HSA owners benefit from tax-free growth on their account through interest earned and investment income. However, with interest rates at historic lows, account owners should consider investing HSA funds as a means for substantial growth. Health Savings Accounts (HSAs) are popular, tax-advantaged savings accounts designed to help people with high deductible health plans pay for out-of-pocket … More >>
In 2017, with the inauguration of a new president and with Congress openly discussing healthcare reform, Health Savings Accounts (HSAs) are getting a lot of renewed interest. This has many people wondering, what is the future of HSAs? What is an HSA? HSAs have been in effect since 2004, following approval by Congress and President … More >>
Eye care is an important part of your overall wellness. Comprehensive eye care includes exams, vision correction procedures, corrective eye wear and more. Thanks to vision insurance and employer-sponsored benefit accounts, receiving eye care has become more affordable and accessible for many people. According to the Centers for Disease Control (CDC), 67 percent of Americans with private … More >>
The Cures Act allows small employers to offer Health Reimbursement Arrangements (HRAs) to their workforce to help cover the cost of medical expenses and health insurance premiums for themselves and their families. Employers and workers alike have questions about how a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) will affect them. Legal experts are in the process of interpreting the law, but here’s a list of some QSEHRA FAQs and their answers that are generally agreed upon.
When it comes to consumer driven healthcare (CDH), there are three popular employer-sponsored benefit accounts: Flexible Spending Account (FSA), Health Reimbursement Arrangement (HRA), and Health Savings Account (HSA). On first glance, when comparing an FSA vs HSA, FSA vs HRA, or HRA vs HSA, it can feel a little daunting. Each account has some overlapping similarities, but each is remarkably different.
The following infographic highlights the important points regarding the 21st Century Cures Act and standalone HRAs for insurance premium reimbursements. The Cures Act affects millions of small businesses and their employees. Learn how DataPath can help you administer small business HRAs. The 21st Century Cures Act On December 13, 2016, President Obama approved the 21st … More >>
With FSA popularity on the rise, participants want to know ‘what’s the right amount for my flexible spending account?’ Flexible Spending Accounts (FSAs) are fast becoming one of the most popular employer-sponsored benefits in the United States. Currently, about one in five Americans use this tax-reduction tool to save on a wide variety of medical … More >>
Unlike an FSA or an HRA, both of which are owned by the employer, HSAs are owned by the individual. This means that the account owner funds the HSA, spends the money (within IRS regulations), earns interest, and chooses whether or not to invest the money. Most importantly, the individual keeps the account (HSA portability) should their employment status change due to job loss, changing company, or retirement. Employers may also choose to contribute to the HSA, but the account owner keeps the funds.
Health Reimbursement Arrangements, better known as HRAs, are an important piece of the consumer driven healthcare market. The employer-funded account is one arm of healthcare consumerism which enables individuals to take better control of their personal medical decisions. Here are the pros and cons of this benefit account.
Already a popular consumer driven health account, HSA enrollment could see a significant boost during the Trump Administration. Now that the election is over, one thing on many people’s minds is President-elect Donald Trump’s healthcare plan. According to GreatAgain.gov, the incoming administration’s transition website, “A Trump Administration will work with Congress to repeal the ACA … More >>
Some plans require participants to spend FSA funds before the end of the plan year or risk losing the funds altogether; others allow carryover to the next plan year. If uncertain of your plan’s requirements, check with your benefits administrator. Flexible Spending Accounts (FSAs) are a popular employer-sponsored benefit. According to a 2015 survey by … More >>
Newly released IRS inflation adjustments increase the FSA contribution limit in 2017. The Internal Revenue Service (IRS) released its inflation adjustments for 2017, which affect more than 50 tax provisions, including several consumer directed healthcare (CDH) and employer-sponsored benefit accounts. Those who participate in Flexible Spending Accounts (FSAs) and Transit accounts will see some changes. … More >>
If you get injured this Halloween, look to your consumer directed healthcare (CDH) account to take the scare out of treating your boo-boo. Halloween is magical! All week long, people get festive by decorating their houses and lawns, carving pumpkins, and dressing up in their favorite costumes. However, when someone gets injured, Halloween can be … More >>
Flu season is upon us, which means you have two good reasons to visit your doctor or other vaccination provider to get your annual flu shot. One, it just might protect you from a miserable and potentially fatal case of the flu. Two, if you have a Flexible Spending Account (FSA) or Health Savings Account … More >>
The thought of losing health insurance coverage is scary. This informative blog answers the most frequently asked questions (FAQs) about COBRA by participants. If you’re a COBRA administrator, this page is a great resource for your employer groups. This extensive list of FAQs describes what COBRA is, who qualifies, how coverage works and more.