New DataPath whitepaper examines how third party administrators can spur HSA adoption and remedy the financial fears of employees
LITTLE ROCK, ARKANSAS (March 10, 2020) – DataPath, Inc., a leading technology solutions provider for consumer directed healthcare benefits administration, has published a whitepaper titled, “How to Spur HSA Adoption and Ease the Financial Worries of Employees.” The whitepaper examines why Health Savings Account (HSA) adoption has slowed and how third party administrators and benefits brokers can turn the trend around. The key, according to the whitepaper, is by focusing on the short- and long-term benefits of HSA ownership and the practical advantages of HSAs over other financial planning tools.
According to MetLife’s 17th Annual U.S. Employee Benefit Trends Study, four of the top five financial concerns for employees revolve around healthcare and retirement. The whitepaper analyzes why a 401(k), while beneficial and widely accessible, is not ideal for combatting these concerns due to restricted usage, tax implications, and the long-term commitment. An HSA, however, offers greater tax benefits and flexibility for immediate or future usage.
“TPAs and brokers are uniquely positioned as subject matter experts to help their employer clients,” says John Robbins, Jr., DataPath President and CEO. “To improve HSA adoption, you have to understand the root of people’s concerns about their personal finances. Then it is easier to have practical conversations on how a high deductible health plan with an HSA functions.”
About DataPath: DataPath, Inc. is a privately-owned company founded in 1984. Headquartered in Little Rock, Arkansas, DataPath creates administrative and financial technology solutions for CDH, HSA, COBRA and Billing management. The company is also an industry leader in employee education, with its multi-award winning benefits engagement program, The Adventures of Captain Contributor™. For more information, visit dpath.com.