HSAs have been around for almost two decades and continue to exhibit long-term adoption growth. However, many TPAs have been cautious about adding this account to their services menu. How can TPAs capitalize on this expanding opportunity and enter this consistently growing market?
During enrollment season, benefits administrators and employers look to build and deliver a benefits package that helps companies keep and attract top talent. While employees generally report they are happy with their employer’s benefits, statistics show that account adoption is often lacking. With a better understanding of their employer groups and proven educational approaches, TPAs can experience a more successful and fulfilling open enrollment period. Background Open enrollment can be a stressful time for benefits
Consumers have more choice than ever when it comes to healthcare benefits. However, research suggests they are not using those benefits as effectively as they could due to knowledge gaps. For TPAs, understanding where those gaps exist and providing solutions to address them is key to client satisfaction and business growth.
With four distinct generations in the workplace, employers and benefits administrators find it challenging to build a benefits plan and education strategy that meets the needs of all age groups. Based on their personal experiences, each generation has its own expectations and preferred style of communication. To reach these groups, employers and communicators should develop a multi-faceted approach that will deliver the best results and happier employees. Generational Differences: The Great Divide In today’s work
HRAs are a flexible tax-advantaged vehicle to help employers save money while delivering a strong benefits package for their workforce. The challenge for third party administrators is finding a benefits administration solution that enables them to attract and retain clients, deliver superior service, and create flexible and complex HRA plans without overbearing constraints from their solutions provider.
In the employer-sponsored benefits industry, leading providers of account management solutions offer partner marketing programs to help third party administrators (TPAs) operate their businesses, market their services, and educate target audiences about tax-advantaged benefit accounts. However, these programs can vary substantially from vendor to vendor. For the independent TPA, evaluating partner marketing programs often is overlooked, or at least not seriously considered, until after the contract is signed. As part of the customer service experience,
As new technologies emerge, TPAs who offer benefits administration such as CDH account and COBRA administration should continually evaluate their day-to-day business operations to reduce costs through greater efficiency.
Since 2005, the market for Health Savings Accounts (HSAs) and qualified high deductible health plans has been continuously growing, and so has the market for HSA management services. TPAs need a solution that can help them streamline benefits administration, including HSAs, to deliver an industry-leading customer experience.
Computer technology is continually evolving. The benefits administration platforms of years past are ill-equipped to meet the demands of 21st century users, and benefits administrators are looking for increased efficiency, better data integrity, and greater value from COBRA software vendors.
When considering an account-linked payment card for employer benefits, TPAs must find a solution that provides improved security, accountability, and flexibility for all parties involved in the transaction.