WELLBYTES HSA: SIMPLE, SECURE, SMART
Dec 2, 2024
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- 1 Mins
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.
- 3 Mins
Is it time for a refresh of your employee benefits plan? While sticking with the status quo might seem easier, sometimes change is necessary. Clear communication of any adjustments is crucial to ensure that your employee benefits are used effectively.
- 4 Mins
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:
- 2 Mins
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.
- 3 Mins
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
- 2 Mins
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.).
- 3 Mins
A robust employee benefits plan not only promotes the well-being of employees but also fosters a more engaged and productive workforce. Serving as a pivotal component of the overall compensation package, a well-crafted benefits plan is instrumental in attracting and retaining top talent, thereby enhancing your organization's competitiveness within its industry.
- 2 Mins
Onboarding employees into your company's benefits plan might seem as straightforward as completing a few forms—and we strive to simplify it as much as possible. However, the process is nuanced and critical, with potential pitfalls such as improperly enrolling an employee or missing their enrollment, which could lead to inadequate coverage or no coverage at all, causing stress for both the employer and the employee.
- 2 Mins
Besides wages, employee benefits stand out as a crucial factor in both attracting and retaining valuable staff members.
