The last few years have been challenging, full of lessons to learn and new perspectives to gain. As third-party administrators (TPAs) and brokers use these to meet this year’s goals, what are the five keys to a successful 2023? Provide Year-Round Communication Although a benefits program may be in good shape when open enrollment concludes, … More >>
On January 11, 2023, the COVID-19 National Public Health Emergency (PHE) was extended for 90 days. The PHE was scheduled to expire on April 11, 2023. Update: On January 31, 2023, the Biden Administration announced their intent to end the Public Health Emergency on May 11. Effects of the PHE Extension With the extension, the … More >>
Employee education and engagement program captures another national honor DataPath, Inc., a leading developer of technology solutions for third-party benefits administrators, has been named a Gold Award winner in the Fall 2022 Digital Health Awards® competition. They were honored for a new comic about Dependent Care benefits produced for their innovative program, The Adventures of Captain … More >>
Popular with Millennials, HDHPs paired with HSAs can help employers improve employee satisfaction with healthcare benefits. Millennials are Embracing HDHPs Millennials are active supporters of consumer-directed healthcare. Now in their late 20s through early 40s, they tend to be healthier than their older workforce peers (Gen X and Baby Boomer generations) and, on average, spend … More >>
HSA availability and usage continue to grow, according to the Plan Sponsor Council of America (PSCA). For their 2022 HSA Survey, the PSCA surveyed nearly 500 employers who offered HSA-qualifying health plans in 2021. Their findings are summarized and highlighted below. Data Highlights from the PSCA 2022 HSA Survey HSA Contributions and Balances Average participant … More >>
Rising healthcare costs have people more actively managing their healthcare expenses. Many are doing so with the help of consumer-directed healthcare (CDH) resources like Flexible Spending Accounts (FSA) and Limited Purpose Flexible Spending Accounts (LPFSA). To increase employee utilization of these accounts, it’s important to provide education on FSA and LPFSA basics regularly throughout the … More >>
On December 29, 2022, President Biden signed the $1.7 trillion omnibus spending bill into law. The legislation, which included the Consolidated Appropriations Act of 2023 (CAA 2023) and the SECURE Act 2.0, features several provisions affecting employee benefits. A summary of some highlights follow. HSAs and Telehealth Telehealth use soared during the pandemic. SHRM reports … More >>
Welcome to 2023! The new year brings a renewed focus on losing weight, staying healthy, and becoming financially healthier. Across the country, millions of us have set goals of increasing our health and wealth. However, inflation, supply chain issues, continued mental health challenges, and more can make tackling these goals even harder than usual. Financial … More >>
A new year is upon us, and with it, the end of many temporary, COVID-related regulatory and legislative provisions. Mercer’s U.S. Health Law and Policy team has selected the top healthcare compliance priorities for 2023. Below are highlights of 10 areas considered most likely to impact employee benefits plans. For more context and discussion, see … More >>
A Health Reimbursement Arrangement (HRA) is part of consumer driven healthcare. While HRAs have the same basic legal guidelines as other types of reimbursement accounts, they differ in that they’re funded exclusively by the sponsoring employer. Funding amounts and eligible expenses are unique to each employer.
With the holidays upon us and a New Year approaching, many Americans are preparing to make resolutions regarding exercise, weight, smoking, and overall physical health, among others. Having survived many life changes over the last couple of years, many people are also looking specifically to enhance their mental health and well-being. Mental Health Resolutions In … More >>
Many employers embrace HSA-eligible, High Deductible Health Plans (HDHPs) to reduce premium costs, pairing them with Health Savings Accounts. While the primary intent of HSAs was to help reduce the cost of healthcare through tax-free contributions, earnings, and withdrawals, they also offer less well-known benefits. Here are six additional ways HSAs can help account owners make … More >>
“We have the opportunity to apply lessons learned from the pandemic to develop ways to serve the needs of our multi-generational workforce with more effective COBRA communications.“ November 30, 2022 By Levita ScullOriginally Posted on BenefitsPRO.com The COVID-19 pandemic dramatically changed American attitudes toward work. The Great Resignation and Quiet Quitting phenomena have proven that … More >>
A recent article in Employee Benefits News outlined the three economic challenges to American workers: inflation, market volatility, and rising interest rates. Employers can use benefit accounts to help employees address these concerns. Challenge #1: Inflation The Consumer Price Index (CPI) rose 7.7% overall between October 2021 and October 2022. Increases occurred year over year … More >>
Health Savings Accounts (HSAs) are popular, tax-advantaged savings accounts designed to help people with High Deductible Health Plans (HDHPs) pay for out-of-pocket healthcare expenses. HSA accounts have seen substantial growth since their introduction in 2004. Devenir’s mid-year 2022 update reports that nearly $99 billion in assets were held in almost 34 million HSA accounts. There … More >>