The fourth quarter of every year is hectic for employers and TPAs. From processing new benefits to closing out the current year, there is no shortage of work. But with regulatory changes over the last two years, it’s important to ensure you’ve maintained compliance. Now’s a good time to review Affordable Care Act (ACA) compliance reporting due in the first quarter of 2023. ACA Compliance: What and Why? What is ACA Compliance? Employers who qualified
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.
DataPath’s one-of-a-kind employee education and engagement program, The Adventures of Captain Contributor, has earned an international creative award. LITTLE ROCK, ARK. (September 23, 2022) – DataPath, a leading provider of administration solutions for employer-sponsored healthcare benefit accounts, has won a 2022 Summit International Creative Award. The Summit International Creative Awards competition honors the best web, design, video, advertising, interactive mobile, and social marketing worldwide. They recognize creative solutions, celebrate achievements, and raise industry expectations. DataPath
Forbes Advisor reports that although many Americans are happy with their health insurance, not many fully understand basic terminology. For example, over 75% cannot identify “co-insurance,” while nearly 50% incorrectly defined “copay” and “deductible.” Forbes also uncovered significant knowledge gaps about open enrollment, HSAs, and medical billing. With open enrollment coming up in the near future for most of us, let’s take a look at the importance of terminology and how to help employees learn
With the popularity of flexible spending accounts on the rise, participants want to know, “What’s the right amount to put in my FSA?” Flexible Spending Accounts (FSAs) are fast becoming one of the most popular employer-sponsored benefits in the United States. In their latest market review, the Aite-Novarica Group estimated 32.6 million FSA accounts in force in 2022. Why are FSAs popular? According to FSAFEDs.com, the official FSA website for federal employees, taking advantage of
The COVID pandemic wreaked havoc on the American healthcare system and employer health plans in ways not always obvious. For example, a significant percentage of Americans delayed accessing needed healthcare for fear of increasing their exposure to COVID-19. Some skipped routine checkups and screenings altogether. The unfortunate side effects now being seen include: Why COVID Delayed Healthcare According to the Urban Institute‘s Health Reform Monitoring Survey, as late as in the Spring of 2021 one
LITTLE ROCK, ARK. (September 7, 2022) – DataPath, Inc., a leading provider of administration solutions for employer-sponsored healthcare benefit accounts, has won double honors in the 2022 MUSE Creative Awards for two different marketing campaigns. MUSE is an international competition for creative professionals who inspire others to greater heights through their concepts, ideas and designs. DataPath won 2022 Silver Awards in the Marketing Promotion category for its “More Over the Horizon” and “DataPath Express” campaigns.
President Biden signed the Inflation Reduction Act (IRA) into law on August 16, 2022. Among other provisions, the IRA: Addresses aspects of the Affordable Care Act (ACA) Requires Medicare to negotiate drug prices with manufacturers Caps the cost of prescribed insulin for Medicare recipients at $35 a month Provides an insulin safe harbor for high-deductible health plans (HDHPs) Here’s how the Society of Human Resource Managers (SHRM) expects the IRA to impact employer-sponsored group health
Experts predicted that travel would be hectic this summer and fall, and boy, they weren’t kidding. Whether vacationing or resuming business travel, you’ve had to deal with high gas prices and delayed, if not entirely canceled flights, among other stressful issues. Check out these FSA, HSA, and LSA eligible expenses that can help ease travel stress. 1. Pack Those Medications Do you have enough prescription medication with you to treat existing conditions if you get
The annual school supplies shopping trip can be an expensive endeavor. Did you know that some items commonly found on classroom supply lists are eligible for FSA accounts? Read on to learn more. FSA for Back-to-School Basic first-aid supplies and COVID-related PPE, including masks and hand sanitizer, are on many back-to-school supply lists this year. These are eligible for purchase with FSA funds. Many families also use back-to-school shopping time to buy over-the-counter medications that
Many TPAs are already in the throes of annual enrollment planning and promotion. This can be a highly stressful time of year, and with the current labor market, things may be more stressful than usual. You need your staff to stay relaxed, calm, and collected to provide the best possible service to your employer groups. Here are three ways to help lower the stress of enrollment season. #1: Encourage Asking for Help Some people are
DataPath’s one-of-a-kind employee education and engagement program, Captain Contributor, earns another national award. LITTLE ROCK, ARKANSAS (August 2, 2022) – DataPath, Inc., a leading developer of technology solutions for employer-sponsored benefits, has been named a National Health Information Awards (NHIA) winner for 2022. This is the company’s third NHIA award and 11th national award overall for creativity and effectiveness in health information delivery. The NHIA recognizes the nation’s best health information programs and materials. DataPath
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.
Flexible spending accounts (FSAs) are the oldest tax-advantaged healthcare spending account currently available and by far the most common. Yet many workers still don’t feel they really understand them. That’s borne out by the relatively low adoption rate at many companies, despite tax savings as high as 40% on the funds set aside. Plus, despite the Carryover option, a significant number of account holders still experience a loss of at least some unspent funds at
According to the Centers for Disease Control (CDC), 1 in 3 Americans does not get enough sleep. This can lead to significant health issues as well as problems with workplace performance. Sleep Recommendations Adults age 18 and up should get between 7 and 9 hours of sleep a night. For those who have trouble doing that, the CDC has some recommendations: Try to go to bed and wake up at the same time every day,