HSA

New Year’s Resolutions and Mental Health

With the holidays upon us and a New Year approaching, many Americans are preparing to make resolutions regarding exercise, weight, smoking, and overall physical health, among others. Having survived many life changes over the last couple of years, many people are also looking specifically to enhance their mental health and well-being. Mental Health Resolutions In a recent Forbes poll, 45% of all respondents ranked achieving better mental health among their top resolutions. By age group, 50%

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6 Things to Know About HSAs

Many employers embrace HSA-eligible, High Deductible Health Plans (HDHPs) to reduce premium costs, pairing them with Health Savings Accounts. While the primary intent of HSAs was to help reduce the cost of healthcare through tax-free contributions, earnings, and withdrawals, they also offer less well-known benefits. Here are six additional ways HSAs can help account owners make the most of their tax-advantaged savings. No Reimbursement Deadlines HSA account owners can receive reimbursements for eligible expenses at ANY

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Benefit Accounts Address Economic Challenges

A recent article in Employee Benefits News outlined the three economic challenges to American workers: inflation, market volatility, and rising interest rates. Employers can use benefit accounts to help employees address these concerns. Challenge #1: Inflation The Consumer Price Index (CPI) rose 7.7% overall between October 2021 and October 2022. Increases occurred year over year (YOY) in every category the CPI measures, including fuel oil (68.5%), natural gas (20.0%), gasoline (17.5%), transportation services (15.2%), and

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Investing HSA Funds – The Key to Substantial Growth

Health Savings Accounts (HSAs) are popular, tax-advantaged savings accounts designed to help people with High Deductible Health Plans (HDHPs) pay for out-of-pocket healthcare expenses. HSA accounts have seen substantial growth since their introduction in 2004. Devenir’s mid-year 2022 update reports that nearly $99 billion in assets were held in almost 34 million HSA accounts. There are many reasons why HSAs have become so popular. One great attraction is that holders own HSAs for the life

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Employer-Sponsored Debit Cards Make Life Easier

In today’s fast-paced world, debit cards provide an efficient payment method for consumers everywhere. Providers can automatically track purchases, and the cardholder can easily view and manage activity online. Additionally, debit cards are accepted all over the world. For Third-Party Administrators (TPAs), account-linked debit cards can help control costs through more efficient benefits administration. Many TPA clients are savvy employers who incorporate them into their employee benefits offerings. This option allows companies to attract and

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Whitepaper: Getting Creative in a Post-Pandemic Enrollment Season

Always an intense and stressful time for brokers, TPAs, and employers alike, enrollment season for the 2023 plan year promises to be even more so. As COVID-19 gradually transitions from pandemic to endemic, its impact on Americans cannot be denied. By mid-2022, more than 90 million had contracted COVID-19, with over a million confirmed deaths. How can we successfully address the past two years’ influence on our workplaces and workforce? It will take more than

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Halloween Health and CDH Accounts

Halloween is a favorite time of year for some, from decorations to pumpkin carving to dressing up. However, it can also be a time of pumpkin carving cuts, bumps and bruises, sprains, and even broken bones from tripping over costumes. Let’s talk about staying safe, Halloween health, and your CDH accounts. Some of the reasons why Halloween is so scary Halloween is undoubtedly fun, but dangers are lurking and parents need to be vigilant. Children’s

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10 Things to Know about HSAs

Unlike an FSA or an HRA, both of which are owned by the employer, HSAs are owned by the individual. This means that the account owner funds the HSA, spends the money (within IRS regulations), earns interest, and chooses whether or not to invest the money. Most importantly, the individual keeps the account (HSA portability) should their employment status change due to job loss, changing company, or retirement. Employers may also choose to contribute to the HSA, but the account owner keeps the funds.

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Inflation Reduction Act May Impact Employer-Sponsored Health Plans

President Biden signed the Inflation Reduction Act (IRA) into law on August 16, 2022. Among other provisions, the IRA: Here’s how the Society of Human Resource Managers (SHRM) expects the IRA to impact employer-sponsored group health plans. ACA Subsidies Extended to 2025 The American Rescue Plan of 2021 (ARPA) expanded access to premium tax credits (PTCs) that subsidize the purchase of health insurance on the ACA marketplace. The IRA extends those subsidies through 2025. According

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Help Avoid Travel Stress with FSA, HSA, and LSA Eligible Purchases

Experts predicted that travel would be hectic this summer and fall, and boy, they weren’t kidding. Whether vacationing or resuming business travel, you’ve had to deal with high gas prices and delayed, if not entirely canceled flights, among other stressful issues. Check out these FSA, HSA, and LSA eligible expenses that can help ease travel stress. 1. Pack Those Medications Do you have enough prescription medication with you to treat existing conditions if you get

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