As Americans have navigated the pandemic, we’ve had to work through many complexities. The almost immediate quarantine and shift in work environments shook our sense of security; not just of job security, but of financial security and health security as well. As part of that, it has become evident that the pandemic has changed the … More >>
Nearly 6.2 million workers were on furlough from their jobs in August 2020, according to the U.S. Bureau of Labor Statistics (BLS). While that number decreased to 1.25 million by August 2021, between 15-22% of all unemployed persons throughout 2021 were on furlough. A Flexible Spending Account (FSA) is a financial tool that helps workers … More >>
For many employees, the COVID-19 pandemic has added financial stress that can harm their ability to stay motivated and productive in their jobs. Employers can help ease the burden by including emergency savings accounts (ESAs) in their benefits package. ESAs are funded by employees through automatic payroll deductions, just as they do with healthcare spending … More >>
Cafeteria Plans are an employer-sponsored benefit that lets employees pay certain qualified medical expenses – such as health insurance premiums for medical, dental, and vision coverage – on a pre-tax basis. They are sometimes called Section 125 Cafeteria Plans. “Section 125” refers to the portion of the Internal Revenue Code (IRC) that regulates these pre-tax … More >>
Families with young children can face enormous childcare costs. It’s not uncommon for daycare fees to add up to one of the family’s largest recurring expenses each month. Fortunately, there are several ways to offset a portion of childcare expenses, including Dependent Care Flexible Spending Accounts (DCFSA), also known as Dependent Care Assistance Programs (DCAP), … More >>
With one in five U.S. adults experiencing some form of mental illness, the need for mental health care impacts many families. But according to the National Alliance of Mental Illness (NAMI), 55 percent of adults and 49 percent of children ages 6-17 with a mental illness don’t receive mental health care services. That affects all of … More >>
COBRA coverage can work with healthcare benefit accounts such as HSAs, HRAs, and FSAs to help former employees meet their eligible medical expenses.
Although COVID-19 has been the top health story for over a year now, another disturbing health trend emerged in 2020: fewer people are quitting smoking. The health dangers of smoking cigarettes are well-documented. Since the U.S. surgeon general’s groundbreaking report in 1964, the number of adults who smoke has declined from 43 percent to 14 percent in 2019. Cigarette … More >>
Opening a Health Savings Account (HSA) can be a great investment in your personal healthcare and financial future. Owned by the participant-employee (rather than the employer), the HSA is a versatile spending and savings account that can be used for many healthcare expenses. Since they can keep the account for life, HSA owners should adopt … More >>
On July 26, the Internal Revenue Service (IRS) issued Notice 2021-46, which provides further guidance on premium assistance for COBRA continuation coverage under ARPA. Topics covered include extended coverage periods, dental and vision coverage, state continuation, and who may claim the COBRA Premium Assistance credit.
When an HSA owner has a change of status during the year, it affects how much he or she can contribute to their Health Savings Account (HSA). Learn how a mid-year change of status affects HSA contribution limits below. When a person with a qualified high deductible health plan signs up for an HSA, the … More >>
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 >>