A Health Reimbursement Arrangement (HRA) is part of consumer driven healthcare. While HRAs have the same basic legal guidelines as other types of reimbursement accounts, they differ in that they’re funded exclusively by the sponsoring employer. Funding amounts and eligible expenses are unique to each employer.
With the holidays upon us and a New Year approaching, many Americans are preparing to make resolutions regarding exercise, weight, smoking, and overall physical health, among others. Having survived many life changes over the last couple of years, many people are also looking specifically to enhance their mental health and well-being. Mental Health Resolutions In a recent Forbes poll, 45% of all respondents ranked achieving better mental health among their top resolutions. By age group, 50%
Many employers embrace HSA-eligible, High Deductible Health Plans (HDHPs) to reduce premium costs, pairing them with Health Savings Accounts. While the primary intent of HSAs was to help reduce the cost of healthcare through tax-free contributions, earnings, and withdrawals, they also offer less well-known benefits. Here are six additional ways HSAs can help account owners make the most of their tax-advantaged savings. No Reimbursement Deadlines HSA account owners can receive reimbursements for eligible expenses at ANY
A recent article in Employee Benefits News outlined the three economic challenges to American workers: inflation, market volatility, and rising interest rates. Employers can use benefit accounts to help employees address these concerns. Challenge #1: Inflation The Consumer Price Index (CPI) rose 7.7% overall between October 2021 and October 2022. Increases occurred year over year (YOY) in every category the CPI measures, including fuel oil (68.5%), natural gas (20.0%), gasoline (17.5%), transportation services (15.2%), and
Health Savings Accounts (HSAs) are popular, tax-advantaged savings accounts designed to help people with High Deductible Health Plans (HDHPs) pay for out-of-pocket healthcare expenses. HSA accounts have seen substantial growth since their introduction in 2004. Devenir’s mid-year 2022 update reports that nearly $99 billion in assets were held in almost 34 million HSA accounts. There are many reasons why HSAs have become so popular. One great attraction is that holders own HSAs for the life
In today’s fast-paced world, debit cards provide an efficient payment method for consumers everywhere. Providers can automatically track purchases, and the cardholder can easily view and manage activity online. Additionally, debit cards are accepted all over the world. For Third-Party Administrators (TPAs), account-linked debit cards can help control costs through more efficient benefits administration. Many TPA clients are savvy employers who incorporate them into their employee benefits offerings. This option allows companies to attract and
In response to the COVID-19 outbreak, the U.S. government first enacted a National Public Health Emergency in March 2020. Intended to last one year, it has been extended twice. The current extension is scheduled to end in January 2023. Public health emergency status gives the government special, temporary powers. For example, regulatory agencies can approve drugs and treatments faster than under normal protocols. Although there is currently no announced plan to extend beyond January 2023,
In Morgan Stanley’s second annual State of the Workplace Financial Benefits Study, 71% of employees said financial stress negatively affected their personal lives and work. More than four out of five (84%) believe employers should provide more tools to help them navigate economic challenges. Traditional Financial Benefits Employers have long offered financial tools like profit-sharing plans and 401Ks. Both offer some tax savings and enable a path toward a more comfortable retirement. However, they come with
Halloween is a favorite time of year for some, from decorations to pumpkin carving to dressing up. However, it can also be a time of pumpkin carving cuts, bumps and bruises, sprains, and even broken bones from tripping over costumes. Let’s talk about staying safe, Halloween health, and your CDH accounts. Some of the reasons why Halloween is so scary Halloween is undoubtedly fun, but dangers are lurking and parents need to be vigilant. Children’s
Your FSA plan may have a provision that the balance forfeits to your employer if you don’t spend down all your funds by the end of the plan year. Other plans allow you to carry up to a certain amount of leftover funds to the next plan year. Don’t know which type of plan you have? Ask your HR or benefits administrator ~ and check out these 9 ways to use up any leftover FSA