HSA vs 401k – Which Account to Fund First?

Think about this – you have a Health Savings Account (HSA) and a 401(k) through your employer. HSAs are generally thought of as a vehicle for healthcare savings – because it’s in the name – while most people understand that a 401k is used for retirement. A lot of people wonder though, which account should … More >>

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2021 HSA Contribution Limits Announced by IRS

The Internal Revenue Service (IRS) published the 2021 rates for Health Savings Accounts (HSAs) on Wednesday, May 20. The 2021 HSA contribution limits have increased as well as the maximum out-of-pocket limits for high deductible health plans. Learn more below. 2021 HSA Contribution Limits For 2021, the HSA contribution limits have increased due to inflation. … More >>

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FSA Mid-Year Elections, Grace Periods, Carryover and More: IRS COVID-19 Guidance

On Tuesday, May 12, the IRS published additional COVID-19 guidance for employer-sponsored healthcare benefits.  Drafted to address unanticipated changes in medical and childcare costs due to the COVID-19 emergency, the two Notices relax mid-year election changes for health Flexible Spending Accounts (FSAs) and Dependent Care Assistance Programs (DCAPs). They also provide more flexibility in grace … More >>

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COVID-19 Claims Run Out Extension for FSA and HRA Plans

On April 29, 2020, the IRS, Department of Labor, and other federal agencies published a final notice providing COVID-19 relief guidance on COBRA extensions. The notice also extended run out periods for health Flexible Spending Account (FSA) and Health Reimbursement Arrangement (HRA) plans. Learn more about the COVID-19 claims run out extension and what it … More >>

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COVID-19 COBRA Extensions and Claims Filing Update

The IRS, Department of Labor, and other federal agencies released an update on COBRA extensions and claims filing due to the COVID-19 outbreak. This latest guidance comes after Congress passed the CARES Act in late March and other initiatives to ease the economic pain on American workers and companies. The final notice, published April 29, … More >>

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COBRA Benefits: Furlough vs Layoff

A common question for many people, particularly during a layoff or furlough, is whether or not they are eligible for COBRA benefits. Learn more about the difference between a furlough and a layoff, COBRA eligibility, qualified events, and the cost of continuing coverage. Furlough vs Layoff A furlough is temporary, with a specific end date, … More >>

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Expanded COBRA Benefits During the COVID-19 Crisis: What Changes May Be Coming?

Along with the many stimulus provisions provided for in the Coronavirus Aid, Relief and Economic Security Act (CARES Act), the legislation also addressed many healthcare needs for Americans. The bill, signed on March 27, 2020, broadened the list of eligible healthcare expenses, expanded telehealth coverages for high deductible plans, and more. Nearly a month later, … More >>

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COVID-19 Testing and Healthcare Benefits FAQs

In recent weeks, Congress and the IRS have acted to provide relief to Americans due to the COVID-19 (coronavirus) health emergency. With the passage of the CARES Act, updates to HDHPs, HSAs and other measures, businesses, workers and third party administrators have a lot of questions about these changes. See the list below for answers … More >>

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2020 Tax Deadline and HSA Contribution Deadline Extended to July 15

In response to the ongoing COVID-19 (coronavirus) pandemic, Congress and the Internal Revenue Service (IRS) have taken some key steps to ease specific concerns about taxes and healthcare benefits. Learn more about the 2020 tax deadline extension, HSA contribution extension, and HDHP updates for coronavirus treatments. 2020 Tax Deadline Extended by 3 Months The IRS … More >>

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How to Spur HSA Adoption and Ease the Financial Worries of Employees

How to Spur HSA Adoption: Insights and Strategies – A New Whitepaper from DataPath

New DataPath whitepaper examines how third party administrators can spur HSA adoption and remedy the financial fears of employees LITTLE ROCK, ARKANSAS (March 10, 2020) – DataPath, Inc., a leading technology solutions provider for consumer directed healthcare benefits administration, has published a whitepaper titled, “How to Spur HSA Adoption and Ease the Financial Worries of … More >>

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Taxes and HSAs – What You Need To Know

On Friday, March 20, the Treasury Secretary announced the 2020 tax filing deadline was extended from April 15 to July 15. It’s everyone’s “favorite” time of the year – tax season! If you’re wondering how to handle your HSA expenses at tax time, we’ve got the information you need about taxes, HSA tax forms, and … More >>

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Treating Mental Health with a CDH Account

Mental health currently represents one of the biggest healthcare challenges in the U.S. It is estimated that: One out of every five adults in the U.S. experiences a mental illness at some point in their lives Nearly 10 million adults live with a serious mental illness One-half of all chronic mental illnesses begin by the … More >>

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HRA Plans, qualified expenses and taxes

HRA Plans: Account Types, Qualified Expenses, Taxes, and More

Health Reimbursement Arrangements (HRAs) are employer-sponsored benefit plans that allow employees to withdraw tax-free money to pay for qualified medical expenses. Unlike other types of employer-sponsored healthcare benefits, the employer owns the HRA and completely funds it; employees do not make contributions. If your employer offers an HRA, here are some important things to know about the accounts.

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