HSA

Tailor Benefits to Strengthen Employee Retention

A recent study by Willis Towers Watson (WTW) indicates that 72% of U.S. employees now prefer to stay with their current employers, marking a shift in workforce dynamics. This trend presents an opportunity – especially for small- and medium-sized businesses – to gain a competitive edge by offering strategic, appealing benefits packages. The annual open enrollment period is pivotal for companies to reinforce employee loyalty. A well-structured benefits package that reflects employee priorities can significantly

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Designing Good Employee Benefits: 8 Questions You Should Ask

As we enter the last full month of summer, many employers are already working to develop their benefits programs for 2025. Creating a benefits plan that pleases everyone, especially in a diverse workforce, can seem impossible. To be successful, it is vital to identify which types of benefits various employee groups require. The secret to a successful scheme is asking the right questions that engage employees and meet their needs. What Are Targeted Questions? Employers

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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, current economic conditions, an aging population, and increased costs related to managing chronic conditions have led 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 Before considering

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Building Benefits Packages that Attract and Retain Baby Boomers

This article delves into effective benefits strategies for Baby Boomers, exploring their preferences and offering recommendations for engagement. Understanding Baby Boomers Baby Boomers were born between 1946 and 1964 and have played a significant role in shaping American society and the workforce. As the enrollment season approaches, it’s crucial to understand what motivates this generation, the benefits they value most, and their preferred methods of communication and learning. Baby Boomer Profile Boomers have unique characteristics

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Demystifying Healthcare Costs: Employee Tips to Maximize Benefits and Save Money

healthcare costs

Healthcare costs can be confusing, but with the right knowledge and strategies, just about everyone can navigate this complex landscape effectively. Below are some helpful tips for employees to maximize their benefits and save money in the process.  Understanding Healthcare Costs Before diving into cost-saving tips, it’s essential to understand the various healthcare cost components. Healthcare expenses can include premiums, deductibles, copayments, coinsurance, and out-of-pocket maximums. Additionally, there may be other costs associated with prescription

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DataPath Launches ProsperityHSA

ProsperityHSA

DataPath Financial Services, Inc. has announced the launch of ProsperityHSA (prosperityhsa.com), a program designed to create new revenue and growth opportunities in the HSA market for banking institutions, third-party employee benefit administrators (TPAs), and insurance brokers. Building on DataPath’s recent designation as an approved non-bank HSA custodian and its two decades of success in creating HSA administration technology and services, ProsperityHSA is poised to disrupt the industry’s usual HSA administration offerings. John Robbins, Jr., President

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HSAs and Tax Filings

HSAs provide a tax-advantaged financial tool for reducing out-of-pocket healthcare expenses and retirement savings. However, because the funds contributed to your account are pre-tax, you must account for them on your tax returns. If you’re filing HSA tax information for the first time, you may have questions about the 1099-SA form and where you get it. You may also have questions about Form 8889 and Form 5498. Here is the information you’re looking for. HSA

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Whitepaper: Thriving HSA Market Continues to Offer Growth Opportunities for TPAs

This year marks the 20th anniversary of Health Savings Accounts (HSAs), which became available in 2004 as part of the Medicare Prescription Drug, Improvement, and Modernization Act. The legislation also enacted Internal Revenue Code section 223, which outlines the specific medical expenses eligible for purchase with these tax-advantaged funds. The HSA market is thriving thanks in part to their rise in favor as alternative retirement savings accounts. With such an increased focus, now is the

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Healthcare Transparency and New Developments

Consumers often undertake significant research and price comparisons when buying an expensive item. Yet, when it comes to healthcare, comparison shopping has historically been nonexistent, partly due to a lack of cost transparency. Some providers treated requests for written estimates as a nuisance. Others could not provide an accurate estimate due to coordination issues with insurance companies and other key players in the industry. Healthcare Transparency Importance Transparency can provide benefits to everyone, including higher

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