For people enrolled in a high-deductible health plan (HDHP) and have (or are considering) an HSA, some commonly asked questions include “Does Medicare Enrollment Impact HSA Eligibility?” Here are the answers to this question and others.
Since the COVID-19 outbreak began in the United States, jobs have been lost at an alarming rate. As these job losses are through no fault of the employees, they are considered qualifying events for COBRA purposes. This allows employees to apply for the continuing health insurance coverage through their employers. While Congress has passed a variety of economic stimulus legislation, most notably the CARES Act in March 2020, to help lessen the impact of COVID,
Most healthcare consumers know about Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). These popular healthcare benefit accounts allow individuals and families to cover out-of-pocket healthcare costs by setting aside money before taxes are taken out. There are rules about account eligibility, contribution limits, and more. Plus, the funds must be spent on IRS-approved healthcare products. If they spend funds on ineligible items and services, account holders could face taxes or penalties. These accounts
DataPath publishes whitepaper focused on helping TPAs increase adoption of healthcare benefits accounts LITTLE ROCK, ARKANSAS (September 8, 2020) – DataPath, Inc., a leading technology provider for consumer directed healthcare account and COBRA administration, has published a whitepaper titled, “How to Maximize Account Adoption During Enrollment Season and Deliver a Better Benefits Experience.” The whitepaper provides insights on employer-sponsored benefit packages, employee satisfaction with their benefits, and how third party administrators (TPAs) can increase account
Offering HSAs paired with a High Deductible Health Plan are an important part of many employer-sponsored benefit plans. To improve plan and account adoption, employers, brokers, and third party administrators need to understand employees’ concerns and how an HSA with HDHP can address them.
Breaking Down HRA Plan Types A Health Reimbursement Arrangement (HRA) is a tax-advantaged health benefit funded and owned by employers. Depending on the type of HRA, employees can use money from the account to pay for IRS-approved healthcare expenses and health insurance premiums and it does not count toward their taxable income. Learn more about HRA plan types: HRA Plan Types Standard HRA Individual Coverage HRA (ICHRA) Excepted Benefits HRA (EBHRA) Qualified Small Employer HRA
Whitepaper focuses on developing market for student loan repayment assistance plans, which impacts nearly 45 million Americans LITTLE ROCK, ARKANSAS (July 7, 2020) – DataPath, Inc., a leading developer of technology solutions for employer-sponsored benefits administration, has published a whitepaper titled, “Flexible Compensation: More than Healthcare.” The whitepaper examines the positive effect that benefits such as health insurance, healthcare spending accounts, and retirement planning have on employers and workers. In particular, one benefit program rapidly
In May 2020, the Internal Revenue Service (IRS) published 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 – Notice 2020-29 and 2020-33 – relax mid-year election changes for health Flexible Spending Accounts (FSAs) and Dependent Care Assistance Programs (DCAPs). They also provide more flexibility in grace periods for both types of accounts and increase the maximum annual carryover amount
On April 29, 2020, the Internal Revenue Service (IRS), Department of Labor (DOL), 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 means for third party administrators, employers and participants. COVID-19 Claims Run Out Extension The final notice, now available
The Internal Revenue Service (IRS), Department of Labor (DOL), and other federal agencies released an update on COBRA extensions and claims filing due to the COVID-19 outbreak. This latest guidance came after Congress passed the CARES Act in late March 2020, along with other initiatives to ease the economic effect on American workers and companies. The final notice, published April 29, 2020, recognized that “participants and beneficiaries covered by group health plans, disability or other employee