As the lingering effects of the pandemic continue to impact savings, the quest for financial security becomes even more critical. Despite easing inflation, many Americans find themselves unprepared for emergencies and retirement. Amid this savings struggle, the substantial growth of HSAs holds the promise of fostering growth for TPAs while helping participants better prepare for healthcare expenses and their retirement years.
DataPath Financial Services, Inc. (DFS) announced today its approval by the Internal Revenue Service (IRS) as a Non-Bank Custodian for Health Savings Accounts (HSAs) effective November 1, 2023.
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
Facts, Figures & Tips for a Successful Enrollment Process.
The following infographic provides an overview of facts, figures and tips for employers to have a successful open enrollment process.
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
Employment loyalty has shifted dramatically in recent decades. Employers that evolve in response may be surprised at how well their companies perform – and the TPAs and brokers who help them can find new growth opportunities in the process.
Americans would have more opportunities to save for and afford health care costs under legislation approved today by the House Ways and Means Committee. The Bipartisan HSA Improvement Act of 2023 and the HSA Modernization Act of 2023 would make health savings accounts (HSAs) more accessible and useful for patients and families. The legislation is now cleared for consideration by the full House of Representatives. Bipartisan HSA Improvement Act (H.R. 5688) HSA Modernization Act (H.R.
Since 2004, HSAs have skyrocketed in popularity. They are now the second most popular tax-advantaged account next to Flexible Spending Accounts (FSAs). As HSA-qualified high deductible health plans continue to grow, third party administrators have plenty of opportunity to jump into the market.
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
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