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 with DataPath Summit
Effortless HSA administration plus investments with Summit HSA
Summit HSA makes it easy to capitalize on the lucrative Health Savings Account market.
Summit is an all-inclusive, cloud based HSA software solution that enables TPAs to take advantage of a thriving market. Summit's turnkey functionality eases the worry of adding extra day-to-day work - you can be as hands-on or as hands-off as you choose. Plus, with Summit’s seamless design, you can offer FSAs, HRAs, COBRA and other employer-sponsored benefits within a single solution. These features can help you boost your bottom line and nurture higher client satisfaction.
Accelerate your revenue streams and build stronger client relationships 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.
Account holders can easily upload and store their receipts and other documentation in our patented ‘electronic shoebox.’
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.
Easy Participant Portal and Mobile App
HSA owners can enroll online, view account activity, pay providers, manage investments, access tax information, and submit and store receipts through the web portal. Many features also available through the 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 administration 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 HSAs
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 >>
In recent weeks, Congress and the IRS have acted to provide relief to Americans due to the COVID-19 (coronavirus) health emergency. With the passage of the CARES Act, updates to HDHPs, HSAs and other measures, businesses, workers and third party administrators have a lot of questions about these changes. See the list below for answers … More >>
On Friday, March 27, 2020, Congress passed the CARES Act (H.R. 748) and the President signed it into law. The $2 trillion bill is designed to provide economic relief for American citizens and business due to the COVID-19 healthcare emergency that has greatly impacted the U.S. economy. In addition to the stimulus checks and unemployment … More >>
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 … More >>
Health Savings Accounts are increasing in popularity due to participants’ ability to reduce healthcare expenses, save on taxes, and put additional money aside for retirement. HSAs have been available since 2005, and people have many questions about how to qualify for an account, what expenses are eligible, how to open an account, and other Health Savings Account FAQs. Here’s what you need to know about these powerful tax-advantaged tools.