HSA

10 Things to Know about HSAs

Unlike an FSA or an HRA, both of which are owned by the employer, HSAs are owned by the individual. This means that the account owner funds the HSA, spends the money (within IRS regulations), earns interest, and chooses whether or not to invest the money. Most importantly, the individual keeps the account (HSA portability) should their employment status change due to job loss, changing company, or retirement. Employers may also choose to contribute to the HSA, but the account owner keeps the funds.

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Inflation Reduction Act May Impact Employer-Sponsored Health Plans

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 the IRA to impact employer-sponsored group health plans. ACA Subsidies Extended to 2025 The American Rescue Plan of 2021 (ARPA) expanded access to premium tax credits (PTCs) that subsidize the purchase of health insurance on the ACA marketplace. The IRA extends those subsidies through 2025. According

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Help Avoid Travel Stress with FSA, HSA, and LSA Eligible Purchases

Experts predicted that travel would be hectic this summer and fall, and boy, they weren’t kidding. Whether vacationing or resuming business travel, you’ve had to deal with high gas prices and delayed, if not entirely canceled flights, among other stressful issues. Check out these FSA, HSA, and LSA eligible expenses that can help ease travel stress. 1. Pack Those Medications Do you have enough prescription medication with you to treat existing conditions if you get

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Sleep and the Workplace: An Ultimate Guide

According to the National Institutes of Health, 1 in 3 Americans does not get enough sleep. This can lead to significant health issues as well as problems with workplace performance. Sleep Recommendations Adults age 18 and up should get between 7 and 9 hours of sleep a night. For those who have trouble doing that, the CDC has some recommendations: Common Causes of Sleep Problems There are a number of causes for sleep problems. Some

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Quick Guide to HSA Eligible Expenses

Since they were enacted in 2003, Health Savings Accounts (HSAs) have become an integral part of the consumer directed healthcare landscape for those with a high deductible health plan. One of the chief benefits of having an HSA is that account holders can use that money to pay for a wide range of eligible medical expenses for themselves, their spouses, and their tax dependents.

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Brochure: Health Savings Account (HSA) Solutions

Summit HSA features comprehensive, cloud-based HSA functionality, allowing TPAs to provide a level of service many banks won’t offer. Designed for simple HSA management, Summit features comprehensive functionality for TPAs, employers, and participants. Administrators can be as hands-on or as hands-off as they like, with options such as allowing participants can enroll online, make elections, and self-certify expenses. Summit features integrated investing, with investment options and educational materials available right in the portal. Conquer the

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Keys to Increasing HDHP and HSA Adoption: An Infographic

Offering HSAs paired with a High Deductible Health Plan are an important part of many employer-sponsored benefit plans. To improve plan and account adoption, employers, brokers, and third party administrators need to understand employees’ concerns and how an HSA with HDHP can address them.

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