The Hidden Risks of Workers’ Compensation Payment Processing

Benefits Debit Card

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 >>

Benefits Debit Cards Offer Convenience and Practicality

Benefits Debit Card

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 >>

The Future of HSAs is Today

HSAToday

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 Summit: The Nation’s Best Benefits Administration Platform

Summit

According to a recent study conducted by SHRM, employer-sponsored benefits increased by 35 percent in 2015, which is a seven percent increase from the previous year. This statistic, coupled with the study’s finding that “job seekers place greater importance on health care coverage … and on other benefits rather than their base salaries” points to … More >>

Health Savings Account Advantages

HSAToday

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 >>

Three Reasons to Consider a Bank-Neutral Card Solution for Workers’ Compensation Payments

Benefits Debit Card

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 >>

HRA vs HSA – What’s the Difference?

FSA, HRA, HSA, COBRA, Insurance Payments

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 >>

HSA Investing – Many Account Holders are Missing Out

Flexible Spending Account

Health Savings Accounts (HSA), a popular component of employee benefit packages with high deductible health plans, offer an abundance of financial advantages for account holders. With tax-free contributions, interest-bearing accounts, and the option to invest, an HSA can be a significant player in an account holder’s financial security. In 2015, HSA owners can deposit up … More >>

High Commuter Costs are Siphoning Money from Workers’ Wallets

Transit

According to a recent article featured on CNN Money, commuters in the United States spend an average of $2,600 annually on their daily commute. This comes out to about $10 per day getting to and from the work place. Furthermore, 60% of survey respondents reported an increase in their commuting costs as compared to 19% … More >>

Cadillac Tax: What the Impending Tax Means for Businesses and Employees

FSA, HRA, HSA, COBRA, Insurance Payments

In recent weeks, financial experts have been discussing the Cadillac Tax that applies to health care programs, including pre-tax contributions to HSA accounts. The tax, according to Bruce Japsen of Forbes.com, “was created as part of the Affordable Care Act largely as a way to help fund subsidized benefits to the uninsured under the law. Starting … More >>

IRS Announces 2016 HSA Contribution Limits

The Internal Revenue Service (IRS) recently announced new 2016 HSA contribution limits. HSA plans are popular among workers who are enrolled in high-deductible health plans (HDHP) because they can make untaxed contributions into an account for medical expenses, reducing their overall tax bill to the IRS. In addition, account holders can roll over unused funds … More >>

Utilizing Your FSA For Back-To-School Shopping

FSAStore

August is nearly upon us which means that back-to-school shopping is right around the corner. You may realize that you still have a large sum in your Flexible Spending Account (FSA) and its “use or lose it policy” has you considering how to make the most of your contributions. This is a great time to … More >>

IRS Guidance Provides Limited Transition Relief

As part of Notice 2015-7, the IRS issued guidance on Feb. 18 providing limited transition relief for certain premium reimbursement plans, including: Individual market premium reimbursement arrangements (PRAs), also known as  employer payment plans as defined in Notice 2013-54; Medicare premium reimbursement arrangements; and, Reimbursement arrangements supplementing Tricare. The relief does not extend to stand-alone HRAs or … More >>