Captain Contributor™ is not your everyday superhero; he’s the basis for a year-round, comprehensive program to educate and engage employees about tax-advantaged benefit plans. Let’s face it: benefits enrollment can be boring and the information is dense. Many employees have a hard time understanding their benefits and why they should use them. In a recent … More >>
With enrollment season rapidly approaching, it’s a good time to review current attitudes from workers toward their employment-based health benefits. The Health and Voluntary Workplace Benefits Survey (WBS) is conducted annually by the Employee Benefit Research Institute (EBRI) and Greenwald & Associates. The nationwide study examines a broad spectrum of health care issues, including worker … More >>
You’re familiar with healthcare Flexible Spending Accounts (FSAs), with which you can set aside money from your paycheck pre-tax (before payroll taxes are calculated) to use in paying eligible medical expenses. You may not be as familiar, though, with the Limited-Purpose FSA (LPFSA). An LPFSA is an option made available by some employers in conjunction … More >>
Health Reimbursement Arrangements (HRAs) are employer-sponsored benefit plans that reimburse employees for qualified expenses. Unlike other types of employer-sponsored healthcare benefits, an HRA plan is owned and completely funded by the employer. Employee participants do not make contributions or pay taxes on reimbursements received. Generally, there are no limits on employer contributions to regular HRA … More >>
Although created to make healthcare more affordable and expand freedom in personal healthcare decisions, Health Savings Accounts (HSAs) can also play a significant role in saving for retirement. Due to their multiple tax advantages, generous contribution options, and valuable investment opportunities, HSAs can be used to supplement retirement accounts. HSAs and Healthcare First and foremost, … More >>
When it comes to FSA vs HRA vs HSA, can you tell the difference? Each has its own distinct purposes. Below is a quick overview, plus a helpful infographic that compares specific features of each type of account. When it comes to consumer driven healthcare (CDH), there are three popular tax-advantaged benefit accounts: the Flexible … More >>
Did you know that HSA owners not only enjoy tax-free interest on their balances, but also tax-free returns from HSA investing? With interest rates at historic lows, consider investing your account funds to achieve substantial growth. Health Savings Accounts (HSAs) are tax-advantaged savings accounts that help people with a high deductible health plan pay for … More >>
Many employers are unknowingly out of COBRA compliance. Are you sure your company is following all the rules? Are you meeting your company’s COBRA obligations in a manner that is compliant with all applicable COBRA rules and regulations? Chances are, you’re not. In fact, the IRS estimates that 90% of employers who self-administer their COBRA … More >>
For calendar-year plans, we’re almost halfway through the plan year. It’s a great time to review ten important things to know (and remember) about HSAs. Tax Savings HSA account holders save on taxes three different ways. First, contributions to the account are not taxed. Second, interest earned on the balance is tax-free. And finally, withdrawals for qualified … More >>
Have a Flexible Spending Account (FSA)? There are a number of qualified FSA expenses that you may not know about. Here are nine of them. Healthcare FSAs let you to use funds that you have set aside pre-tax to pay for a wide variety of medical, dental and health-related products and services, including certain over-the-counter … More >>
QSEHRAs are a popular topic. As an employer, you may be asking, ‘Is a QSEHRA right for my business?’ Here are some things to consider. In December 2016, President Obama signed the 21st Century Cures Act into law. The Cures Act amended a regulation in the Affordable Care Act (ACA) that prevented employers from providing … More >>
It’s the New Year! After the long holiday season, many people are making resolutions to help themselves reach new goals in 2017, including eating healthier, getting more exercise, managing their finances better, and more. For employers, there’s never been a better time to boost (or implement) an employee wellness program to help your workforce get … More >>
During Open Enrollment season, it’s important for individuals to know the 2017 contribution limits for Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs). Here’s a quick guide to next year’s contribution limits and other important information: Flexible Spending Account (FSA) In October 2016, the IRS released its inflation adjustments which raised the limits for … More >>
The annual open enrollment period during which people can sign up for health insurance plans through government exchanges for the 2017 plan year begins November 1, 2016 and ends January 31, 2017. For private employers, enrollment dates vary per organization and the time frame may be much shorter. With the enrollment period open, the time … More >>
Newly released IRS inflation adjustments increase the FSA contribution limit in 2017. The Internal Revenue Service (IRS) released its inflation adjustments for 2017, which affect more than 50 tax provisions, including several consumer directed healthcare (CDH) and employer-sponsored benefit accounts. Those who participate in Flexible Spending Accounts (FSAs) and Transit accounts will see some changes. … More >>
DataPath Administrative Services, presenting sponsor of Arkansas Business’ “Arkansas’ Best Places to Work 2016,” extends its congratulations to this year’s award honorees. A total of 29 Arkansas businesses were honored this year, the largest in the history of the award. The Best Companies Group evaluated the applicants and determined that the following businesses are the … More >>
Today’s reality highlights the need for benefits debit cards: in a 21st century, first-world society, card payments are the norm rather than the exception. Card payment terminals are found just about everywhere – doctors’ offices, pharmacies, grocery stores, retail shops, and more. With consumers utilizing debit and credit cards more and more each day, the … More >>
Believe it or not, August is here! For many Flexible Spending Account (FSA) holders, there are only five months left before the end of their plan year and the FSA “use or lose it” policy has people thinking about how to make the most of their tax-free contributions. The great news is that back-to-school shopping … More >>
The new datapathadmin.com features a clean interface, bold graphics, and improved navigation. In addition, employers and participants can: Log in to their accounts Access current industry news from leading sources View DataPath’s up-to-date Facebook and Twitter activity Connect with the company’s social media accounts Watch engaging videos about our company and plan information Visitors may … More >>
DataPath Administrative Services, presenting sponsor of Arkansas Business’ “Arkansas’ Best Places to Work 2015,” would like to congratulate this years’ award honorees. The Best Companies Group evaluated the applicants and determined that the following businesses are the Natural State’s best places to work: United Federal Credit Union – Benchmark Winner ABC Financial Arkansas Blue Cross Blue … More >>
Electronic billing and payment methods beat paper-based methods when it comes to overall security of your personal and financial data. An estimated 85% of identity theft cases start with stolen paper invoices, statements, receipts and checks. DataPath Administrative Services is SSAE 16 Type II compliant, and our web portals protect your information behind many layers … More >>
Via Rev. Proc. 2014-61, the IRS today announced 2015 COLA Increases for more than 40 tax provisions, including: SECTION 125 HEALTH FLEXIBLE SPENDING ACCOUNTS (FSAs) – The annual cap increases to $2,550 per employee. SECTION 132 PARKING AND TRANSIT ACCOUNTS – The monthly limitation increases to $250 for Parking and remains at $130 for Transit. SECTION 137 … More >>
In official guidance issued yesterday, the IRS has expanded the permitted election changes for health coverage under a Section 125 Cafeteria Plans. Effective immediately, IRS Notice 2014-55 allows a participant to revoke his election during a period of coverage if: His hours of service are reduced so that he is expected to average less than … More >>
