If you manage clients on COBRA software, chances are you may manage HSAs as well. This blog addresses concerns about HSAs and COBRA and how these two work together. A great resource to help participants learn if they can pay for COBRA premiums with an HSA, if you can contribute to your HSA while on COBRA and more.
A new white paper released today by DataPath evaluates the evolution of computer technology and examines how current software solutions impact the work of third party administrators (TPAs). DataPath, a platform provider for consumer directed healthcare accounts, COBRA and billing administration, also highlights the importance of an all-inclusive approach to solutions development.
DataPath, Inc., a leading innovator in the consumer-directed healthcare industry, announced today new COBRA billing functionality in Summit, the company’s cloud-based benefits administration platform. With Summit COBRA, benefits administrators will be able to perform both CDH and COBRA account administration within the industry’s only fully-unified cloud system.
Yesterday, the House of Representatives passed the American Health Care Act (AHCA) with a vote of 217-213. The bill now goes to the Senate for approval. In its current form, AHCA affects tax-advantaged health care accounts: Health Savings Accounts, Flexible Spending Accounts, and Health Reimbursement Arrangements. It also has tax implications for employers and people … More >>
On Monday, March 6, House Republicans published the American Health Care Act (AHCA), a proposal to repeal and replace multiple provisions in the Affordable Care Act (ACA). Among the parts that remain the same are that people with pre-existing conditions cannot be denied coverage and dependents under age 26 can stay on their parents’ healthcare … More >>
Diversified Administration, Inc., a third party administration firm, seeks to deliver top quality to its clients. The company focuses on helping employees to maximize take-home pay and businesses to increase tax savings, lower premiums, and generate increased employee loyalty. To accomplish this, Diversified Administration, Inc. partnered with DataPath to administer consumer directed healthcare (CDH) accounts … More >>
The Cures Act allows small employers to offer Health Reimbursement Arrangements (HRAs) to their workforce to help cover the cost of medical expenses and health insurance premiums for themselves and their families. Employers and workers alike have questions about how a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) will affect them. Legal experts are in the process of interpreting the law, but here’s a list of some QSEHRA FAQs and their answers that are generally agreed upon.
When it comes to consumer driven healthcare (CDH), there are three popular employer-sponsored benefit accounts: Flexible Spending Account (FSA), Health Reimbursement Arrangement (HRA), and Health Savings Account (HSA). On first glance, when comparing an FSA vs HSA, FSA vs HRA, or HRA vs HSA, it can feel a little daunting. Each account has some overlapping similarities, but each is remarkably different.
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.
Health Reimbursement Arrangements, better known as HRAs, are an important piece of the consumer driven healthcare market. The employer-funded account is one arm of healthcare consumerism which enables individuals to take better control of their personal medical decisions. Here are the pros and cons of this benefit account.
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.
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.
The alphabet soup of consumer directed healthcare (CDH) – FSAs, HRAs, HSAs, MERPs, MSAs – can make it a challenge to keep track of which accounts provide what benefits. Some are strictly employee- or employer-funded, while others may be funded by any party. Some accounts offer rollover; others do not. Knowing the differences is important … More >>