HSA

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 purchased with or reimbursed from a health Flexible Spending Account (FSA), Health Reimbursement Arrangement (HRA), or Health Savings Account (HSA).

Home » HSA » Page 12

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.

Home » HSA » Page 12

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?

Home » HSA » Page 12

Brochure: Health Savings Account (HSA) Solutions

DataPath’s platform features comprehensive, cloud-based HSA functionality, empowering benefits administrators to deliver unparalleled service. Our HSA platform streamlines administration with built-in banking and investment features, providing a comprehensive solution for benefits managers and employers. Effortlessly manage accounts with features like online enrollment, seamless HSA rollovers, and user-friendly plan document templates. Customize the level of management, from enabling consumers to self-adjudicate purchases by disabling MCC restrictions to offering expert guidance to account owners. The platform also

Home » HSA » Page 12

How Does Medicare Enrollment Impact 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 HSA Eligibility?” Here are the answers to this question and others.

Home » HSA » Page 12

Keys to Increasing HDHP and HSA Adoption: An Infographic

Offering HSAs paired with a High Deductible Health Plan are an important part of many employer-sponsored benefit plans. To improve plan and account adoption, employers, brokers, and third party administrators need to understand employees’ concerns and how an HSA with HDHP can address them.

Home » HSA » Page 12

Whitepaper: Addressing Education Gaps is Key to TPA Growth

Consumers have more choice than ever when it comes to healthcare benefits. However, research suggests they are not using those benefits as effectively as they could due to knowledge gaps. For TPAs, understanding where those gaps exist and providing solutions to address them is key to client satisfaction and business growth.

Home » HSA » Page 12

FFCRA Expiration, “Path Out of the Pandemic” and Healthcare Benefits FAQs

With the recent expiration of the Families First Coronavirus Response Act (FFCRA), the Biden Administration is implementing a new plan called the “Path Out of the Pandemic.” This includes a number of proposed initiatives to help move the country along a path toward recovery. Some of the action items that will apply to employers and employees are discussed here. COVID-19 Updates For Employers While many Americans are fully vaccinated against COVID-19 (approximately 58% as of

Home » HSA » Page 12

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 officially extended the tax filing deadline, moving the date from April 15 to July 15, 2020. Tax payers (including individuals,

Home » HSA » Page 12
+ More