Benefits can determine a company’s success or failure in competing for and holding on to engaged, productive workers. Whereas employers once boasted about their health and retirement benefits, those now serve as simply the foundation for a more complex benefits program needed for remote and hybrid/onsite workers. If we learned anything from the Great Resignation of 2021-2022, it’s that employees need and are demanding more support from employers in terms of their physical, mental, emotional, and
The last three years have presented many unique challenges for employers and the TPAs that provide their tax-advantaged, post-tax, and compliance account administration. The pandemic has altered routine business patterns, making it harder for TPAs to plan for ebbs and flows in daily operations and prepare for growth. Controlling costs is even more critical. Yet providing high-quality customer service is more important than ever for business health and growth. Fortunately, TPAs can conquer all of
Always an intense and stressful time for brokers, TPAs, and employers alike, enrollment season for the 2023 plan year promises to be even more so. As COVID-19 gradually transitions from pandemic to endemic, its impact on Americans cannot be denied. By mid-2022, more than 90 million had contracted COVID-19, with over a million confirmed deaths. How can we successfully address the past two years’ influence on our workplaces and workforce? It will take more than
Consumer-directed healthcare (CDH) accounts were created to engage consumers more directly in making healthcare decisions and choosing how, when, and where to spend their healthcare dollars. However, the direction of tax-advantaged CDH accounts has been changing in the face of evolving technologies, shifting economic conditions, and the COVID-19 pandemic. Where might they be headed over the next several years?As the coronavirus moves steadily toward endemic status, we are finding more ways that the pandemic has
There have been five additional pandemics recorded since the Spanish Flu infected 500 million people worldwide in 1918-1920. Even so, the SARS-CoV-2 coronavirus caught the world’s population off-guard. Americans in particular were unprepared for the immense impact that COVID-19 would have on their lives, their families, and their livelihoods. The pandemic caused dramatic changes to the American way of life. Many of these changes continue to have far-reaching effects on our living standards and some
American companies are looking for every possible advantage to recruit and retain top-quality employees in a dramatically changed workplace. Many are finding new value in Lifestyle Spending Accounts. Two years after the COVID-19 pandemic reached the U.S., life is gradually returning to some level of normal. The workplace, however, has changed immensely and, many believe, permanently. It’s now a job hunter’s market, with record numbers of job openings and workers far more likely to change
The Affordable Care Act (ACA) became law in 2010 and is the most comprehensive reform since the 1960s. Despite many obstacles, the CDH account market has grown significantly as the ACA has evolved. Will such growth continue? And how can employers, brokers and TPAs take advantage of this growth?
The COVID-19 pandemic has affected virtually every aspect of our lives. While the most prominent impact was an almost immediate quarantine and vast expansion of employees working from home, another significant consequence is how much the pandemic shook employees’ sense of security. Many businesses faced major revenue shortfalls and responded with cost-cutting measures, including layoffs and furloughs. Consequently, many Americans lost their sense of security regarding their jobs, economic standing, and overall health. As we
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
DataPath Summit is the first cloud-based solution purposely designed as a single, all-encompassing platform for administering CDH accounts, COBRA, billing, and well-being benefits. Whether your business plans involve administering just one line of service or all of them, Summit can help you get where you want to grow. With a seamless design, Summit’s flexibility allows TPAs to take advantage of the full suite of solutions, or to choose only those services specific to their business.
Summit was designed with TPAs in mind, empowering them to provide superior FSA administration for health, limited purpose, and child care FSAs. Our cloud-based FSA solution features a streamlined plan setup with default settings and wizards; TPAs can also create plan templates to be used with other similar plans. With the powerful data exchange, administrators can import plan participants and dependents, enrollments, claims, and contributions. Summit enables TPAs to conduct nondiscrimination testing directly in the
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
Summit empowers TPAs with the ability to build nearly unlimited Health Reimbursement Arrangement (HRA) plans, including group HRAs, Individual Coverage HRAs, Excepted Benefits HRAs, and Qualified Small Employer HRAs. Our cloud-based HRA solution empowers administrators with the ultimate in plan design flexibility. TPAs can customize plan details at the tier level, including deductibles and reimbursements. They can also set up other plans including dental, vision, and student loan reimbursement benefits. Summit card behaviors can be
Summit equips TPAs to go beyond “typical” benefit offerings to meet the needs of today’s diverse workforce with Lifestyle Spending Accounts. Lifestyle Spending Accounts (LSAs) are post-tax, employer-funded reimbursement accounts that assist employees in accessing products, services, or activities that help improve their overall sense of well-being. Expenses eligible for LSA reimbursement are chosen by the employer and can be nearly unlimited in scope. Many employers choose expenses within the categories of physical fitness, mental