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HRA and HSA At the Same Time? Yes!

Healthcare spending accounts, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), help individuals and families pay for medical expenses. They also provide more control over how and where to pay for those expenses. One frequently asked question is, “Can a person have an HRA and HSA simultaneously?”. The answer is yes; you can have an HRA and HSA simultaneously under specific circumstances. However, to understand the advantages of having both accounts, let’s first look

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FAQs About COVID-19 National Emergency End

The Biden Administration is currently expected to end the COVID-19 National Emergency on May 11, 2023. In preparation, the departments of Labor, Treasury, and Health and Human Services released Q&A Part 58 on March 29. In addition to reviewing the highlights below, you are strongly encouraged to read and digest the complete, 15-page Q&A document. COVID-19 Diagnostic Testing Q1: Do the COVID-19 testing coverage requirements under section 6001 of the FFCRA apply to items and

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HDHPs and Wellness Programs

According to Kaiser Family Foundation, the average premium for family health plan coverage increased by 47% between 2011 and 2021. In response, employers have increasingly turned to High Deductible Health Plans (HDHPs) to lower premiums and shift more financial responsibility to covered employees. While employees appreciate lower premium costs, the higher deductibles can lead to higher out-of-pocket costs in the long run. The higher financial responsibility may increase employee utilization of cost-saving measures like wellness programs.

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FSAs, Status Changes, and Contributions

Changes in family status can change health insurance eligibility. But they can also affect consumer-directed healthcare accounts, prompting questions about mid-year status changes. Here’s how family status changes can affect FSA and Dependent Care account elections. Can I change my health FSA contributions? Employees enroll in FSA accounts during open enrollment each year. At that time, they must decide on a contribution amount up to the IRS-mandated maximum. Learn more about this year’s contribution limits.

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Shopping for FSA Products Online

Consumers have been shopping for everything from clothing to groceries to furniture through online retailers for years. It’s convenient, and prices may be lower than those at brick-and-mortar retail stores. More and more, people are turning to the web to buy healthcare products. Many retailers sell FSA-eligible products online, and Flexible Spending Account (FSA) participants can use their account-linked debit cards as payment. What to Know When FSA Shopping Online Before shopping online with your

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Need-to-Knows About IRA-to-HSA Balance Transfers

Health Savings Accounts are popular tools for managing healthcare costs and retirement planning. HSA account owners can access their HSA balances tax-free to pay eligible healthcare expenses and invest for growth over time. Did you know that if you have an IRA, you can make a one-time funds transfer into your HSA account? Doing so gives you the “triple-tax advantage” on the transferred funds, but there are a few things to consider. What is an

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HSAs and COBRA Enrollment

If you manage clients on COBRA software, chances are you may manage HSAs as well. This blog addresses concerns about HSAs and COBRA and how these two work together. A great resource to help participants learn if they can pay for COBRA premiums with an HSA, if you can contribute to your HSA while on COBRA and more.

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Employee Burnout and Employer Benefits

Mental health issues skyrocketed during the pandemic. Meanwhile, about 10% of the American workforce, or 16 million people, have more than one job. With those facts in mind, it’s unsurprising that employee burnout is a continuing problem. The good news is that employer-sponsored benefits can help mitigate burnout. What is burnout? As defined by the World Health Organization, “Burnout is a syndrome … resulting from chronic workplace stress that has not been successfully managed.” Sufferers of burnout

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Healthcare Consumerism Continues to Rise

Healthcare consumerism is a movement to make healthcare services more efficient and cost-effective. It transforms an employer’s health benefit plan, putting the economic purchasing power and decision-making in participants’ hands. Consumerism aims to enable patients to become wholly involved in their healthcare decisions. What drives healthcare consumerism? Customers can access features, benefits, and cost comparisons in most industries to guide their purchasing decisions. In contrast, the healthcare industry presents many choices, contact points, and service

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FSA FAQs

The 2022 Kaiser Family Foundation Employer Health Benefits Survey reported that PPOs (Preferred Provider Organization) remain the most common health plan type, with 49% of covered workers enrolled in them in 2022, as opposed to 29% in a high-deductible plan (HDHP). Employees in the PPO pool may reduce their healthcare expenses with the tax-advantaged option of Flexible Spending Accounts (FSAs). But this option remains largely misunderstood so here are some Frequently Asked Questions (FAQs) about FSAs.

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