If your employer offers both Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), you may be wondering if it’s possible to have both an HSA and an FSA account at the same time. HSA/FSA Accounts If you are enrolled in an HSA-eligible health plan, you can enroll in an HSA account as long as you aren’t also enrolled in Medicare or have some other, disqualifying coverage. Traditional FSA accounts cover most of the same
Did you know you can use your Flexible Spending Account (FSA) or Health Savings Account (HSA) for some certain nutritional expenses? Qualified medical expenses for these tax-advantaged accounts include “the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body.” Simply put, the eligible nutritional item has to relieve or prevent a physical or mental defect or illness. Eligible expenses must have a
Full-featured debit card will support wide range of employee benefits programs LITTLE ROCK, ARK. (May 4, 2022) – DataPath, Inc., a leading provider of technology solutions for employee benefits administration, announced today the highly-customizable COMPASS™ debit card. COMPASS™ enables third-party administrators (TPAs) to utilize a full-featured debit card in support of almost any type of benefits program. DataPath will provide end-to-end processing services for COMPASS™ card transactions. “The employee benefits industry has experienced unprecedented change
Employers depend heavily on their third-party administrators (TPAs) for much of the information and assistance they need to stay in compliance with regulatory reporting requirements. The good news is that some of the COVID-related requirements are ending. Other requirements are resuming or are new to the industry. Pharmacy and Health Care Spending Updates As required under the Consolidated Appropriations Act (CAA), all employer groups who offer health plans, along with insurers and pharmacy benefit managers,
With the cost of retirement continually rising, it’s important to start planning as soon as possible. You may have an IRA and/or a 401(k). But have you included a Health Savings Account (HSA) in your planning? Each offers important benefits. You may already know how an IRA and a 401K help, but you may not realize how HSAs fit. Individual Retirement Arrangements (IRAs) The Internal Revenue Service (IRS) defines six different types of Individual Retirement
Spring is a wonderful time of year – unless you suffer from allergies. The Centers for Disease Control and Prevention reports that flu season can last into May. Just as COVID seems to be dying down, another variant may be just around the corner. With all three of these illnesses presenting some of the same symptoms, how can we tell if what we have is an allergy, the flu, or a COVID infection? Seasonal Allergy
Did you know that the average office worker spends 1,700 hours in front of a computer screen every year? That’s what the contact lens manufacturer Acuvue found in a study on screen time they sponsored a few years ago. And that only accounted for computer screens, not those of phones, tablets, etc. With an uptick in complaints about eye strain, dry eye, headache and insomnia, it’s a great time for employers to review the eye
For many of us, our children are our greatest gifts. But caring for even the happiest and healthiest children can take a toll on parents. Add full-time work (or multiple part-time jobs) into the mix, and some days may feel like a challenge you can’t overcome. Now imagine taking care of an aging parent at the same time. Add in homeschooling during a pandemic and/or a child with special needs. Exhausted yet? The idea of
Before the pandemic, workers paid a lot for their daily work commute. From time spent on the road, to the cost of transit fares or vehicle expenses, costs added up quickly. Some employees welcomed the remote work arrangements mandated by the pandemic in part because it helped them to avoid transit time and expense. With many employers now requiring a return to the office, what do employees face with commuting in a new work world?
What are COBRA administrators to do in the face of all this change? At the very least, they have to stay flexible. And that flexibility has to start with their administration system. By Bo Armstrong Originally Posted by BenefitsPROFebruary 16, 2022 Brokers and TPAs who offer COBRA administration expect changes in the number of accounts being managed from month to month. Or at least that was the case before COVID-19 came roaring in like a huge