Forsite Benefits - Blog #HSAForsite Benefits - Blog #HSAhttps://www.forsitebenefits.com/blogs/tag/hsaThu, 07 May 2026 05:14:37 -0700http://zoho.com/sites/<![CDATA[Understanding Healthcare Transactions and Confidently Paying Your Provider]]>https://www.forsitebenefits.com/blogs/post/understanding-healthcare-transactions-and-confidently-paying-your-provider

Typical service transactions are straight forward. When you walk into your frequented barber shop or hair salon, you should have a pretty good idea of what the bill will be when the service is complete. You will receive the service and pay the bill before heading out the door. All done! This familiar process translates to an oil change, car wash, pet grooming, and many other services we consume on a regular basis. Where we do not see this transaction sequence, is when purchasing healthcare services. 

The Healthcare Transaction Process

It is important that you, as a healthcare consumer, feel confident in the accuracy of the payment you send to your provider after a healthcare visit. Healthcare reimbursement is a multi-step, lengthy and complicated process that could go a little something like this;


1.  A patient visits their healthcare provider for a particular service and checks in, presents their ID card and pays a copay fee if applicable.


2.  The patient receives care from their healthcare provider, who enters notes into an electronic file throughout the visit. These notes will later be used to create codes that the insurance carrier pays by.


3.  The patient’s visit is concluded and the patient leaves with no immediate bill or charge aside from a possible copay.


4.  The codes interpreted from your healthcare provider’s notes will be sent in an electronic data file to your insurance carrier, which will likely be automatically adjudicated and paid by the carrier. 


5.  The patient will receive their explanation of benefits (EOB) from the insurance carrier and an invoice from the doctor’s office if additional payment is needed.

Know the Cost of Your Healthcare Before Receiving It.

If a possible unknown medical bill in the mail from your healthcare visit stirs up more fear in you than the effects of untreated injury and illness, this article is for you. The Healthcare Transparency Rule, effective January 1, 2021, brings patients closer to knowing what care will cost before a visit to the doctor even happens. Read more >>>

The Explanation of Benefits

An explanation of benefits, or EOB, is a summary of your insurance benefits that have been applied to your medical claim. It is important to note that an explanation of benefits is NOT a final invoice and should not be treated as such. A crucial area of the patient’s EOB that should be examined is under ‘Member’s Responsibility’. The amount listed under ‘Member’s Responsibility’ should exactly match the amount due in the invoice from your doctor’s office. If the EOB and invoice amounts do not match, it is time to give your company’s Benefit Broker a call for assistance in resolving the claim discrepancy. 

EOBs should be filed and stored away for future reference. 

Making a Payment:

When a claim has been finalized, either the insurance company will cover the invoice in full, or an outstanding payment will be requested of the patient. When a patient receives the invoice from their doctor’s office and has confirmed that the amount due matches the EOB, a few pieces of information are needed to complete the payment.


1.  Date of healthcare service(s) provided.

2.  Patient ID number and billing number.

3.  Total amount owed by patient, not covered by insurance carrier, to service provider.


Keep in mind that if you have a high-deductible or other qualifying plan, your HSA is an acceptable method of payment.

What is a Health Savings Account?

A health savings account, or HSA account, is a savings account where you can deposit money on a pre-tax basis to pay for qualified medical expenses. The list of qualified medical expenses is huge... Read more >>>

Asking for Help

When in doubt, contact your employer’s Benefits Broker for assistance resolving billing and claims discrepancies, help understanding your explanation of benefits or other insurance and billing related questions. For Forsite Benefits' clients, rely on our Forsite Assist team for benefit guidance. If you find your explanation of benefits does not match the doctor’s invoice, reach out to your doctor’s office for an itemized list of services and invoice coding to ensure coding is correct before finalizing a payment. 

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]]>Wed, 19 May 2021 15:18:11 -0500<![CDATA[December 2020: Stay Informed of the Latest HR News]]>https://www.forsitebenefits.com/blogs/post/december-2020-stay-informed-of-the-latest-hr-news


Employee Benefits Plan Limits for 2021

Many employee benefits are subject to annual dollar limits that are periodically updated for inflation by the IRS.


The IRS typically announces the dollar limits that will apply for the next calendar year well in advance of the beginning of that year. This gives employers time to update their plan designs and make sure their plan administration will be consistent with the new limits. Although some of the limits will increase for 2021, most of the limits remain the same.


HSA Yearly Limit Changes Set by the IRS: 2021


*Tax exclusion for adoption assistance benefits—$14,440 (up $140)


Looking for educational content to share with your employees?


Read What is a Health Savings Account? >>>


Unchanged Limits

Certain limits will not change for 2021, including the flexible spending account salary reduction contribution limit, HDHP minimum deductible, 401(k) contribution limit and transportation fringe benefits monthly limits.


Virtual Workplace Holiday Parties

At the end of the calendar year, workplace holiday celebrations are experiences that many employees look forward to. However, in response to the COVID-19 pandemic, many organizations are evaluating how to engage employees safely this holiday season. Leaders find themselves tasked with deciding whether they should cancel or postpone celebrations, or offer an amended version that prioritizes safety—with many choosing to offer a virtual holiday party.


Considerations for Employers

Holiday celebrations can positively impact employee engagement, but benefits should be weighed against other factors such as financial costs and concerns over safety. For employers choosing to offer a celebration, an event can be comprised of a variety of activities—with many options that can take place virtually. These include a:

•  Secret Santa gift exchange

•  Virtual mixer

•  Gingerbread house contest

•  Ugly sweater contest

•  Holiday karaoke

•  Online escape room

•  Trivia contest

Virtual Holiday Party

When hosting a holiday event, employers should make sure to follow best practices, such as:

•  Keeping attendance optional

•  Keeping events general rather than religious celebrations

•  Ensuring employees are aware of policies and expected behaviors


There are a variety of ways that leaders can recognize employees this holiday season, and employers should consider which initiatives are appropriate for their workplace.


Final Rule on Health Care Transparency Issued

The Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a final rule that imposes new transparency requirements on group health plans and health insurers in the individual and group markets.


Specifically, the final rule requires plans and issuers to disclose:

  • Price and cost-sharing information to participants, beneficiaries and enrollees upon request
    • A list of 500 shoppable services must be available via the internet for plan years beginning or after Jan. 1, 2023
    • The remainder of all items and services is required to be available for plan years beginning on or after Jan. 1, 2024.
  • In-network provider-negotiated rates and historical out-of-network allowed amounts on their website:
    • Detailed pricing information must be made public for plan years beginning on or after Jan. 1, 2022.


The final rule also allows issuers that share savings with consumers—resulting from consumers shopping for lower-cost, higher-value services—to take credit for those “shared savings” payments in their medical loss ratio calculations.


Conducting an Effective Open Enrollment

Employee benefits programs are a big part of attracting and retaining top talent. You’ve likely worked hard to develop a competitive benefits package, but you may be undermining your hard work by not communicating effectively. 


Here are some tips for holding 1-on-1 benefits meetings >>> 


Readers are also enjoying

How to Execute a Safe & Educational Open Enrollment Post COVID-19 by Missy Steffek.


The content herein is provided for general information purposes only, and does not constitute legal, tax, or other advice or opinions on any matters. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy.

Copyright © 2020 HR 360, Inc. All rights reserved.


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]]>Tue, 01 Dec 2020 10:12:14 -0600<![CDATA[What Is a Health Savings Account?]]>https://www.forsitebenefits.com/blogs/post/what-is-a-health-savings-account



What is a Health Savings Account?

A Health Savings Account, or HSA account, is a savings account where you can deposit money on a pre-tax basis to pay for qualified medical expenses. The list of qualified Medical Expenses is huge, and I often find myself surprised by what I can pay for using money from my HSA. More on that a little later.

  

Can anyone open a Health Savings Account?

Yes, but you may only contribute money to your HSA if your Medical Plan is a High-deductible health plan or an HSA qualified plan.

  

So, I can deposit $10,000 dollars a year in my Health Savings Account?

That would be nice to have $10k to put in my HSA this year, however the IRS sets up yearly limits and it typically changes from year to year.

 

Yearly Limits Set By The IRS



Where can I open a Health Saving Account?  

Most banks or credit unions offer HSA Accounts and are typically very easy to open. Some employers require you to use a bank of their choosing, so be sure to pay close attention to this information at open enrollment, and ask your Human Resources department if your organization's preferred HSA host is not clarified.


Who can deposit money into your Health Savings Account?

This could be your mother, your brother, your aunt … the list goes on. Some employers can directly deposit pre-tax money into your Account. This is typically done every pay period. Oh, you can also deposit your own money!

  

Can I deposit money from my checking/savings account directly into my Health Savings Account?

You most certainly can. There are times I have exhausted my Health Saving Account with the pre-tax dollars my employer deposited however I know I have a medical bill that I need to pay. Since I will want to pay that bill from funds in my HSA I’ll need to add money to it. You can move money from your checking or savings account into your HSA but be mindful of these 2 important details:

1.    The money you just added from your checking/savings account was not pre-taxed

2.    You still must adhere to the yearly limits set by the IRS (see chart above).

  

How do I get tax credit on the money I deposited post-tax?

So, you moved money from your checking/savings account into your HSA to pay a medical bill or purchase products on the qualified list of medical expenses. Smart move! Keep track of how much money you deposit and when you deposited it. When it’s time to do your taxes, you can account for that money. Best to consult your accountant or tax consultant.

  

Does your Health Savings Account ever expire?

Heck no! That’s the beauty of it. You don’t start at $0 at the beginning of every year. It’s not your employer's account, it’s your account. However, if you no longer have an qualified high-deductible health plan or HSA qualified plan, you can no longer deposit into that account. Let’s say you or your company has an HDHP plan one year, but a standard co-pay plan the following year. You don’t lose that money; you can still use it to pay for those qualified Medical Expenses, but you just can’t deposit money in that account.

 

Seriously, I can use my HSA money on that?

One great thing about Health Savings Accounts is that the list of qualified medical expenses is vast. You’ll even see pharmacies and online retailers indicating that a product is HSA qualified. In addition to paying for your medication, doctor co-pays, etc…. there are some surprising items you can use your HSA to pay for everyday and not-so-everyday items.

·    Acupuncture

·    LASIK

·    Cold Medicine

·    Chiropractor Visits

·    Pain Relievers

·    Sinus Medication

  

Let’s wrap it up!

These were just a few highlights of Health Savings Accounts. Don’t be afraid to ask questions. Call your broker or call your insurance carrier. Most insurance carriers will have brochures or online material and links to Health Savings Account materials.


Download this free, printable newsletter for the office.

This Month's Nav Series Newsletter is a quick and easy read about Health Savings Accounts.



Did you enjoy this educational read? 

Here are some additional Nav Series Newsletter topics to Help Your Employees Better Navigate Today's Healthcare System:


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