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Building Customer Loyalty and Retention with Financial Wellness

As trusted advisors, banks and credit unions are in a unique position to offer guidance. They can also support and educate consumers to help with their financial well-being. Customers who feel their financial institutions support their financial wellness are 3 times more likely to be “very satisfied.” They are also 3 times more likely to recommend their financial institution and 5 times more likely to want to buy more from it. Another survey, this one

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How COBRA Interacts with ICHRA and HRA Plans

The Consolidated Omnibus Budget Reconciliation Act (COBRA) mandates employers to offer continuing health coverage to employees facing qualifying events such as job loss or reduction in work hours. However, navigating the interaction between COBRA and some reimbursement accounts, such as Individual Coverage Health Reimbursement Arrangements (ICHRAs) and Health Reimbursement Arrangements (HRAs), presents complexities.  What are ICHRA and HRA plans? ICRHAs and HRAs are both exclusively funded by the employer and generally not taxable to the

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Student Loan Assistance and Financial Well-Being

student loan

Student loan debt continues to be a significant financial burden for millions of Americans. More than half of college students finance their education with loans, whether they attend public or private four-year institutions. As of 2023, according to Forbes, total student loan debt (including federal and private loans) stood at $1.75 trillion, or an average of $28,950 per borrower. With the moratorium on student loan payments ending in October 2023, millions of borrowers are now

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FSA vs. HRA vs. HSA Comparison Infographic

At first glance, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Health Savings Accounts (HSAs) look very similar, but there are significant differences. First, let’s look at how the three accounts are alike: Drilling down further, this infographic highlights the major areas in which the three accounts are different: Flexible Spending Account (FSA) Funded by: FSAs are entirely funded by the participant, but employers may choose to contribute. Contribution limits: FSA participants make pre-tax

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DataPath Welcomes New Executives to Spearhead Growth

Lawton, Cox

LITTLE ROCK (May 28, 2024) – DataPath, Inc., a trailblazer in technology solutions for the employee benefits, financial services, and insurance sectors, is proud to announce the appointment of two distinguished executives to its leadership team. Sherry Lawton steps into the role of Senior Vice President of Strategic Growth for ProsperityHSA, DataPath’s latest venture to revolutionize the Health Savings Account (HSA) landscape. With over two decades of expertise in HSA banking and consumer-directed healthcare, Lawton is

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10 Ways Outsourcing Can Revolutionize Your Company

BPO

Today’s most competitive companies are those who constantly look for ways to innovate processes, optimize operations, and deliver exceptional value. Toward that end, business process management (BPM) and business process outsourcing (BPO) can change the game for businesses of any size and in nearly any industry.  By entrusting certain tasks and functions to specialized third-party providers, companies can revolutionize their operations and transform their futures. Here are 10 factors to consider. Cost Savings One of

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Understanding COBRA Eligibility: Who Qualifies and When?

Understanding the intricacies of the Consolidated Omnibus Budget Reconciliation Act (COBRA) can be challenging for employers and employees alike. It may be especially daunting when trying to understand who qualifies for COBRA coverage and when they qualify.  What is COBRA? COBRA is a federal law enacted in 1985 that requires employers with 20 or more employees to offer continuation coverage. This applies only to employees and their dependents whose coverage would end due to qualifying

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HSA Contribution Limits Announced

The Internal Revenue Service (IRS) recently announced updated HSA annual contribution limits. An important part of consumer-directed healthcare, HSAs offer participants enrolled in HSA-qualified (HDHP) health plans a way to save on taxes while setting aside money for out-of-pocket healthcare expenses for themselves and their families.

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