ESA

Student Loan Assistance and Financial Well-Being

student loan

Student loan debt continues to be a significant financial burden for millions of Americans. More than half of college students finance their education with loans, whether they attend public or private four-year institutions. As of 2023, according to Forbes, total student loan debt (including federal and private loans) stood at $1.75 trillion, or an average of $28,950 per borrower. With the moratorium on student loan payments ending in October 2023, millions of borrowers are now

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Small Businesses and Viable Employee Benefits

According to the U.S. Small Business Administration, 99.9% of American businesses are considered small in terms of employment, with fewer than 500 workers on the payroll. While all companies struggle at times with hiring, retaining, and engaging talent, the challenge for small businesses can be greater due to having a comparatively leaner benefits program. However, as more creative benefits enter the marketplace, small businesses may find more viable employee benefit options. Small Businesses Employment Challenges Recent

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Who Owns a Benefit Account?

Third-party administrators enable employers to offer benefits that help them attract and retain their valuable talent. However, employers do not own all benefit funds, nor do employees. These are essential questions when enrolling in benefits and spending down funds. So, let’s discuss who owns benefit accounts and ensure everyone fully understands the benefit account portability. What is portability? Benefits portability refers to the ownership of benefit account funds. If a particular type of benefits account

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2024 Trends in Healthcare and Benefits

2024 is underway, and high costs, persistent inflation, and an election year have some people feeling uneasy about health and wellness this year. What 2024 healthcare and benefits trends should TPAs watch, and how can they help employers meet changing needs and demands? 2024 Healthcare Trends Business Group on Health’s 2024 Large Employer Health Care Strategy Survey shares six healthcare topics trending for 2024: 2024 Benefits Trends Now, let’s look at the benefits that are trending for

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Newer Benefits Options for 2024

Employer benefits have changed over the centuries to meet employees’ changing needs. While group healthcare is still standard, there are newer benefits that TPAs can offer in 2024 that may better serve the needs of both employers and employees. Health Reimbursement Arrangements Group Health Reimbursement Arrangements (HRAs) have been around for some time. The IRS first acknowledged them in 2002 to reimburse qualified healthcare costs. HRAs now include three additional types covering qualified insurance premiums and related

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DataPath Article on Financial Stress and Benefits Accounts Featured on BenefitsPro

Strategic Use of Benefit Accounts to Ease Employee Financial Stress The average employee burdened by financial stress loses a fourth of their weekly productivity – can your company afford that? April 3, 2023 By Bo Armstrong Originally posted on BenefitsPRO.com With inflation eating into the American budget, a recent BenefitsPRO article by Alan Goforth pointed out that 2023 would be a year of ‘living sensibly.’ Indeed, the current economic situation presents employers with an excellent

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New Year, New Benefits

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 Health Resolutions Many Americans are examining their spending and saving habits. Fidelity Investment found that when asked about financial concerns,

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Benefit Accounts Address Economic Challenges

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 (YOY) in every category the CPI measures, including fuel oil (68.5%), natural gas (20.0%), gasoline (17.5%), transportation services (15.2%), and

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Financial Benefits Continue to Gain in Importance

In Morgan Stanley’s second annual State of the Workplace Financial Benefits Study, 71% of employees said financial stress negatively affected their personal lives and work. More than four out of five (84%) believe employers should provide more tools to help them navigate economic challenges. Traditional Financial Benefits Employers have long offered financial tools like profit-sharing plans and 401Ks. Both offer some tax savings and enable a path toward a more comfortable retirement. However, they come with

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How Employers Can Attract and Retain Top Talent

When the pandemic hit, workers were being furloughed or laid off in droves as forced shutdowns shrank or entirely eliminated many businesses. As businesses attempt to hire people back, another phenomenon has taken shape. Workers are refusing to go back to previous jobs or quitting the ones they do have. With so many positions to fill and so many people not working, what’s an employer to do? Money Alone is Not Enough Logic might dictate

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