For TPAs who offer HSA administration services, understanding HDHP enrollment and wellness program participation can be key when talking to clients and prospects. This article outlines the link between the two. How High Deductible Health Plans Increase Wellness Program Participation The cost of healthcare premiums continues to go up for both employers and employees. Since … More >>
Imagine a healthcare system where everyone in the U.S. is a knowledgeable, savvy consumer of medical services. And imagine they play an active role in purchasing and consuming the services they receive. With the advent of healthcare consumerism, it may be here sooner than you think. What is Healthcare Consumerism? Healthcare consumerism is a movement … More >>
View the infographic below to discover the value of consumer directed healthcare accounts. The graphic features an overview of HSAs, HRAs, and FSAs, along with other helpful information. What is a Consumer Directed Healthcare Account? A consumer directed healthcare account is a type of medical savings account that: Helps pay for eligible medical expenses Can … More >>
Employees, employers and TPAs all find value from a strong employer benefits package. Employer-sponsored debit cards can further bolster benefits offerings. In today’s fast-paced world, debit cards provide an efficient payment method for consumers everywhere. They eliminate the time and hassle involved in writing checks or stopping at the ATM to get cash. Purchases are … More >>
Millennials are younger and tend to be healthier than their Gen X and Baby Boomer peers. Are Millennials and HDHPs with HSAs a good fit for employers and TPAs? A recent study on adults with health insurance shed light on the healthcare spending habits of the up-and-coming Millennial generation. Among the findings are that younger … More >>
By now, most people are familiar with Flexible Spending Accounts (FSAs), which allow you to set aside money from your paycheck pre-tax to pay for a wide variety of medical expenses. You may not be familiar, though, with the Limited Purpose Flexible Spending Account, also known as a limited purpose FSA, or LPFSA. A Limited … More >>
Eye care is an important part of your overall wellness. Yet, in 2020, of the estimated 93 million Americans at high risk for vision loss, only half had sought out treatment the prior year. Thanks to vision insurance and employer-sponsored benefit accounts, receiving eye care has become more affordable and accessible for many people. Comprehensive eye … More >>
Diversified Administration, Inc., a third party administration firm, seeks to deliver top quality to its clients. The company focuses on helping employees to maximize take-home pay and businesses to increase tax savings, lower premiums, and generate increased employee loyalty. To accomplish this, Diversified Administration, Inc. partnered with DataPath to administer consumer directed healthcare (CDH) accounts … More >>
When it comes to consumer driven healthcare (CDH), there are three popular employer-sponsored benefit accounts: Flexible Spending Account (FSA), Health Reimbursement Arrangement (HRA), and Health Savings Account (HSA). On first glance, when comparing an FSA vs HSA, FSA vs HRA, or HRA vs HSA, it can feel a little daunting. Each account has some overlapping similarities, but each is remarkably different.
With FSA popularity on the rise, participants want to know ‘what’s the right amount for my flexible spending account?’ Flexible Spending Accounts (FSAs) are fast becoming one of the most popular employer-sponsored benefits in the United States. Currently, almost one in four Americans use this tax-reduction tool to save on a wide variety of medical … More >>
Some plans require participants to spend FSA funds before the end of the plan year or risk losing the funds altogether. Others allow carryover to the next plan year. If uncertain of your plan’s requirements, check with your benefits administrator. Flexible Spending Accounts (FSAs) are a popular employer-sponsored benefit. According to a 2018 survey by the … More >>
If you get injured this Halloween, look to your consumer directed healthcare (CDH) account to take the scare out of treating your boo-boo. Halloween is magical! All week long, people get festive by decorating their houses and lawns, carving pumpkins, and dressing up in their favorite costumes. However, when someone gets injured, Halloween can be … More >>
The alphabet soup of consumer directed healthcare (CDH) – FSAs, HRAs, HSAs, MERPs, MSAs – can be confusing. Some are strictly employee- or employer-funded, while others may be funded by any party. Some accounts offer rollover. Others do not. Knowing the differences – like an HSA vs FSA – is important when it comes time … More >>
Flexible Spending Accounts, known as FSAs, are an important part of consumer directed healthcare. The tax-advantaged accounts allow participants to pay for out-of-pocket medical expenses that may not be covered by their health insurance plans. Many companies offer FSAs as part of their employer-sponsored benefits packages.