HRA

5 Ways to Control Rising Benefit Costs

Healthcare costs in America have risen significantly since the 1970s, leading many employers to expect modest yearly cost increases in the benefits they offer. However, the combination of current economic conditions, increased costs related to managing chronic conditions, and an aging population are leading to less manageable increases for many employers. Here are five ways TPAs can help employers continue offering high-value benefits while working to control rising benefits costs. #1 Ask Participants What They Need

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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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Healthcare Consumerism Continues to Rise

Healthcare consumerism is a movement to make healthcare services more efficient and cost-effective. It transforms an employer’s health benefit plan, putting the economic purchasing power and decision-making in participants’ hands. Consumerism aims to enable patients to become wholly involved in their healthcare decisions. What drives healthcare consumerism? Customers can access features, benefits, and cost comparisons in most industries to guide their purchasing decisions. In contrast, the healthcare industry presents many choices, contact points, and service

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Health Reimbursement Arrangement Frequently Asked Questions

A Health Reimbursement Arrangement (HRA) is part of consumer driven healthcare. While HRAs have the same basic legal guidelines as other types of reimbursement accounts, they differ in that they’re funded exclusively by the sponsoring employer. Funding amounts and eligible expenses are unique to each employer.

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Halloween Health and CDH Accounts

Halloween is a favorite time of year for some, from decorations to pumpkin carving to dressing up. However, it can also be a time of pumpkin carving cuts, bumps and bruises, sprains, and even broken bones from tripping over costumes. Let’s talk about staying safe, Halloween health, and your CDH accounts. Some of the reasons why Halloween is so scary Halloween is undoubtedly fun, but dangers are lurking and parents need to be vigilant. Children’s

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Inflation Reduction Act May Impact Employer-Sponsored Health Plans

President Biden signed the Inflation Reduction Act (IRA) into law on August 16, 2022. Among other provisions, the IRA: Here’s how the Society of Human Resource Managers (SHRM) expects the IRA to impact employer-sponsored group health plans. ACA Subsidies Extended to 2025 The American Rescue Plan of 2021 (ARPA) expanded access to premium tax credits (PTCs) that subsidize the purchase of health insurance on the ACA marketplace. The IRA extends those subsidies through 2025. According

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ICHRAs can help businesses provide big benefits

Attractive benefits plans are essential in today’s labor market. Smaller businesses in particular often struggle to find affordable group health insurance plans that comply with ACA regulations. Take a look at how an Individual Coverage Health Reimbursement Arrangement, or ICHRA, can help businesses. What is an ICHRA? ICHRAs are an attractive option for both employers and their employees. Under an ICHRA, employers reimburse employees for their individual health insurance premiums instead of sponsoring a group health plan.

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Brochure: Health Reimbursement Arrangement (HRA) Solutions

Summit empowers TPAs with the ability to build nearly unlimited Health Reimbursement Arrangement (HRA) plans, including group HRAs, Individual Coverage HRAs, Excepted Benefits HRAs, and Qualified Small Employer HRAs. Our cloud-based HRA solution empowers administrators with the ultimate in plan design flexibility. TPAs can customize plan details at the tier level, including deductibles and reimbursements. They can also set up other plans including dental, vision, and student loan reimbursement benefits. Summit card behaviors can be

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Whitepaper: Student Loan Repayment Assistance Plans Can Help TPAs Thrive in a Challenging Market

Flexible Compensation: More than Healthcare Adding Compensation Management Services Can Help TPAs Thrive in a Challenging Market Employer-sponsored benefits come in many different forms. Most commonly, benefit packages include health and life insurance coverage, paid time off, healthcare spending accounts, and retirement plans. However, there is another form of flexible compensation that is becoming steadily more desirable – student loan reimbursement accounts. In this up-and-coming, underserved market, third party benefits administrators have an opportunity to

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