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TPAs Grow with Cards and Other Payment Solutions

More and more Americans use physical and virtual credit/debit cards and digital payment solutions instead of cash. Employees increasingly demand card-based methods to access their benefit funds, and employers naturally want their workers to be happy with their benefits. Growth-minded TPAs will offer card access as much as possible on current benefit programs and be open to other payment solutions as technology evolves and regulations permit. Why Offer Debit and Credit Cards? American employers can

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Benefits That Attract and Retain Gen Z

This is the last in a four-part series on building benefits packages to resonate with the diverse generations in today’s workforce. Today, we focus on effective strategies and engagement recommendations for Gen Z. Gen Z members are accustomed to an on-demand culture and rely heavily on the internet for news and consumer reviews. The digital age, climate change, financial challenges, and COVID-19 continue to influence this rapidly growing workplace cohort. The Generation Z Profile Born

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How Can Benefits Education Help TPAs Grow?

Roughly one-third of employees need help understanding their benefits in any given year. TPAs can increase benefits adoption and usage by providing a thorough, easy-to-understand benefits education – ideally, that continues year-round. Participants Need Benefits Education As society faces constant information overload, Ameritas has found several causes of the need for increased benefits education: Why is benefits education a TPA problem? TPAs are retained by brokers and employers to create valuable benefits programs in support of

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Benefits That Attract and Retain Millennials

This is the third in a four-part series on building benefits packages to resonate with the diverse generations in today’s workforce. Today, we focus on effective strategies and engagement recommendations for Millennials. Generation Y, more commonly called Millennials, were born between 1981 and 1996. Millennials experienced rapid technological changes and grew up in an era of Microsoft and Apple, a 24-hour news cycle, and the rise of social media. In their formative years, they witnessed

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Be Proactive for a Successful Retirement

At one time, many employees that stayed with a company long-term could expect a substantial pension on retirement. However, that is no longer the case. Americans are living longer, and the cost of living continues to rise. As a result, significant planning is necessary to ensure a successful, comfortable retirement. Here are some challenges facing those nearing retirement and options for companies and workers alike to consider when a 401(k) or similar plan is not

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Benefits That Attract and Retain Generation X

This is the second in a four-part series on building benefits packages to resonate with the different generations. This article focuses on effective strategies for Generation X, including engagement recommendations.  Born between 1965 and 1980, Generation Xers are known for an entrepreneurial mindset, working hard, and playing hard. As enrollment season nears, let’s review this generation’s motivations, which benefits they find most important, and how they learn and communicate. The Gen X Profile Gen Xers

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TPA Marketing: In-House or Outsource?

Third-party administrators who provide effective enrollment, renewal, and year-round participant information provide their clients with the best experience. Implementing quality sales promotion tools and thought leadership activities can also help the TPA grow. Given how challenging and time-consuming that can be, many TPAs choose to outsource their marketing needs. Sales, Enrollment, and Educational Materials Participants must fully understand their growing pool of benefit options to maximize adoption and usage. Year-round education is essential. It’s vital

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Choosing a COBRA Administrator

The Consolidated Omnibus Budget Reconciliation Act of 1985, or COBRA, ensures that employees can continue health insurance coverage in the case of a job loss or significant adjustment in hours. COBRA regulations are complex, and compliance errors can be very costly. As a result, employers often outsource their COBRA administration to a qualified third-party administrator (TPA). Pitfalls of In-House COBRA Administration Employers who decide to self-administer may find they did not fully comprehend the extent

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Help Employees with High Food Prices

You don’t need us to tell you that food prices are high. Some attribute the cause to energy costs and labor shortages, but other factors are also at play. For instance, the avian bird flu epidemic has raised chicken and egg prices. Extreme heat and reduced cattle herds have led to higher butter prices. Margarine also costs more due to the effects of the war in Ukraine on vegetable oil exports. And severe weather has consumers struggling to find certain fruits,

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Competitive Benefit Plans Help Retain Top Talent

Recent years have significantly changed the employment landscape. Companies everywhere are battling to recruit and retain talented employees. In an economy where workers may have the upper hand, the first response of employers is often to raise salaries and wages. However, research shows that a competitive benefits plan is increasingly vital in attracting and retaining skilled workers. What is a competitive benefits plan? According to a survey by the Adzuna job search site, the five most in-demand

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