Summit

FSA Eligible Expenses

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.

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Transit

Commuter Benefits – What You Need to Know

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 >>

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Benefits Debit Card

DataPath Payment Solutions: Quick, Modern, Secure

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 >>

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FSA Shopping

5 Reasons to Consider a Virtual Card Payment Solution

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 >>

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Benefits Debit Card

The Hidden Risks of Workers’ Compensation Payment Processing

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 >>

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Benefits Debit Card

Benefits Debit Cards Offer Convenience and Practicality

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 >>

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HSAToday

The Future of HSAs is Today

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 >>

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FSA, HRA, HSA, COBRA, Insurance Payments

Taxes and HSAs – What You Need To Know

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 >>

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FSA, HRA, HSA, COBRA, Insurance Payments

HRA vs HSA – What’s the Difference?

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.

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Transit

High Commuter Costs are Siphoning Money from Workers’ Wallets

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 >>

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FSAStore

Utilizing Your FSA For Back-To-School Shopping

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 >>

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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 >>

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