COVID-19 PPE Now Eligible for FSA, HRA, HSA Plans

The fight against COVID-19 has expanded to the purchase of personal protective equipment (PPE) items. On Friday, March 26, the IRS released Announcement 2021-7, which qualifies PPE purchased for the primary purpose of preventing the spread of COVID-19 as medical expenses under section 213(d) of the Internal Revenue Code. The regulation allows specific items to be … More >>

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HRA vs HSA - Similarities, Differences

HRA vs HSA – Examining the Similarities and Differences

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.

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HSA withdrawal penalty

Understanding the HSA Withdrawal Penalty and Other Useful Information

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?

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Brochure: Health Savings Account (HSA) Solutions

Summit HSA features comprehensive, cloud-based HSA functionality, allowing TPAs to provide a level of service many banks won’t offer. 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 … More >>

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How Does Medicare Enrollment Impact My HSA Eligibility?

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.

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2021 FSA Contribution Limits to Stay at $2,750

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 >>

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HSA Strategy: The Time is Right to Invest Your HSA Balance

Opening a Health Savings Account (HSA) can be a great investment in one’s personal healthcare and financial future. Owned by the participant (rather than the employer), an HSA is a versatile healthcare spending and savings account that can be used for many expenses. Since they can keep the account for life, HSA owners need to … More >>

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Keys to Increasing HDHP and HSA Adoption: An Infographic

To increase Health Savings Account (HSA) and high deductible health plan (HDHP) adoption, TPAs and employers should understand what drives employee behavior. The following infographic outlines the keys to increasing HSA and HDHP adoption. HSAs and High Deductible Health Plans: A Guide to Increasing Adoption Offering Health Savings Accounts (HSAs) paired with a high deductible … More >>

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HSA and Retirement – How Your HSA Can Boost Your Retirement Fund

Health Savings Accounts (HSAs), coupled with a high deductible health plan, were designed to help make healthcare more affordable and give people more freedom in their personal healthcare decisions. Another advantage of the account is the ability to use it in retirement. Due to generous tax advantages, friendly contribution options, and investment opportunities, more people … More >>

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HSA vs 401k – Which Account to Fund First?

Think about this – you have a Health Savings Account (HSA) and a 401(k) through your employer. HSAs are generally thought of as a vehicle for healthcare savings – because it’s in the name – while most people understand that a 401k is used for retirement. A lot of people wonder though, which account should … More >>

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2021 HSA Contribution Limits Announced by IRS

The Internal Revenue Service (IRS) published the 2021 rates for Health Savings Accounts (HSAs) on Wednesday, May 20. The 2021 HSA contribution limits have increased as well as the maximum out-of-pocket limits for high deductible health plans. Learn more below. 2021 HSA Contribution Limits For 2021, the HSA contribution limits have increased due to inflation. … More >>

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Whitepaper: Addressing Education Gaps is Key to TPA Growth

Today’s healthcare consumers have more choice than ever when it comes to healthcare benefits. However, research suggests they are not utilizing those benefits as effectively as they could, in large part due to lack of knowledge and understanding about them. For third party administrators, understanding where the gaps exist and providing solutions to address them … More >>

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2020 Tax Deadline and HSA Contribution Deadline Extended to July 15

In response to the ongoing COVID-19 (coronavirus) pandemic, Congress and the Internal Revenue Service (IRS) have taken some key steps to ease specific concerns about taxes and healthcare benefits. Learn more about the 2020 tax deadline extension, HSA contribution extension, and HDHP updates for coronavirus treatments. 2020 Tax Deadline Extended by 3 Months The IRS … More >>

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How to Spur HSA Adoption and Ease the Financial Worries of Employees

How to Spur HSA Adoption: Insights and Strategies – A New Whitepaper from DataPath

New DataPath whitepaper examines how third party administrators can spur HSA adoption and remedy the financial fears of employees LITTLE ROCK, ARKANSAS (March 10, 2020) – DataPath, Inc., a leading technology solutions provider for consumer directed healthcare benefits administration, has published a whitepaper titled, “How to Spur HSA Adoption and Ease the Financial Worries of … More >>

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