Enrollment Season Tips for Benefits Administrators

Enrollment season tips

Here are some enrollment season tips for TPAs during the hectic open enrollment season.  It’s open enrollment time. That means third party administrators are making their rounds, visiting their clients and setting up their plans before the start of the 2018 plan year. We’ve put together some enrollment season tips for benefits administrators in order … More >>

What is Healthcare Consumerism and How Does it Affect Healthcare?

Healthcare consumerism

Imagine a healthcare system where everyone in the U.S. is a knowledgeable, savvy consumer of medical services and plays an active role in purchasing and consuming the services they receive. With the advent of healthcare consumerism – a movement to make the delivery of healthcare services more efficient and cost-effective – it may be here … More >>

Guide to Investing Your HSA Account for Growth

The following infographic, “A Guide to Investing Your HSA Account for Growth”, provides an overview on Health Savings Account (HSA) basics, why you should use your HSA for retirement, investment strategies, and more:   Guide To Investing Your HSA Account for Growth Health Savings Accounts (HSAs) are more than just a tax-advantaged tool for paying … More >>

Can You Have an HRA and HSA at the Same Time?

Can you have an HRA and HSA at the same time?

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 both an HRA and HSA at the same time?”. The … More >>

Why Health Savings Accounts are Booming in 2017

Health Savings Accounts are Booming

Data from recent years shows that Health Savings Accounts are booming and factors indicate continued growth in years to come. Since 2013, employee participation in Health Savings Accounts (HSAs), which enable individuals and families to use tax-free money to pay for eligible health care expenses, has increased by nearly 54%. In 2015, estimated HSA enrollment … More >>

Kickstart the 2017 School Year with Your Employer-Sponsored Benefits

Back to school

The 2017 school year is almost upon us! That means parents (and children) are starting their preparation rituals by shopping for clothes, school supplies, and back packs, and taking care of other assorted essentials. Of course, school-aged children have a lot of needs, one of them being healthcare. With the dawn of a new school … More >>

White Paper: Positioning for Growth – Why TPAs Should Embrace a Thriving HSA Market

Health Savings Accounts (HSAs) have been growing in popularity over the past decade. Due to healthcare reform in Washington, D.C., and market demands, TPAs can benefit from a thriving HSA market. With multiple entities placing an increased focus on HSAs, TPAs need to know how to position themselves in order to take advantage of this … More >>

How a Mid-Year Change of Status Affects HSA Contributions

Change of Status

When a person has a change of status during the plan year, it affects his or her annual Health Savings Account (HSA) contribution limit. The following provides a regulatory overview (with some examples) of how a mid-year change of status affects HSA contribution limits. Most HSA owners are aware that they can change their planned … More >>

FSAs, HSAs and BCRA – The New Senate Healthcare Bill

FSAs, HSAs and BCRA

On Thursday, June 22, 2017, Senate Republicans released the draft of their new healthcare proposal, known as the Better Care Reconciliation Act (BCRA). Similar to the previously proposed American Healthcare Act (ACHA), Americans will see big changes to both FSAs and HSAs should the BCRA pass in its current form. The following provides an overview … More >>

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: Helps pay for eligible medical expenses Can … More >>

The Advantages of Employer-Sponsored Debit Cards

Employer-sponsored debit cards

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, where time is of the essence, debit cards provide an efficient payment method for consumers everywhere. They eliminate the time and hassle involved in writing checks or stopping at the … More >>

Millennials and HDHPs: A Perfect Fit for Employers and TPAs?

Millennials and HDHPs

Millennials are younger and healthier in comparison to 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 workers … More >>

IRS Announces 2018 HSA Contribution Limits

2018 HSA Contribution Limits

IRS has released the 2018 figures for Health Savings Accounts, raising HSA contribution limits, minimum deductibles, and maximum out-of-pocket expenses. On Thursday, May 4, the Internal Revenue Service (IRS) released the 2018 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA contribution limits, minimum deductibles, and the maximum for out-of-pocket expenses all go up next calendar … More >>

House of Representatives Passes American Health Care Act

Capitol Hill; AHCA

Yesterday, the House of Representatives passed the American Health Care Act (AHCA) with a vote of 217-213. The bill now goes to the Senate for approval. In its current form, AHCA affects tax-advantaged health care accounts: Health Savings Accounts, Flexible Spending Accounts, and Health Reimbursement Arrangements. It also has tax implications for employers and people … More >>

Did You Know about these HSA Benefits? Six Things to Keep in Mind

HSA Benefits

If you have a Health Savings Account (HSA), there may be some benefits to this consumer directed healthcare account that you don’t know about. Most people understand the HSA benefits of triple tax savings: tax-free contributions, tax-free earnings, and tax-free withdrawals for qualified healthcare expenses. While designed primarily to help reduce the cost of healthcare, … More >>

Testimonial: Comprehensive HSA Platform Helps TPA Succeed in Highly Competitive Market

Summary McGregor & Associates, Inc., a large third-party employee benefits administration firm, provides a wide range of administration and compliance services to employers. With a strong work ethic and steadfast dedication to quality service, McGregor’s staff assists employers with implementing competitive benefits programs for their employees. In 2006, McGregor sought a robust administrative solution to … More >>

White Paper: Evaluating Solutions to Leverage a Booming HSA Market

As the Health Savings Account (HSA) market continues to surge, the time is right for TPAs and other companies to jump in and build additional revenue.  However, one significant area of concern for TPAs is competing with banks. In order to become a formidable alternative to traditional banks, TPAs need a simple and affordable administrative … More >>

HSA and Retirement – How Your HSA Can Boost Your Retirement Fund

HSA and Retirement

HSAs were designed to help make healthcare more affordable and give people more freedom in their personal healthcare decisions. However, due to tax advantages, friendly contribution options, and investment opportunities, more people are looking to their HSAs in retirement. Here’s what you need to know about your HSA and retirement. Health Savings Accounts (HSAs) offer … More >>

AHCA: HSAs, FSAs, Cadillac Tax and More

AHCA Overview

On Monday, March 6, House Republicans published the American Health Care Act (AHCA), a proposal to repeal and replace multiple provisions in the Affordable Care Act (ACA). Among the parts that remain the same are that people with pre-existing conditions cannot be denied coverage and dependents under age 26 can stay on their parents’ healthcare … More >>

Health Savings Accounts and Filing Your Taxes

Health Savings Accounts and Filing Your Taxes

Tax season has officially arrived. Here’s the information you need for Health Savings Accounts and filing your taxes. As you prepare and compile tax documents, it’s important to know what forms you may need to file if you have a Health Savings Account (HSA). In addition to Form 1040, there are two other very important … More >>

Investing HSA Funds – The Key to Substantial Growth

Investing HSA Funds

HSA owners benefit from tax-free growth on their account through interest earned and investment income. However, with interest rates at historic lows, account owners should consider investing HSA funds as a means for substantial growth. Health Savings Accounts (HSAs) are popular, tax-advantaged savings accounts designed to help people with high deductible health plans pay for out-of-pocket … More >>

ACA and Health Savings Accounts – What Could Be the Future of HSAs

Future of HSAs

In 2017, with the inauguration of a new president and with Congress openly discussing healthcare reform, Health Savings Accounts (HSAs) are getting a lot of renewed interest. This has many people wondering, what is the future of HSAs? What is an HSA? HSAs have been in effect since 2004, following approval by Congress and President … More >>

Testimonial: How One Company Fueled Growth by Outsourcing Claims Entry

Summary A third-party healthcare benefits administration firm needed to grow its business but was overwhelmed by claims processing for Flexible Savings Accounts and Health Reimbursement Arrangements. Finding an accurate, affordable solution that would allow the staff to focus on front-office tasks and enable the company to grow was challenging. The firm outsourced its claims entry … More >>