Since they were enacted in 2003, Health Savings Accounts (HSAs) have become an integral part of the consumer directed healthcare landscape for those with a high deductible health plan. One of the chief benefits of having an HSA is that account holders can use that money to pay for a wide range of eligible medical expenses for themselves, their spouses, and their tax dependents.
A Medicare Set Aside account, also known as an MSA, is an important component of the workers’ compensation payment landscape. Here’s the essential information you need to know about who qualifies for them, how they work, approved expenses, etc. What is a Medicare Set Aside Account? A Medicare Set Aside Account (MSA) is a settlement resulting from a workers’ compensation or personal injury claim. Settlement funds are ‘set aside’ in a special account to pay
Many employers are having trouble filling job openings. Avenues to attract new employees – from signing bonuses to additional paid time off – haven’t solved the problem. Human resources experts suggest looking within to see how current employees may be able to help. Reconsider Job Requirements In 2021, Forbes reported that only 36% of Americans 25 and older hold college degrees (Bachelor’s or higher). Meanwhile, 65% of job listings still require them. The educational nonprofit Hechinger Report notes that
Linking tax-advantaged benefits accounts such as FSAs and HSAs to benefits debit cards is more convenient for everyone concerned. Employees are able to make eligible purchases without having to front the expense, file a claim, and wait for a reimbursement. Employers and TPAs usually do not have to manually process a claim due to the automated substantiation processes that govern most benefits debit cards. So, let’s learn more about how benefits debit cards offer more
Health Savings Accounts (HSAs) can help pay for health care expenses now, and both health care and other expenses in retirement. By Candy Darr Originally Published by BenefitsPROMay 18, 2022 There was a time when many American workers could anticipate sailing into retirement with profit sharing and investments, pension, Social Security benefits, and Medicare coverage. They felt secure that their golden years would be filled with rest, peace of mind, and few worries about medical bills.
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