DataPath Financial Services, Inc. (DFS) announced today its approval by the Internal Revenue Service (IRS) as a Non-Bank Custodian for Health Savings Accounts (HSAs) effective November 1, 2023.
It’s open enrollment time. That means third-party administrators (TPAs) are working with clients to set up plans for the new year. We’ve compiled some tips and reminders for benefits administrators to help them through this stressful season. Tip #1: Know Your Audience Each employer group will be different, so tailor your presentation accordingly. Occupation, geographic location, and generational cohort may affect employees’ wants and needs. For example, Millennials, Gen Xers, and Baby Boomers may each
A Section 125 Cafeteria Plan is an employer-sponsored benefits program that lets employees pay for certain qualified medical expenses, such as health insurance premiums, on a pre-tax basis. It’s called a “cafeteria plan” because, like the dining options at a cafeteria, employees can pick and choose the healthcare options they want, such as medical, dental, vision, and other benefits, while declining ones they don’t. It’s important to note that a Section 125 Cafeteria Plan does
Companies looking to reduce health plan costs while maximizing employee quality of life may want to consider coupling a workplace wellness program with a High Deductible Health Plan (HDHP) and Health Savings Account (HSA). Workplace Wellness Programs Wellness programs help employees become healthier as well as better consumers of healthcare in three ways: Employers may offer wellness initiatives to help employees make better lifestyle choices and improve their health. But cost control may also be
According to Kaiser Family Foundation, the average premium for family health plan coverage increased by 47% between 2011 and 2021. In response, employers have increasingly turned to High Deductible Health Plans (HDHPs) to lower premiums and shift more financial responsibility to covered employees. While employees appreciate lower premium costs, the higher deductibles can lead to higher out-of-pocket costs in the long run. The higher financial responsibility may increase employee utilization of cost-saving measures like wellness programs.
Consumers have been shopping for everything from clothing to groceries to furniture through online retailers for years. It’s convenient, and prices may be lower than those at brick-and-mortar retail stores. More and more, people are turning to the web to buy healthcare products. Many retailers sell FSA-eligible products online, and Flexible Spending Account (FSA) participants can use their account-linked debit cards as payment. What to Know When FSA Shopping Online Before shopping online with your
If you manage clients on COBRA software, chances are you may manage HSAs as well. This blog addresses concerns about HSAs and COBRA and how these two work together. A great resource to help participants learn if they can pay for COBRA premiums with an HSA, if you can contribute to your HSA while on COBRA and more.
Healthcare consumerism is a movement to make healthcare services more efficient and cost-effective. It transforms an employer’s health benefit plan, putting the economic purchasing power and decision-making in participants’ hands. Consumerism aims to enable patients to become wholly involved in their healthcare decisions. What drives healthcare consumerism? Customers can access features, benefits, and cost comparisons in most industries to guide their purchasing decisions. In contrast, the healthcare industry presents many choices, contact points, and service
If you have a high deductible health plan (HDHP), you may also have an HSA account. HSAs come with a variety of funding options, but check the fine print first. Read on to learn and understand more about these beneficial consumer directed healthcare accounts and the various ways in which they can be funded. Owning a Health Savings Account (HSA) comes with many benefits. HSA owners make tax-free contributions, earn tax-free interest and investment income, and can use
DataPath’s employee benefits platform is the first cloud-based solution purposely designed as a single, all-encompassing software solution for administering CDH accounts, COBRA, billing, and well-being benefits. Whether your business plans involve administering just one line of service or all of them, DataPath can help you achieve your goals. With a seamless design, our platform’s flexibility allows businesses to take advantage of the full suite of solutions, or to choose only those services specific to their