HSA investing

Guide to Investing Your HSA Account for Growth

The following infographic, “A Guide to Investing Your HSA Account for Growth”, provides an overview of Health Savings Account (HSA) basics. Read below to find out why HSAs are a great option for retirement, investment strategies, and more. Guide To Investing Your HSA Account for Growth Health Savings Accounts (HSAs) are more than just a tax-advantaged tool for paying medical expenses. They can also help you save for retirement. Why include HSAs in retirement planning? HSAs

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Employer-Sponsored Insurance: Still Number One

The Commonwealth Fund recently issued a brief on “What Employers Say About the Future of Employer-Sponsored Health Insurance.” American employers have had ties to health insurance since World War II, but programs like the Affordable Care Act and Inflation Reduction Act could shift that bond. The Fund interviewed over two dozen benefits executives. Highlights are presented here as food for thought. Impact of the Affordable Care Act Enacted in March 2010, the Affordable Care Act (ACA) sought

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hra hsa

HRA and HSA At the Same Time? Yes!

Healthcare spending accounts, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), help individuals and families pay for medical expenses. They also provide more control over how and where to pay for those expenses. One frequently asked question is, “Can a person have an HRA and HSA simultaneously?”. The answer is yes; you can have an HRA and HSA simultaneously under specific circumstances. However, to understand the advantages of having both accounts, let’s first look

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benefits pro

DataPath Article on Financial Stress and Benefits Accounts Featured on BenefitsPro

Strategic Use of Benefit Accounts to Ease Employee Financial Stress The average employee burdened by financial stress loses a fourth of their weekly productivity – can your company afford that? April 3, 2023 By Bo Armstrong Originally posted on BenefitsPRO.com With inflation eating into the American budget, a recent BenefitsPRO article by Alan Goforth pointed out that 2023 would be a year of ‘living sensibly.’ Indeed, the current economic situation presents employers with an excellent

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COVID-19 end

FAQs About COVID-19 National Emergency End

The Biden Administration is currently expected to end the COVID-19 National Emergency on May 11, 2023. In preparation, the departments of Labor, Treasury, and Health and Human Services released Q&A Part 58 on March 29. In addition to reviewing the highlights below, you are strongly encouraged to read and digest the complete, 15-page Q&A document. COVID-19 Diagnostic Testing Q1: Do the COVID-19 testing coverage requirements under section 6001 of the FFCRA apply to items and

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Wellness Programs

HDHPs and Wellness Programs

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.

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Need-to-Knows About IRA-to-HSA Balance Transfers

Health Savings Accounts are popular tools for managing healthcare costs and retirement planning. HSA account owners can access their HSA balances tax-free to pay eligible healthcare expenses and invest for growth over time. Did you know that if you have an IRA, you can make a one-time funds transfer into your HSA account? Doing so gives you the “triple-tax advantage” on the transferred funds, but there are a few things to consider. What is an

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HSAs and COBRA Enrollment

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.

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healthcare consumerism

Healthcare Consumerism Continues to Rise

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

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Millennials, HDHPs and HSAs

Popular with Millennials, HDHPs paired with HSAs can help employers improve employee satisfaction with healthcare benefits. Millennials are Embracing HDHPs Millennials are active supporters of consumer-directed healthcare. Now in their late 20s through early 40s, they tend to be healthier than their older workforce peers (Gen X and Baby Boomer generations) and, on average, spend less on healthcare costs. Nearly half of Millennials who are eligible for an HSA through their employer are adopting one.

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Findings from the PSCA 2022 HSA Survey

HSA availability and usage continue to grow, according to the Plan Sponsor Council of America (PSCA). For their 2022 HSA Survey, the PSCA surveyed nearly 500 employers who offered HSA-qualifying health plans in 2021. Their findings are summarized and highlighted below. Data Highlights from the PSCA 2022 HSA Survey HSA Contributions and Balances Average participant contributions and balances have declined. PSCA found that of the 75% of employers who contribute, 60.2% set different amounts based

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Omnibus Legislation includes CAA 2023 and SECURE 2.0

On December 29, 2022, President Biden signed the $1.7 trillion omnibus spending bill into law. The legislation, which included the Consolidated Appropriations Act of 2023 (CAA 2023) and the SECURE Act 2.0, features several provisions affecting employee benefits. A summary of some highlights follow. HSAs and Telehealth Telehealth use soared during the pandemic. SHRM reports that 43 percent of organizations expanded telehealth services during the period. The 2020 CARES Act allowed HSA-qualified high-deductible health plans

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New Year, New Benefits

Welcome to 2023! The new year brings a renewed focus on losing weight, staying healthy, and becoming financially healthier. Across the country, millions of us have set goals of increasing our health and wealth. However, inflation, supply chain issues, continued mental health challenges, and more can make tackling these goals even harder than usual. Financial Health Resolutions Many Americans are examining their spending and saving habits. Fidelity Investment found that when asked about financial concerns,

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what is hsa

What is an HSA?

An HSA is a health benefits account that provides tax advantages, where participants can deposit a portion of their income before payroll taxes are deducted. To be eligible for an HSA, the account holder must be actively enrolled in an HDHP. The maximum contribution limit, which determines the amount individuals can set aside each plan year, varies depending on whether they have single coverage or family coverage.

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What is an FSA or LPFSA?

Rising healthcare costs have people more actively managing their healthcare expenses. Many are doing so with the help of consumer-directed healthcare (CDH) resources like Flexible Spending Accounts (FSA) and Limited Purpose Flexible Spending Accounts (LPFSA). To increase employee utilization of these accounts, it’s important to provide education on FSA and LPFSA basics regularly throughout the year.Flexible Spending Account BasicsA standard FSA is a health benefits account to which participants contribute money deducted from their paychecks

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