies are still cutting a high number of jobs and in recent weeks, a large wave of new layoffs have been announced. The airline industry … More >>
Most healthcare consumers know about Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). These popular healthcare benefit accounts allow individuals and families to cover out-of-pocket healthcare costs by setting aside money before taxes are taken out. There are rules about account eligibility, contribution limits, and more. Plus, the funds must be spent on IRS-approved … More >>
DataPath publishes whitepaper focused on helping TPAs increase adoption of healthcare benefits accounts LITTLE ROCK, ARKANSAS (September 8, 2020) – DataPath, Inc., a leading technology provider for consumer directed healthcare account and COBRA administration, has published a whitepaper titled, “How to Maximize Account Adoption During Enrollment Season and Deliver a Better Benefits Experience.” The whitepaper … More >>
To increase Health Savings Account (HSA) and high deductible health plan (HDHP) adoption, TPAs and employers should understand what drives employee behavior. The following infographic outlines the keys to increasing HSA and HDHP adoption. HSAs and High Deductible Health Plans: A Guide to Increasing Adoption Offering Health Savings Accounts (HSAs) paired with a high deductible … More >>
DataPath employee education and engagement program wins APEX Award LITTLE ROCK, ARKANSAS (August 18, 2020) – DataPath, Inc. a leading provider of technology solutions for third party benefits administration has announced that it is a recipient of a 2020 APEX Award for Excellence for its employee education and engagement program, The Adventures of Captain Contributor™. The … More >>
Breaking Down HRA Plan Types A Health Reimbursement Arrangement (HRA) is a tax-advantaged health benefit funded and owned by employers. Depending on the type of HRA, employees can use money from the account to pay for IRS-approved healthcare expenses and health insurance premiums and it does not count toward their taxable income. Learn more about … More >>