11 Things to Look for in FSA, Transit, HRA, and HSA Administration
When it comes to FSA, Transit, HRA, and HSA administration, plans can be highly technical and require significant oversight. But by working with a highly skilled third-party administrator (TPA), employers can be supported in these tasks, assured their plans are running smoothly, and in compliance with ERISA and IRS regulations.
Choosing the right TPA for your account-based plan is a critical decision that can significantly impact your plan’s and employees’ success. Here are key factors to take into consideration when choosing a TPA.
- Expertise and Experience
- Look for a TPA with a proven record of account-based plan administration, especially with plans of a similar type and size to your plan or organization.
- Make sure the TPA is up-to-date with the changing laws and regulations about account-based plans.
- References and Reputation
- Be sure to read reviews and testimonials or seek recommendations from other plan sponsors and brokers/agents. Kushner & Company publishes some of their client testimonials.
- Compliance and Regulatory Knowledge
- Ensure the TPA has a deep understanding of the Internal Revenue Code and ERISA and their regulations.
- Be certain that your TPA has extensive experience working with the IRS and DOL.
- Is the TPA fully compliant with HIPAA and HITECH requirements?
- Will the TPA draft and maintain your plan documents for you?
- What Services Do They Offer
- Determine whether they can handle the specific type of FSA, transit, HRA, and HSA administration you are considering.
- Assess the range of services offered, such as plan design, compliance testing, employee education, and participant notices.
- Does the TPA support common integration with other benefit enrollment systems such as Employee Navigator?
- Employer and Participant Support
- Does the TPA support participant debit cards?
- Are participant tools for claims submissions available on mobile apps (both iOS and Android), including using a mobile device to capture a picture of the appropriate documentation and attaching it to the claim?
- Similarly, can a participant submit claims via a secure website, or even fax a claim and documentation to a secure machine?
- Will the TPA have one point-of-contact for the employer and plan participants?
- Consider the location of the third-party administrator and their availability for in-person meetings and consultations.
- Are they also proficient and successful doing virtual meetings when in-person isn’t feasible?
- Does the TPA meet with you to discuss and evaluate your plan design as well as compliance considerations?
- Is the TPA a “one-size-fits-all” shop or do they believe in tailoring your FSA, Transit, HRA, and HSA administration services to meet the unique needs and goals of your organization and participants?
- Security and Data Protection
- Ask about security measures they have in place to protect sensitive participant data and financial information.
- Responsiveness and Communication
- Will you have a dedicated account manager or will you reach a call center when you contact the TPA?
- Evaluate their responsiveness and how well they communicate to inquiries and concerns.
- High Standard of Service
- Ask what steps the TPA takes to deliver consistently high standards of service and accuracy.
- Industry Leadership
- Ask about what federal and state organizations they lead and to which they provide advice.
- Has the TPA testified before Congress, or helped write account-based legislation in Washington DC.
Still Need Help Selecting the Right Provider of FSA, Transit, HRA, and HSA Administration?
Choosing the right TPA for your account-based plan is essential to worry-free administration and positive outcomes for your participants. Take the time to thoroughly vet prospects before making your decision. For more than 40 years, Kushner & Company has made the administration of successful FSAs, HRAs, HSAs, and transit plans easy for our clients.
Our team of plan specialists provide extensive expertise, offering complete objectivity and comprehensive solutions, taking the complications out of administering these plans. So, if you’re ready for stress-free plan administration, we encourage you to contact our experienced team today at either (269) 342-1700 or firstname.lastname@example.org.