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Is Your HSA Boosting Your Retirement Fund?

As pandemic-related losses have driven business owners to cut costs, High Deductible Health Plans (HDHPs) have enabled them to provide healthcare options to employees while minimizing premium expenses. Due to higher deductibles, HDHPs require some adjustment on the part of employees. To help with out-of-pocket costs, HDHPs are often coupled with Health Savings Accounts (HSAs). HSAs were designed to help make healthcare more affordable and give people more freedom in making healthcare choices. You can

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Press Release: New Whitepaper Examines Health of CDH Market after a Decade of the ACA

LITTLE ROCK, ARKANSAS (Nov. 1, 2021) – DataPath, Inc., a leading developer of technology solutions for employee benefits administration, has published a whitepaper titled, “Eleven Years After the Affordable Care Act, The Consumer-Directed Healthcare Market Thrives.” The paper explores the health of CDH accounts after a decade of the ACA – and concludes that it is booming. The whitepaper details many of the major provisions of the Affordable Care Act. It also examines its effects

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Double Whammy: Flu Season During a Pandemic

Flu season can be miserable even in a normal year. During a pandemic, it’s even scarier, especially if you are in a vulnerable population. This year it is more important than ever to have the latest information on available vaccinations, corresponding costs and how to pay for them. Many health insurance plans cover routine vaccinations such as flu shots with little or no cost-sharing. However, if you do have to pay for it, flu shots

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Did You Know? Qualified FSA Expenses that May Surprise You

Most FSA participants are familiar with the “traditional” health care expenses that qualify for FSA reimbursement. But there are other eligible expenses that you may not have heard about. Read on to learn more ways to maximize your FSA spending and lower your net healthcare costs. Flexible spending accounts (FSAs) have been around since the 1970s, when the Internal Revenue Service (IRS) introduced them in response to rising healthcare costs. An FSA is a tax-advantaged,

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How the Pandemic Changed Benefits Strategies

Employee benefit strategies have been changing rapidly for years, to adapt to evolving work environments. Then, as Americans navigated the pandemic, there were even more levels of complexity. 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 way both employers and employees

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How Work Furloughs Affect FSA Accounts

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 cover out-of-pocket healthcare expenses. In 2021, there are 31.7 million FSA accounts in force. FSAs are sponsored by employers and

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Cafeteria Plans Let Employees Choose Benefit Options

What is a cafeteria plan? 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 plans. “Cafeteria Plan” reflects the fact that, similar to a lunch cafeteria, you can choose

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Dependent Care FSA vs. Dependent Care Tax Credit: Which is Best?

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), and the Dependent Care Tax Credit. Dependent Care FSA The DCFSA does for childcare expenses what the Healthcare

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