Employees face an increasingly complex array of tax-advantaged healthcare accounts. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs) each offer unique advantages and, in some cases, can be strategically coordinated to deliver maximum results. Understanding how these accounts interact can significantly enhance tax savings and
Every employer knows it – a good benefits plan can help them compete for top talent. However, research shows that 85% of employees do not understand their benefits. While getting skilled workers in the door is great, many people don’t understand what their benefits are or why they’re important once
Participating in a health FSA or HSA comes with a ton of advantages that can improve your health and financial well-being. In addition to the tax savings, most people know that you can use these accounts for everyday healthcare expenses such as prescription and over-the-counter medications, co-pays and deductibles, and
During enrollment season, people often ask, “Can I have an FSA and HSA at the same time?” Both consumer-directed healthcare benefit accounts are popular, because people want to maximize their tax savings and lower healthcare costs. Let’s take a look at both accounts and see if you can have an
In recent years, there has been a resurgence in mental health awareness, especially after the COVID-19 pandemic. Thankfully, public attitudes and mental health treatments have improved dramatically since the early 20th century, when the National Committee for Mental Hygiene (now known as Mental Health America) was established. However, some battles
The end of the calendar year is a great time to reconsider the state of your employees’ benefits literacy. Most companies have open enrollment season before January 1, allowing employees to select next year’s benefits. As this year’s plan starts ending, employees will look to maximize their unused benefits. As
Finding a balance between work and personal life has become a top priority for most of us. Today’s workers want greater freedom and independence to balance their obligations adequately. Employers are, therefore, compelled to reconsider their leave policies to draw in, keep, and engage top talent. The Changing Work-Life Balance
Little Rock, AR – August 12, 2024 – DataPath Administrative Services, Arkansas’s most experienced third-party employee benefits administrator, has announced a name change to Beneliance, effective immediately. The new branding highlights the firm’s nearly thirty years as a trusted ally in benefits administration for Arkansas businesses. It also reflects the
Many people like Health Savings Accounts (HSAs). They save on taxes and set aside money for medical expenses. When you join an HSA-qualified health plan and sign up for an HSA, you put pre-tax money into an account. You can then withdraw the funds for qualified healthcare expenses. The IRS defines these
Health Reimbursement Arrangements (HRAs) are tax-advantaged accounts designed to reimburse individuals for qualified healthcare costs. Introduced by the IRS in 2002, HRAs are benefits that employers can offer to current and former employees, including retirees. Over time, legislative and regulatory changes have updated HRA rules and introduced new types, such
