miss enrollment

Missed open enrollment? What’s next?

It never fails. Following the close of open enrollment, some participants start to think they should have elected more or less coverage. Sill others who ignored enrollment altogether may wish they had chosen something. The good news is that whether you need more or missed open enrollment, all may still have some options! Health Plans Active enrollees in an existing health plan may find that it was automatically renewed. Even if the plan is no

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women heart

Women’s Heart Health

According to the Centers for Disease Control and Prevention, heart disease is the leading cause of death for American women – but despite the launch of numerous awareness initiatives, barely half understand the risks. Let’s look at what heart disease is and what we (especially women) can do about it. Heart Disease Basics “Heart disease” includes a variety of conditions that affect the heart structure and how it functions. Coronary artery disease, the most common, occurs

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who owns

Who Owns a Benefit Account?

Third-party administrators enable employers to offer benefits that help them attract and retain their valuable talent. However, employers do not own all benefit funds, nor do employees. These are essential questions when enrolling in benefits and spending down funds. So, let’s discuss who owns benefit accounts and ensure everyone fully understands the benefit account portability. What is portability? Benefits portability refers to the ownership of benefit account funds. If a particular type of benefits account

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BPO

What Is BPO?

Companies use business process outsourcing (BPO) when they hire external vendors to complete tasks requiring additional expertise, personnel, or both. In their Global Outsourcing Survey 2022, Deloitte defines three types of these services: Across the business spectrum, tasks can range from simple (e.g., generating mailings) to complex (e.g., cybersecurity). So what is BPO, and how can it help TPAs? Evolution of BPO Modern outsourcing began in the 1980s with customer support call centers. However, BPO has

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rebrand

Rebrand Benefits for Increased Utilization

Employers battle high healthcare costs by finding ways to reduce expenses and by achieving significant returns on the investments they ultimately make. With benefits being such an important factor in employee retention, return on investment is often the most critical. One method of increasing utilization and realizing a greater return on the employer investment in certain types of benefits is to rebrand them. Rebranding Targets Four commonly underutilized benefits that can be boosted by rebranding

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How much should I contribute to my HSA?

How Much Should I Contribute to My HSA?

If you own or have recently opened a Health Savings Account (HSA), you may wonder, “How much should I contribute to my HSA?” HSAs are a unique tax-advantaged tool for consumers to pay for qualified healthcare expenses and save for retirement. Understanding how funding works with this account is critical to answering the contribution question. HSA Funding Options After enrolling in a qualified High Deductible Health Plan (HDHP), you may open a Health Savings Account

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2024 trends

2024 Trends in Healthcare and Benefits

2024 is underway, and high costs, persistent inflation, and an election year have some people feeling uneasy about health and wellness this year. What 2024 healthcare and benefits trends should TPAs watch, and how can they help employers meet changing needs and demands? 2024 Healthcare Trends Business Group on Health’s 2024 Large Employer Health Care Strategy Survey shares six healthcare topics trending for 2024: 2024 Benefits Trends Now, let’s look at the benefits that are trending for

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Qualified HDHPs, Deductibles, and HSAs

Most health insurance policies require a deductible, but did you know there are different types of deductibles? Learn more about the deductible types, Health Savings Accounts (HSAs), HSA-qualified high-deductible health plans with embedded deductibles, and how they work together. What is a deductible? Deductibles require consumers to pay a share of their healthcare costs and encourage them to become informed consumers of healthcare services. However, there are several types of deductibles. In addition to standard

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Medicare HSA

How Does Medicare Affect HSA Usage?

Qualified High Deductible Health Plan (HDHP) participants can use Health Savings Accounts (HSAs) to help cover their deductible responsibility. But what happens when they become eligible for Medicare?  Medicare Basics Medicare is a federal health insurance program for those aged 65 and older as well as younger Americans with certain disabilities or End-Stage Renal Disease. Each of Medicare’s four parts offers a different type of coverage: HSA Basics An HSA is a tax-advantaged benefit that

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childcare

What is a Dependent Care Assistance Plan (DCAP)?

Working parents know that childcare is expensive. Whether the kids are in daycare, before or after school care, day camps, or other care, it can put a big dent in your wallet. Care.com released its 10th Annual Cost of Care Report. They found that, on average, in 2023, parents spent a whopping 27% of their household income on childcare. While employer-sponsored healthcare benefits like a Flexible Spending Account (FSA) or Health Savings Account (HSA) are helpful, more is

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nondiscrimination testing

Employer Benefits Nondiscrimination Testing

Employee health benefits can be an excellent way to attract and retain talent. However, companies must follow strict regulations to ensure fair treatment for all employees. The IRS monitors highly compensated employees and their eligibility, pre-tax contributions, or available benefits compared to lower compensation employees. For that reason, all health plans must undergo annual nondiscrimination testing. Learn more below. What is Nondiscrimination Testing? IRS rules state that self-insured health plans cannot discriminate in favor of Highly

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stocking stuffers

FSA-Eligible Stocking Stuffers

Christmas will be here before you know it! If your Flexible Spending Account balance exceeds your Carryover limit or your plan has the “use it or lose it” setup, you may feel like the Grinch about now. However, did you know you can get some great FSA-eligible stocking stuffers and gifts with that available FSA balance? Here are a few ideas to consider. 6 FSA-Eligible Stocking Stuffers 1. Lip Balms What happens when you have

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growth

Navigating the Savings Struggle: TPA Growth with HSAs

As the lingering effects of the pandemic continue to impact savings, the quest for financial security becomes even more critical. Despite easing inflation, many Americans find themselves unprepared for emergencies and retirement. Amid this savings struggle, the substantial growth of HSAs holds the promise of fostering growth for TPAs while helping participants better prepare for healthcare expenses and their retirement years.

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8 Ways to Engage Your Millennial Employees in Health Benefits

Chances are you have Millennial employees on your staff, as they have become the single largest generation in the U.S. labor force. The following infographic provides valuable information on engaging your Millennial employees in health benefits. 8 Ways to Engage Your Millennial Employees in Health Benefits Millennials in the Workplace: To Engage Millennial Employees in Your Company’s Health Benefits: Providing flexible, convenient, and easy to understand benefits will encourage Millennials to engage with your company’s

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IRS Announces 2024 FSA Limits

On November 10, via Rev. Proc. 2023-34, the IRS released its 2024 annual contribution limits for Flexible Spending Accounts (FSAs), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs), adoption assistance, and qualified transportation plans.

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