Since they were enacted in 2003, Health Savings Accounts (HSAs) have become an integral part of the consumer directed healthcare landscape for those with a high deductible health plan. As of August 2015, there were an estimated 14.5 million HSA accounts, meaning that a lot of people rely on their pretax set-aside funds to help reduce … More >>
It’s no secret: American workers are becoming more mobile. Between 2005 and 2012, there was a 79% increase in the number of employees who worked remotely1. With more and more people working away from home, many of them are located far from their personal banks. When these employees get hurt on the job, how does … More >>
The alphabet soup of consumer directed healthcare (CDH) – FSAs, HRAs, HSAs, MERPs, MSAs – can make it a challenge to keep track of which accounts provide what benefits. Some are strictly employee- or employer-funded, while others may be funded by any party. Some accounts offer rollover; others do not. Knowing the differences is important … More >>
Flexible Spending Accounts, known as FSAs, are an important part of consumer directed healthcare. The tax-advantaged accounts allow participants to pay for out-of-pocket medical expenses that may not be covered by their health insurance plans. Many companies offer FSAs as part of their employer-sponsored benefits packages.
Commuter benefits have become a staple in many employer benefits plans, especially in major metropolitan areas around the United States. Commuter expenses add up quickly and become quite costly when you take into consideration fuel costs, vehicle maintenance, parking fees, transit fares, and other associated expenditures. Thankfully the IRS created a way for commuters to … More >>
Finding the right payment solution can be tough. Making payment by check is costly (up to $8 per transaction1) and time-consuming. Furthermore, paper checks are vulnerable to fraud, and if a payment is late or never received, payers can receive a lot of angry phone calls or negative social media attention from upset recipients. This … More >>
Virtual Card Payment Solution. The words sound like some futuristic technology out of an H.G. Wells novel; but in reality, the future is now. Service providers all across the United States, from physicians to auto repair shops, are using a virtual payment solution in their workplace. So, what is a virtual card payment solution? In … More >>
Controlling workers’ compensation costs by automating processes, while maintaining the privacy and security of injured workers, is crucial. As payers look to automate payment processes, they could be creating greater risks, complications and inefficiencies. On the surface, the workers’ compensation payment process involves only three players—the payer, the provider and the injured worker. The payer … More >>
Today’s reality highlights the need for benefits debit cards: in a 21st century, first-world society, card payments are the norm rather than the exception. Card payment terminals are found just about everywhere – doctors’ offices, pharmacies, grocery stores, retail shops, taxicabs, subway stations, and more. With consumers utilizing debit and credit cards more and more … More >>
Having recently celebrated its 12th birthday, the Health Savings Account (HSA) is more popular than ever. During the first half of 2015, HSA usage grew by a whopping 42 percent compared to the same period during 2014, according to a study by Bank of America. While the Baby Boomer generation carries the highest HSA balances … More >>
DataPath has listened to the needs of TPAs everywhere to design an employee benefits administration platform that is everything they could ever need. From one simple, cloud-based platform, TPAs can now manage FSAs, HRAs, HSAs, Transit Accounts and Benefits Debit Cards from one simple centralized location.
Do you know the advantages of having a Health Savings Account (HSA)? Do you know the potential tax savings you can accumulate over the life of your HSA account? Did you know that HSA funds can be used for more than just medical expenses once you reach retirement age? There exist many Health Savings Account … More >>
It’s officially tax season! We have the information you need about taxes and HSAs, and what you need to do before April 18. As you know, tax filing season means that there are often numerous IRS forms that have to be filled out. When it comes to your HSA, there are two other very important … More >>
Indemnity payments to injured workers are met with many challenges. Today’s increasingly mobile workforce, a need for greater security, and the desire to lower overall costs may have you considering a modern and flexible payment solution. A bank-neutral debit card may be the answer for these issues: 1. Mobile Workforce Workers in the United States … More >>
Do you know the difference between a Health Reimbursement Arrangement (HRA) and a Health Savings Account (HSA)? Each account has its own benefits and merits, and they are similar in some ways. The philosophy behind an HRA and an HSA is that they are designed to help make healthcare more affordable for workers and their … More >>