Health Savings Accounts are increasing in popularity due to participants’ ability to reduce healthcare expenses, save on taxes, and put additional money aside for retirement. HSAs have been available since 2005, and people have many questions about how to qualify for an account, what expenses are eligible, how to open an account, and other Health Savings Account FAQs. Here’s what you need to know about these powerful tax-advantaged tools.
Companies looking to reduce health plan costs while maximizing employee quality of life may want to consider coupling a workplace wellness program with a High Deductible Health Plan (HDHP) and Health Savings Account (HSA). Workplace Wellness Programs Wellness programs help employees become healthier as well as better consumers of healthcare in three ways: Supporting healthy behavior in the workplace Improving health outcomes Lowering employer healthcare costs Employers may offer wellness initiatives to help employees make
Healthcare costs in America have risen significantly since the 1970s, leading many employers to expect modest yearly cost increases in the benefits they offer. However, the combination of current economic conditions, increased costs related to managing chronic conditions, and an aging population are leading to less manageable increases for many employers. Here are five ways TPAs can help employers continue offering high-value benefits while working to control rising benefits costs. #1 Ask Participants What They Need
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.
Americans live and work longer, leading to a four-generation workforce in different life stages and with differing needs. Creating a benefits package that satisfies their varied needs can prove challenging. Diverse Needs In its latest Workplace Wellness Survey, the Employee Benefits Research Institute (EBRI) examined financial stressors as well as overall financial, emotional, and physical well-being. Financial Well-Being Financial well-being is of moderate to high concern for 28% of younger workers, 37% of middle-aged workers, and
In a recent memorandum (TAM 202317020) from the Office of Chief Counsel, the IRS addressed claims substantiation requirements for reimbursement of medical and dependent care expenses from FSA accounts. The memo also described the tax consequences of not complying with claims substantiation requirements. This memo is vital for FSA administrators because it confirms the IRS’s position that ALL medical and dependent care claims must be substantiated in order to avoid major tax penalties resulting from
Qualified High Deductible Health Plan (HDHP) participants can use Health Savings Accounts (HSAs) to help cover their deductible responsibility. But what happens when they become eligible for Medicare? Medicare Basics Medicare is a federal health insurance program for those aged 65 and older as well as younger Americans with certain disabilities or End-Stage Renal Disease. Each of Medicare’s four parts offers a different type of coverage: Part A – Covers inpatient hospital stays, skilled nursing
LITTLE ROCK, ARK. (May 9, 2023) – DataPath, Inc. has received two 2023 Communicator Awards of Excellence for strategic marketing and promotion efforts undertaken over the past year. Excellence is the competition’s highest honor. The company received Excellence recognition for its “More Over the Horizon” and “DataPath Express” direct mail campaigns. Founded nearly three decades ago, the Communicator Awards honors creative excellence for marketing and communications professionals. The 29th annual competition received 3,000 entries from agencies,
Thanks largely to COVID, summer camps have been widely unavailable for the last couple of years. It’s very welcome news that camps are now back, all across the country. Even better, parents can use their pre-tax dependent care dollars to pay camp fees. Summer Camp Costs There are numerous options for children’s summer activities, including various age-appropriate, themed experiences and durations. For camps with significant academic components or more complex themes (usually targeted at older
LITTLE ROCK, ARK. (April 28, 2023) – DataPath, Inc. has received two 2023 Hermes Creative Awards – including a Hermes Platinum Award, the competition’s highest honor – for recent strategic marketing and promotion efforts. The company received the Platinum recognition for its “Spinning Ownership” direct mail campaign. It also received an Honorable Mention for its “Ticket to Success” direct mail campaign. The Hermes Creative Awards honors messengers and creators of the information revolution who bring their
The following infographic, “A Guide to Investing Your HSA Account for Growth”, provides an overview on Health Savings Account (HSA) basics. Read below to find out why HSAs are a great option for retirement, investment strategies, and more. Guide To Investing Your HSA Account for Growth Health Savings Accounts (HSAs) are more than just a tax-advantaged tool for paying medical expenses. They can also help you save for retirement. Why include HSAs in retirement planning? HSAs
The Commonwealth Fund recently issued a brief on “What Employers Say About the Future of Employer-Sponsored Health Insurance.” American employers have had ties to health insurance since World War II, but programs like the Affordable Care Act and Inflation Reduction Act could shift that bond. The Fund interviewed over two dozen benefits executives. Highlights are presented here as food for thought. Impact of the Affordable Care Act Enacted in March 2010, the Affordable Care Act (ACA) sought
Healthcare spending accounts, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), help individuals and families pay for medical expenses. They also provide more control over how and where to pay for those expenses. One frequently asked question is, “Can a person have an HRA and HSA simultaneously?”. The answer is yes; you can have an HRA and HSA simultaneously under specific circumstances. However, to understand the advantages of having both accounts, let’s first look
Strategic Use of Benefit Accounts to Ease Employee Financial Stress The average employee burdened by financial stress loses a fourth of their weekly productivity – can your company afford that? April 3, 2023 By Bo Armstrong Originally posted on BenefitsPRO.com With inflation eating into the American budget, a recent BenefitsPRO article by Alan Goforth pointed out that 2023 would be a year of ‘living sensibly.’ Indeed, the current economic situation presents employers with an excellent
The Biden Administration is currently expected to end the COVID-19 National Emergency on May 11, 2023. In preparation, the departments of Labor, Treasury, and Health and Human Services released Q&A Part 58 on March 29. In addition to reviewing the highlights below, you are strongly encouraged to read and digest the complete, 15-page Q&A document. COVID-19 Diagnostic Testing Q1: Do the COVID-19 testing coverage requirements under section 6001 of the FFCRA apply to items and