HSA

Building Customer Loyalty and Retention with Financial Wellness

As trusted advisors, banks and credit unions are in a unique position to offer guidance. They can also support and educate consumers to help with their financial well-being. Customers who feel their financial institutions support their financial wellness are 3 times more likely to be “very satisfied.” They are also 3 times more likely to recommend their financial institution and 5 times more likely to want to buy more from it. Another survey, this one

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DataPath Welcomes New Executives to Spearhead Growth

Lawton, Cox

LITTLE ROCK (May 28, 2024) – DataPath, Inc., a trailblazer in technology solutions for the employee benefits, financial services, and insurance sectors, is proud to announce the appointment of two distinguished executives to its leadership team. Sherry Lawton steps into the role of Senior Vice President of Strategic Growth for ProsperityHSA, DataPath’s latest venture to revolutionize the Health Savings Account (HSA) landscape. With over two decades of expertise in HSA banking and consumer-directed healthcare, Lawton is

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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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Demystifying Healthcare Costs: Employee Tips to Maximize Benefits and Save Money

healthcare costs

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

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DataPath Launches ProsperityHSA

ProsperityHSA

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

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HSAs and Tax Filings

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

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Healthcare Transparency and New Developments

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

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Whitepaper: Thriving HSA Market Continues to Offer Growth Opportunities for TPAs

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

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Women’s Heart Health

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

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