Did you know that HSA owners enjoy tax-free interest on balances and tax-free returns from HSA investing? Health Savings Accounts (HSAs) are tax-advantaged savings accounts that help people with a high-deductible health plan pay for out-of-pocket medical expenses. Since their inception in 2004, HSAs have become very popular. Devenir’s 2022 midyear
This article explains the differences between three types of consumer-directed healthcare (CDH) benefit accounts: Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Health Savings Accounts (HSAs). It summarizes their funding sources, contribution limits, eligible expenses, portability, and other key features, highlighting their unique advantages and tax benefits.
Each year when the 4th quarter rolls around, employer workloads grow tremendously, from processing new benefits to closing out the current year. With regulatory changes over the last two years, it’s vital to ensure that you maintain compliance. So let’s review the Affordable Care Act, or ACA, compliance reporting due
Flexible Spending Account (FSA) holders with calendar-year plans have barely three months left in their plan year, and some are looking for ways to spend down their balances. Although we’re past the back-to-school period here in Arkansas, you can still use FSA dollars to cover certain school supplies. Some schools
From hayrides and warm apple cider to Halloween festivities and Thanksgiving homecomings, people look forward to Fall. But the return of cooler temperatures also brings an increase in hay fever and a rise in cold and flu rates – and there could be another COVID wave. When you sneeze or
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 these provisions to impact employer-sponsored group health plans. ACA Subsidies Extended to 2025 The American Rescue Plan of 2021 (ARPA) expanded
Is your company getting ready for open enrollment? It can be a stressful time for HR and employees alike. An estimated 45% of workers say they are apprehensive about the open enrollment process. Here are three ways to help ease the stress of enrollment season. #1: Take Active Steps to Fend
…and how it affects patients and employers? Two significant drivers of escalating healthcare costs are a lack of knowledge about the cost of medical services and low levels of patient engagement in their healthcare decisions. However, thanks to healthcare consumerism, this is starting to change. Healthcare consumerism is a movement to
Many employers are out of COBRA compliance but don’t realize it. Are you sure your company is following all the rules? Is your company meeting its COBRA obligations in compliance with all applicable rules and regulations? Chances are, you’re not, at least if you are self-administering them. In fact, the
Attractive benefits plans are essential in today’s labor market. Smaller businesses often struggle to find affordable group health insurance plans that comply with ACA regulations. Let’s look at how an Individual Coverage Health Reimbursement Arrangement, or ICHRA, can offer big benefits for all businesses. What is an ICHRA? ICHRAs are an attractive
