Do you know the difference between a HRA vs 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.
On Monday, December 21, Congress passed a new $900 billion COVID stimulus bill (known as the Consolidated Appropriations Act, 2021). The legislation is aimed at helping Americans cope with challenges from the pandemic. Along with stimulus payments and other financial provisions, the bill also includes modified carryover and dependent rules for Dependent Care Assistance Plan … More >>
Health Savings Accounts (HSAs) are a wonderful tool for saving money on healthcare expenses. When you enroll in a qualified high deductible health plan and sign up for an HSA, you contribute pre-tax money into an account then withdraw those funds for qualified healthcare expenses. When used for qualified expenses, withdrawals are tax-free. However, many HSA owners wonder if the money can be used for non-qualified expenses. If so, is there an HSA withdrawal penalty?
Dependent Care FSA and Carryover – Concerns from COVID-19 Since March 2020, the United States has been reeling from the COVID-19 outbreak. Everyone across the nation has been impacted one way or another. From economic uncertainty to school and public safety concerns, adults and children alike have had to learn to deal with a new … More >>
DataPath Summit empowers TPAs to elevate their benefits administration and succeed with the industry’s only all-in-one cloud-based solution for CDH account, HSA, COBRA, and billing administration. Our powerful solution was built with TPAs in mind – unifying the CDH account and COBRA billing process – to make day-to-day processes more efficient and help our clients’ … More >>
Summit was designed with TPAs in mind, empowering them to provide superior FSA administration for health, limited purpose, and child care FSAs. Our cloud-based FSA solution features streamlined plan setup with default settings and wizards; TPAs can also create plan templates to be used with other similar plans. With the powerful data exchange, administrators can … More >>
Summit HSA features all-in-one, cloud-based HSA functionality, with administration, banking, and investments in a single solution. Designed for simple HSA management, Summit features comprehensive functionality for TPAs, employers, and participants. Administrators be as hands-on or as hands-off as they like, with options such as allowing participants can enroll online, make elections, and self-certify expenses. Summit … More >>
Summit was designed with TPAs in mind, offering the ability to build nearly unlimited Health Reimbursement Arrangement (HRA) plans, including group HRAs, Individual Coverage HRAs, Excepted Benefits HRAs, and Qualified Small Employer HRAs. Our cloud-based HRA solution empowers administrators with the ultimate in plan design flexibility. TPAs can customize plan details at the tier level, … More >>
Since 2002, DataPath has helped TPAs overcome the challenges of complex COBRA and billing administration. Administrators want to stay competitive, keep on top of regulatory changes, and attract and maintain new revenue streams. Summit’s powerful billing functionality allows administrators to take advantage of automated COBRA management and stay on top of compliance. TPAs can also … More >>
DataPath Business Process Outsourcing (BPO) services offer you a level of convenience and quality that you won’t find elsewhere. Focus on running your business and becoming more efficient by letting DataPath handle your claims entry, fulfillment, enrollment, and contribution processing needs. DataPath clients can enjoy: Quick and accurate claims entry processing Automated Fulfillment services Accurate … More >>
Our cloud-based Summit solution enables TPAs to offer Transit/Commuter/Parking benefit plans anywhere in the United States. Administrators can offer the convenience of Section 132 plans to their employer clients – helping deliver a more satisfying benefits package to their employees. Summit’s simple plan setup and debit card with a stacked account environment makes plan design … More >>
Views: Employers and benefits administrators must prepare for a COBRA avalanche November 16, 2020 By Bo Armstrong Originally Posted by Employee Benefit News In the first six months of COVID-19 outbreak, more than 60 million Americans filed for unemployment. A recent report by the U.S. Department of Labor (DOL) suggests that companies are still cutting a … More >>
For people enrolled in a high-deductible health plan (HDHP) and have (or are considering) an HSA, some commonly asked questions include “Does Medicare Enrollment Impact My HSA Eligibility?” Here are the answers to this question and others.
Job description Summit is Datapath’s Groundbreaking SaaS Solution. DataPath, Inc. is seeking a Software Developer to assume a critical role in the Summit Development Group. The successful candidate will assist in the design and implementation of new code and the maintenance of existing code for the Summit software platform. The Summit Software Developer will get to work … More >>
The Internal Revenue Service (IRS) published Rev. Proc. 2020-45, announcing annual limits for Flexible Spending Account (FSA) contributions, maximum carryover amounts, and Transportation benefit (Transit/Commuter/Parking) contribution limits. FSA, LPFSA, and related limits for 2021 will remain the same as they are for 2020. Learn more about 2021 FSA contribution limits and other updates below. 2021 … More >>