Cafeteria Plans Let Employees Choose Benefit Options

Cafeteria Plans are an employer-sponsored benefit that lets employees pay certain qualified medical expenses – such as health insurance premiums for medical, dental, and vision coverage – on a pre-tax basis.  They are sometimes called Section 125 Cafeteria Plans. “Section 125” refers to the portion of the Internal Revenue Code (IRC) that regulates these pre-tax … More >>

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Mental Health Care and CDH Accounts

With one in five U.S. adults experiencing some form of mental illness in any given year, the need for mental health care impacts many families. Yet, according to the National Alliance of Mental Illness (NAMI), 55 percent of adults and 49 percent of children ages 6-17 with a mental illness don’t receive mental health care services. … More >>

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Ready to quit smoking? Your FSA or HSA can help

Although COVID-19 has been the top health story for over a year now, another disturbing health trend emerged in 2020: fewer people are quitting smoking. The health dangers of smoking cigarettes are well-documented. Since the U.S. surgeon general’s groundbreaking report in 1964, the number of adults who smoke has declined from 43 percent to 14 percent in 2019. Cigarette … More >>

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HSA Growth: Now’s the Time to Invest Your HSA Balance

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

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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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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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