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)? The key difference between the two is that an HRA is employer-owned whereas an HSA is employee-owned. With an HSA, the employee keeps the account and can transfer it when he or she changes jobs. Account holders may also invest their HSA funds.
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 >>
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 >>
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 >>
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 >>
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 >>
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 >>