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
Flexible Compensation: More than Healthcare Adding Compensation Management Services Can Help TPAs Thrive in a Challenging Market Employer-sponsored benefits come in many different forms. Most commonly, benefit packages include health and life insurance coverage, paid time off, healthcare spending accounts, and retirement plans. However, there is another form of flexible compensation that is becoming steadily more desirable – student loan reimbursement accounts. In this up-and-coming, underserved market, third party benefits administrators have an opportunity to
Employers may be switching to HDHPs and HSAs, but there are still some barriers to employees embracing the change, including misunderstandings and confusion about cost shifting. TPAs and brokers have the tools and knowledge to deliver greater HSA adoption for their clients. When they do, it’s a win for everyone.
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
Healthcare benefits are complicated. Federal regulations are under constant scrutiny and frequently undergo revisions. Plan setup, account management, and compliance are just a few of the time-consuming demands that come with the job of benefits administration. While employers may think they should handle these detail-oriented duties with an in-house staff, outsourcing benefits administration to an expert third party administrator can be more cost effective and help deliver a better overall experience. Background Benefits administration is