HSA Archives

HSAs and Workplace Wellness

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

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5 Ways to Control Rising Benefit Costs

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

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HSA Contribution Limits Announced

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.

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Four Generations, One Workforce: Creating a Benefits Program for All

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

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How Does Medicare Affect HSA Usage?

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

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Guide to Investing Your HSA Account for Growth

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

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Employer-Sponsored Insurance: Still Number One

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

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HRA and HSA At the Same Time? Yes!

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

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DataPath Article on Financial Stress and Benefits Accounts Featured on BenefitsPro

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

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FAQs About COVID-19 National Emergency End

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

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HDHPs and Wellness Programs

According to Kaiser Family Foundation, the average premium for family health plan coverage increased by 47% between 2011 and 2021. In response, employers have increasingly turned to High Deductible Health Plans (HDHPs) to lower premiums and shift more financial responsibility to covered employees. While employees appreciate lower premium costs, the higher deductibles can lead to higher out-of-pocket costs in the long run. The higher financial responsibility may increase employee utilization of cost-saving measures like wellness programs.

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Need-to-Knows About IRA-to-HSA Balance Transfers

Health Savings Accounts are popular tools for managing healthcare costs and retirement planning. HSA account owners can access their HSA balances tax-free to pay eligible healthcare expenses and invest for growth over time. Did you know that if you have an IRA, you can make a one-time funds transfer into your HSA account? Doing so gives you the “triple-tax advantage” on the transferred funds, but there are a few things to consider. What is an

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HSAs and COBRA Enrollment

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.

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Healthcare Consumerism Continues to Rise

Healthcare consumerism is a movement to make healthcare services more efficient and cost-effective. It transforms an employer’s health benefit plan, putting the economic purchasing power and decision-making in participants’ hands. Consumerism aims to enable patients to become wholly involved in their healthcare decisions. What drives healthcare consumerism? Customers can access features, benefits, and cost comparisons in most industries to guide their purchasing decisions. In contrast, the healthcare industry presents many choices, contact points, and service

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Millennials, HDHPs and HSAs

Popular with Millennials, HDHPs paired with HSAs can help employers improve employee satisfaction with healthcare benefits. Millennials are Embracing HDHPs Millennials are active supporters of consumer-directed healthcare. Now in their late 20s through early 40s, they tend to be healthier than their older workforce peers (Gen X and Baby Boomer generations) and, on average, spend less on healthcare costs. Nearly half of Millennials who are eligible for an HSA through their employer are adopting one.

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