Eligible Expenses With a Personal Spending Account (PSA)
Personal Spending Accounts (PSA), also known as Wellness Spending Accounts (WSA), are recent additions to a benefits plan, focusing on well-being support for employees. Employers allocate a set amount of money to each employee to use on eligible services. PSA are a taxable benefit to the employee.
Comparing Traditional Insurance and HSA
Going by definition, traditional insurance is when an insurer provides benefit plans coverage to a specific group of people and the plan sponsor (employer) pays monthly premiums to the insurer to provide this coverage. On the other hand, a healthcare spending account (HSA) is a government-regulated allotment of funds that an employer provides to their employees for health-related expenses. The common purpose of the two benefits distribution types is that they offer employees protection against medical expenses. But they both have very distinctive differences such as:
Benefits to A Fully-Insured Group Insurance Solution
New products and trends have emerged in the insurance industry over decades, such as the increased flexibility of a Health Spending Account (HSA), but there has been one constant: traditional, fully-insured group insurance. Group insurance offers benefits coverage to a defined group of individuals, such as employees of a company, members of an association, or union members. This type of insurance safeguards against the financial risks associated with illness or death.
Association Health Plan Introduction and Its Benefits
An association is a group of businesses or companies that all provide the same type of services. These companies come together to form an association in order to protect and serve their mutual interests. Here’s a few examples of common industries and professions that might create associations
All Things You Need To Know About Third-Party Administrator (TPA)
A TPA is an organization that handles the operational and administrative duties of an employee benefits plan and is different from an insurer. They are experts in benefits administration and can work with Insurers to provide benefits coverage and more personal service. TPAs were created to fill a gap in the insurance marketplace where administration needs were growing more complex (specialized employee eligibility requirements, hour bank systems, etc.).
Why you should offer employee benefits
Besides wages, employee benefits stand out as a crucial factor in both attracting and retaining valuable staff members.
What is a Good Group Insurance Advisor
Whether you’re starting a new insurance plan or you already have one – you want to get the best value for your money. An important part of making that happen is working with a specialist. A dedicated Group Insurance Advisor stands as a committed ally to your benefits strategy. But what makes for a great group insurance advisor? And what exactly should your advisor be doing to support you?
Essential Tasks for Benefits Plan Administrators
As the Benefits Plan Administrator within your organization, you shoulder additional responsibilities beyond merely liaising with the employee benefits provider. Your role extends to the meticulous day-to-day upkeep of your company’s benefits plan.
The importance of Group Benefits Plan Administrators
Group insurance plan administrators play a crucial role in the effectiveness of employee benefits schemes, bearing significant responsibilities and potential liabilities. It’s vital to have a deep understanding of this role to excel as a plan administrator.
