HSA

Case Study: TPA Streamlines Operations, Expands Business with DataPath Solutions

Flexplan Administrators, headquartered in Tulsa, Oklahoma, is a national third party benefits administrator providing administrative services for employee benefit programs under IRC and Section 125. As Flexplan sought to grow its business, the TPA faced several challenges due to using different administration platforms for CDH and COBRA management. The multi-platform approach limited its ability to provide integrated services and grow its HSA business with financial institutions. In 2022, Flexplan transitioned its business to DataPath to

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Top Compliance Pitfalls for TPAs — And How to Avoid Them

Top Compliance Pitfalls for TPAs

As a third-party benefits administrator, you serve as the compliance backbone for client plans. Navigating ever-changing regulations, managing COBRA efficiently, safeguarding sensitive information, and administering benefit funds requires vigilance and expertise. A single oversight can result in substantial penalties and damage to your reputation. Here are some of the most common compliance challenges facing TPAs today, with actionable strategies to protect your business and better serve your clients. Changing Regulatory Requirements Managing employer benefit plans

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Going Beyond the Basics: Building an Effective Well-being Package

The employment landscape has undergone some drastic changes in the past five years. For many companies, remote or hybrid work arrangements have become permanent; Gen Z is bringing new energy and new ideas; and people are reprioritizing their personal needs, seeking non-traditional ways to improve their professional and personal lives. The changing norms and expectations have forced many employers to rethink employee benefits and well-being. With workers in diverse locations and spanning multiple generations, companies

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The Power of HSAs in Bank Financial Wellness Programs

Financial wellness has become a major focus in employee benefits. Financial stresses can dramatically impact mental health, seeping into an employee’s professional life and leading to disengagement, higher absenteeism, and increased turnover. The problem has gotten so pervasive that in Bank of America’s 12th Annual Workplace Benefits Report, 97% of surveyed employers said they felt responsible for employee financial wellness. Yet despite that, only 28% of employers offer financial wellness programs, according to the Harvard

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HSA vs 401k – Which Account to Fund First?

Do you have both a Health Savings Account (HSA) and a 401(k) through your employer? HSAs are generally thought of as a vehicle for healthcare savings – after all, that’s right in the name! – and most people understand that a 401k is used for retirement. Many wonder, though, which account they should fund first, the HSA or 401k. Let’s compare the two. HSA vs 401k – What is the difference? What is an HSA?

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Leveraging Tax-Advantaged Benefit Accounts in Recruitment

While competitive salaries and flexible work arrangements often grab headlines, tax-advantaged benefit accounts like health savings accounts (HSAs), flexible spending accounts (FSAs), and health reimbursement arrangements (HRAs) are powerful tools for recruiting and retaining top talent that are often overlooked. These accounts support employees’ financial wellness and help employers manage benefit costs effectively, creating a win-win scenario for both parties. Financial Wellness Benefits Grow in Importance Financial stress remains a significant burden for many employees.

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HSAs as a Retirement Tool

When you think of finances and retirement, what immediately comes to mind? Popular retirement vehicles typically include Social Security benefits, a 401(k), an IRA, and investments like mutual funds or stock options. There is another retirement tool that many people overlook – the Health Savings Account or HSA. At first glance, this may seem confusing. What does an account used for healthcare needs have to do with retirement? While HSAs are primarily used for qualified

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Eligible FSA/HSA Expenses You May Have Overlooked

For decades, participating in a Flexible Spending Account (FSA) or Health Savings Account (HSA) has been crucial to affordable healthcare for millions of American workers and their dependents. The extensive list of eligible expenses covers well-known services like medical, dental, and vision copays, copays, deductibles, eyeglasses and contact lenses, and prescription medication. However, due in part to updates in recent years to approved items and services, you may be overlooking a host of qualified FSA

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12 Ways to Improve Open Enrollment

Open enrollment can be stressful for employees, HR professionals, and third-party benefit administrators. Vital information must be shared and digested, and timely financial decisions must be made so coverage can start on time. Your company workforce may range from experienced, veteran employees to new hires in their first job. It’s a tall task to pull off an open enrollment season that meets the needs of everyone involved (but you CAN do it!). Here are 12 ways

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