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.
In an article published earlier this month, DataPath product manager Chrissy Jurik explored ways in which businesses can use benefits to help support their female employees. Women and Supportive Employee Benefits In the wake of Women’s History Month, it is an excellent time to think about how benefits advisors and employers can better support female employees. After all, the rapid rise in women working outside the home was a significant development in labor market history
Healthcare costs can be confusing, but with the right knowledge and strategies, just about everyone can navigate this complex landscape effectively. Below are some helpful tips for employees to maximize their benefits and save money in the process. Understanding Healthcare Costs Before diving into cost-saving tips, it’s essential to understand the various healthcare cost components. Healthcare expenses can include premiums, deductibles, copayments, coinsurance, and out-of-pocket maximums. Additionally, there may be other costs associated with prescription
DataPath Financial Services, Inc. has announced the launch of ProsperityHSA (prosperityhsa.com), a program designed to create new revenue and growth opportunities in the HSA market for banking institutions, third-party employee benefit administrators (TPAs), and insurance brokers. Building on DataPath’s recent designation as an approved non-bank HSA custodian and its two decades of success in creating HSA administration technology and services, ProsperityHSA is poised to disrupt the industry’s usual HSA administration offerings. John Robbins, Jr., President
HSAs provide a tax-advantaged financial tool for reducing out-of-pocket healthcare expenses and retirement savings. However, because the funds contributed to your account are pre-tax, you must account for them on your tax returns. If you’re filing HSA tax information for the first time, you may have questions about the 1099-SA form and where you get it. You may also have questions about Form 8889 and Form 5498. Here is the information you’re looking for. HSA
Consumers often undertake significant research and price comparisons when buying an expensive item. Yet, when it comes to healthcare, comparison shopping has historically been nonexistent, partly due to a lack of cost transparency. Some providers treated requests for written estimates as a nuisance. Others could not provide an accurate estimate due to coordination issues with insurance companies and other key players in the industry. Healthcare Transparency Importance Transparency can provide benefits to everyone, including higher
This year marks the 20th anniversary of Health Savings Accounts (HSAs), which became available in 2004 as part of the Medicare Prescription Drug, Improvement, and Modernization Act. The legislation also enacted Internal Revenue Code section 223, which outlines the specific medical expenses eligible for purchase with these tax-advantaged funds. The HSA market is thriving thanks in part to their rise in favor as alternative retirement savings accounts. With such an increased focus, now is the
According to the Centers for Disease Control and Prevention, heart disease is the leading cause of death for American women – but despite the launch of numerous awareness initiatives, barely half understand the risks. Let’s look at what heart disease is and what we (especially women) can do about it. Heart Disease Basics “Heart disease” includes a variety of conditions that affect the heart structure and how it functions. Coronary artery disease, the most common, occurs
Third-party administrators enable employers to offer benefits that help them attract and retain their valuable talent. However, employers do not own all benefit funds, nor do employees. These are essential questions when enrolling in benefits and spending down funds. So, let’s discuss who owns benefit accounts and ensure everyone fully understands the benefit account portability. What is portability? Benefits portability refers to the ownership of benefit account funds. If a particular type of benefits account
Employers battle high healthcare costs by finding ways to reduce expenses and by achieving significant returns on the investments they ultimately make. With benefits being such an important factor in employee retention, return on investment is often the most critical. One method of increasing utilization and realizing a greater return on the employer investment in certain types of benefits is to rebrand them. Rebranding Targets Four commonly underutilized benefits that can be boosted by rebranding