Employers may be switching to HDHPs and HSAs, but there are still some barriers to employees embracing the change. A lack of understanding and confusion about cost shifting are among the factors in non-adoption. TPAs and brokers, as front line experts for consumer directed healthcare, have the tools and knowledge to deliver greater HSA adoption … More >>
Cloud-based HSA Software
Versatile HSA administration solution, featuring banking and investments
Summit equips TPAs to take advantage of the ever-growing Health Savings Account market.
Summit is a comprehensive, cloud-based HSA software solution that enables TPAs to take advantage of a thriving market. By the end of 2022, HSA accounts are expected to exceed 35 million, up from 28.5 million in 2019.
With Summit, you can be as hands-on or as hands-off as you choose. Offer employers and account holders a better benefits experience with centralized HSA administration, mobile app, debit cards, flexible banking options, and integrated investments in a secure, web-based environment.
Build stronger client relationships, improve healthcare satisfaction, and level-up your revenue with Summit HSA!
Summit enables you to offer employers and account holders a convenient ‘one-stop shop’ for every HSA-related need with centralized HSA administration, flexible banking options, and integrated investments in a secure, web-based environment.
Summit packages simple HSA administration, centralized banking, and integrated investments together in a single HSA software solution.
You can enable Summit’s settings to allow participants to self-certify their HSA expenses and decrease the amount of time you spend managing accounts.
Easy Participant Portal
Participants can use the online portal to enroll in their HSA, make elections, view account activity, pay providers, manage investments, access tax information, and submit and store receipts through the convenient HSA software web portal.
Higher Level of Service
Summit provides compliant plan document templates that can be customized or TPAs can upload and share their own. You can also perform nondiscrimination testing in the portal.
Confident HSA Investing
Account holders can invest with confidence and grow their account balances quickly. Users have access to educational tools such as investment prospectuses, RIA-developed lifestyle models, and detailed investor statements.
HSA owners can view and edit their profile, check account balances and purchases, upload receipts, file claims, and manage investments through the convenient mobile app.
Accessible tax forms may be viewed, printed, and filled out online. Account holders can also receive assistance with forms 1099, 8889, and 5438. Summit HSA also offers secure Office of Foreign Assets Control identity verification with results management.
All these features and more make Summit the most convenient, easy-to-use HSA software platform on the market. DataPath also services the accounts by reconciling payments, contributions, distributions and interest payments, and we provide industry-leading customer support. Plus, TPAs don’t have to worry about reviewing expenses, leaving more time to build stronger client relationships. HSA administration has never been easier!
Read Our Whitepapers about HSA Software and Administration
Today’s healthcare consumers have more choice than ever when it comes to healthcare benefits. However, research suggests they are not utilizing those benefits as effectively as they could, in large part due to lack of knowledge and understanding about them. For third party administrators, understanding where the gaps exist and providing solutions to address them … More >>
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 … More >>
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.
Whitepaper: How To Revolutionize CDH Account and COBRA Administration with New, Seamless Technology for TPAs
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.
Read More Information about HSA Administration
FEAR NOT: There’s Still Time for TPAs to Enter the Thriving HSA Market Health Savings Accounts (HSAs) have been around for 17 years and continue to exhibit long-term adoption growth. However, despite their popularity and ease of administration, many third-party administrators (TPAs) have been cautious about adding this account to their services menu. Even so, … More >>
The following infographic highlights HSA growth opportunity for third party administrators. Since 2011, Health Savings Account (HSA) adoption has grown nearly 400 percent. Health Savings Accounts (HSAs) – A Growth Opportunity for TPAs Sicen 2004, HSAs have skyrocketed in popularity. They are now the second most popular tax-advantaged account next to Flexible Spending Accounts (FSAs). … More >>
LITTLE ROCK, ARKANSAS (May 11, 2021) – DataPath, Inc., a leading solutions provider for consumer-directed healthcare benefits administration, has published a whitepaper titled, “Fear Not: There’s Still Time for TPAs to Enter the Thriving HSA Market.” The whitepaper takes an in-depth look at the growth of Health Savings Accounts (HSAs), qualified high deductible health plans, … More >>
On Monday, May 10, the Internal Revenue Service (IRS) published the 2022 HSA contribution limits, out-of-pocket limits, and high deductible health plan (HDHP) minimum deductibles. Rev. Proc. 2021-25 also includes the excepted benefit Health Reimbursement Arrangement (EBHRA) limit for 2022. 2022 HSA Contribution Limits In 2022, Health Savings Account (HSA) owners will be able to … More >>
Health Savings Accounts (HSAs) can be a great investment in one’s personal healthcare and financial future. Their versatility, and the fact that these accounts can be kept for life, mean that HSA owners need to adopt strategies for building and using the accounts to their full potential. March 17, 2021 By Chris Gunderman Originally Posted … More >>
Do you know the difference between a HRA vs HSA? The key difference between the two is that an HRA is employer-owned whereas an HSA is employee-owned. With an HSA, the employee keeps the account and can transfer it when he or she changes jobs. Account holders may also invest their HSA funds.
To increase Health Savings Account (HSA) and high deductible health plan (HDHP) adoption, TPAs and employers should understand what drives employee behavior. The following infographic outlines the keys to increasing HSA and HDHP adoption. HSAs and High Deductible Health Plans: A Guide to Increasing Adoption Offering Health Savings Accounts (HSAs) paired with a high deductible … More >>
The Internal Revenue Service (IRS) published the 2021 rates for Health Savings Accounts (HSAs) on Wednesday, May 20. The 2021 HSA contribution limits have increased as well as the maximum out-of-pocket limits for high deductible health plans. Learn more below. 2021 HSA Contribution Limits For 2021, the HSA contribution limits have increased due to inflation. … More >>