HDHP

The Value of a Consumer Directed Healthcare Account

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: CDH Account Types 1. Health Savings Account (HSA) The participant owns the HSA, which acts like a regular bank account. Money deposited into the account pays for eligible healthcare

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Open Enrollment Tips for TPAs

It’s open enrollment time. That means third-party administrators (TPAs) are working with clients to set up plans for the new year. We’ve compiled some tips and reminders for benefits administrators to help them through this stressful season. Tip #1: Know Your Audience Each employer group will be different, so tailor your presentation accordingly. Occupation, geographic location, and generational cohort may affect employees’ wants and needs. For example, Millennials, Gen Xers, and Baby Boomers may each

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Benefits That Attract and Retain Gen Z

This is the last in a four-part series on building benefits packages to resonate with the diverse generations in today’s workforce. Today, we focus on effective strategies and engagement recommendations for Gen Z. Gen Z members are accustomed to an on-demand culture and rely heavily on the internet for news and consumer reviews. The digital age, climate change, financial challenges, and COVID-19 continue to influence this rapidly growing workplace cohort. The Generation Z Profile Born

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Benefits That Attract and Retain Millennials

This is the third in a four-part series on building benefits packages to resonate with the diverse generations in today’s workforce. Today, we focus on effective strategies and engagement recommendations for Millennials. Generation Y, more commonly called Millennials, were born between 1981 and 1996. Millennials experienced rapid technological changes and grew up in an era of Microsoft and Apple, a 24-hour news cycle, and the rise of social media. In their formative years, they witnessed

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Benefits That Attract and Retain Generation X

This is the second in a four-part series on building benefits packages to resonate with the different generations. This article focuses on effective strategies for Generation X, including engagement recommendations.  Born between 1965 and 1980, Generation Xers are known for an entrepreneurial mindset, working hard, and playing hard. As enrollment season nears, let’s review this generation’s motivations, which benefits they find most important, and how they learn and communicate. The Gen X Profile Gen Xers

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Competitive Benefit Plans Help Retain Top Talent

Recent years have significantly changed the employment landscape. Companies everywhere are battling to recruit and retain talented employees. In an economy where workers may have the upper hand, the first response of employers is often to raise salaries and wages. However, research shows that a competitive benefits plan is increasingly vital in attracting and retaining skilled workers. What is a competitive benefits plan? According to a survey by the Adzuna job search site, the five most in-demand

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HSAs and Workplace Wellness

Companies looking to reduce health plan costs while maximizing employee quality of life may want to consider coupling a workplace wellness program with a High Deductible Health Plan (HDHP) and Health Savings Account (HSA). Workplace Wellness Programs  Wellness programs help employees become healthier as well as better consumers of healthcare in three ways: Employers may offer wellness initiatives to help employees make better lifestyle choices and improve their health. But cost control may also be

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HRA and HSA At the Same Time? Yes!

Healthcare spending accounts, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), help individuals and families pay for medical expenses. They also provide more control over how and where to pay for those expenses. One frequently asked question is, “Can a person have an HRA and HSA simultaneously?”. The answer is yes; you can have an HRA and HSA simultaneously under specific circumstances. However, to understand the advantages of having both accounts, let’s first look

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FAQs About COVID-19 National Emergency End

The Biden Administration is currently expected to end the COVID-19 National Emergency on May 11, 2023. In preparation, the departments of Labor, Treasury, and Health and Human Services released Q&A Part 58 on March 29. In addition to reviewing the highlights below, you are strongly encouraged to read and digest the complete, 15-page Q&A document. COVID-19 Diagnostic Testing Q1: Do the COVID-19 testing coverage requirements under section 6001 of the FFCRA apply to items and

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HDHPs and Wellness Programs

According to Kaiser Family Foundation, the average premium for family health plan coverage increased by 47% between 2011 and 2021. In response, employers have increasingly turned to High Deductible Health Plans (HDHPs) to lower premiums and shift more financial responsibility to covered employees. While employees appreciate lower premium costs, the higher deductibles can lead to higher out-of-pocket costs in the long run. The higher financial responsibility may increase employee utilization of cost-saving measures like wellness programs.

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