student loan

Student Loan Assistance and Financial Well-Being

Student loan debt continues to be a significant financial burden for millions of Americans. More than half of college students finance their education with loans, whether they attend public or private four-year institutions. As of 2023, according to Forbes, total student loan debt (including federal and private loans) stood at $1.75 trillion, or an average of $28,950 per borrower. With the moratorium on student loan payments ending in October 2023, millions of borrowers are now

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family

How A Mid-Year Coverage Change Affects HSA Contribution Limits

When HSA account holders undergo life events that alter their health insurance coverage – such as marriage, divorce, the death of a spouse, the birth of a child, or adoption – their annual HSA contribution limit may also be affected. Here’s what you need to know. The Full-Contribution Rule First, let’s discuss the Full-Contribution Rule, also called the “greater of” rule. Introduced by the IRS in 2008 (refer to IRS Notice 2008-52), this rule details

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Lawton, Cox

DataPath Welcomes New Executives to Spearhead Growth

LITTLE ROCK (May 28, 2024) – DataPath, Inc., a trailblazer in technology solutions for the employee benefits, financial services, and insurance sectors, is proud to announce the appointment of two distinguished executives to its leadership team. Sherry Lawton steps into the role of Senior Vice President of Strategic Growth for ProsperityHSA, DataPath’s latest venture to revolutionize the Health Savings Account (HSA) landscape. With over two decades of expertise in HSA banking and consumer-directed healthcare, Lawton is

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Understanding COBRA Eligibility: Who Qualifies and When?

Understanding the intricacies of the Consolidated Omnibus Budget Reconciliation Act (COBRA) can be challenging for employers and employees alike. It may be especially daunting when trying to understand who qualifies for COBRA coverage and when they qualify.  What is COBRA? COBRA is a federal law enacted in 1985 that requires employers with 20 or more employees to offer continuation coverage. This applies only to employees and their dependents whose coverage would end due to qualifying

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HSA Contribution Limits Announced

The Internal Revenue Service (IRS) recently announced updated HSA annual contribution limits. An important part of consumer-directed healthcare, HSAs offer participants enrolled in HSA-qualified (HDHP) health plans a way to save on taxes while setting aside money for out-of-pocket healthcare expenses for themselves and their families.

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healthcare costs

Demystifying Healthcare Costs: Employee Tips to Maximize Benefits and Save Money

Healthcare costs can be confusing, but with the right knowledge and strategies, just about everyone can navigate this complex landscape effectively. Below are some helpful tips for employees to maximize their benefits and save money in the process.  Understanding Healthcare Costs Before diving into cost-saving tips, it’s essential to understand the various healthcare cost components. Healthcare expenses can include premiums, deductibles, copayments, coinsurance, and out-of-pocket maximums. Additionally, there may be other costs associated with prescription

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ProsperityHSA

DataPath Launches ProsperityHSA

DataPath Financial Services, Inc. has announced the launch of ProsperityHSA (prosperityhsa.com), a program designed to create new revenue and growth opportunities in the HSA market for banking institutions, third-party employee benefit administrators (TPAs), and insurance brokers. Building on DataPath’s recent designation as an approved non-bank HSA custodian and its two decades of success in creating HSA administration technology and services, ProsperityHSA is poised to disrupt the industry’s usual HSA administration offerings. John Robbins, Jr., President

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HSAs and Tax Filings

HSAs provide a tax-advantaged financial tool for reducing out-of-pocket healthcare expenses and retirement savings. However, because the funds contributed to your account are pre-tax, you must account for them on your tax returns. If you’re filing HSA tax information for the first time, you may have questions about the 1099-SA form and where you get it. You may also have questions about Form 8889 and Form 5498. Here is the information you’re looking for. HSA

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