Increase Usage of HSAs

With the growth in consumer-directed plans, banks are seeing an increase usage of health savings accounts (HSAs).

Bank of America recorded a 34% growth in HSAs in 2011, adding more than 50,000 accounts!

HSAs are used to work with a high deductible health plan. The account is owned and managed by the employee and earns tax-free interest. It can be carried over from year-to-year and moves with the employee wherever the employee goes – new job, changing health plans or retirement.

Kevin Crain, head of Institutional Retirement and Benefit Services for Bank of America Merrill Lynch explains some of the benefits of HAS accounts.

“In addition to the tax benefits, these accounts offer individuals more control over their health care spending and the option to accumulate longer-term health savings,” says Kevin Crain, head of Institutional Retirement and Benefit Services for Bank of America Merrill Lynch. “They also encourage more responsible use of health services and lifestyle decisions.”

Contact CPI-HR for more information about the HSA administration services we offer.

Posted in Benefits Administration, HSA Administrators | Tagged , , | Leave a comment

Mental Health Parity and Addiction Equity Act Webinar

Register today for the CPI-HR Mental Mental Health Parity and Addiction Equity Act webinar on Wednesday, February 15.

The webinar will cover the rules requiring parity in treatment of mental health and substance abuse disorders, as well as an examination of the testing requirements under MHPAEA.

Register today.

Posted in Benefits Administration | Tagged , | Leave a comment

Tips on How to Improve Your Retirement Plan

Below are some tips on how employers can improve their retirement plan:

Auto-increase elective deferrals – research shows that employees are more willing to forgo something in the future than give something up in the present. Include automatic annual deferral increases or synchronize pay increases with elective deferral increases.

Raise the percentage match and lower the rate – if the current match is 100% of the first 3% of pay, reduce the match to 50% and increase the cap to 6% of pay. The result is a total savings rate of 9% instead of what would have been 6%.

Reduce the number of investment options – consider offering 5 risk and 5 aged-based options as the only investment option (2). Too much choice confuses participants and exotic investments may be dangerous.

 

Posted in Benefits Administration | Tagged | Leave a comment

Tips on How to Improve Client Retention and Gain New Accounts

The Federal healthcare reform has shifted the market dynamics effecting both employers and benefit brokers in this challenging economy.

As for brokers, they are embracing these changes and seeing them as an opportunity to gain new accounts.

Below are some tips on how to improve client retention and gain new accounts:

  • Look at the future of the HealthCare Reform and offer strategies, resources and relationships needed to capitalize on any shift in benefits.
  • Learn the techniques for prospecting and closing large deals.
  • Understand the Health Care Exchanges and what that means for brokers, how to avoid any dangers and opportunities.
  • Gain clarity on marketplace options and the opportunities available to agencies of all sizes.

Contact a benefits broker at CPI-HR to learn more about our benefits administration services.

Posted in Benefits Administration, Benefits Brokerage | Tagged | Leave a comment

Most-Wanted Wellness Benefit: Fitness Center Discount

According the Principal Financial Well-Being Index for the fourth quarter, the top wellness benefit that employees said their employers could offer was a subsidized membership at a local fitness center.

Research shows that Americans work harder and are more productive with wellness benefit programs. Forty-one percent of workers agreed that having a wellness program encourages them to perform better at work.

The four top wellness benefits offered by employers were:

  • Online wellness information (19 percent).
  • Educational tools or resources (18 percent).
  • Fitness center discounts (17 percent).
  • Printed wellness information (17 percent).

The top four wellness benefits workers would most like to see offered:

  • Fitness center discounts (25 percent).
  • On-site preventive screenings (22 percent).
  • Access to wellness experts such as nutritionists (21 percent).
  • On-site fitness facilities (19 percent).
Posted in HR Service | Tagged | Leave a comment

Winning Strategies to Manage Benefits Seminar

Brian Meharry, president and COO of CPI-HR, will discuss discuss the convergence of payroll, benefits and HR administration at the Group Services Inc. “Winning Strategies to Manage Benefits” seminar.

The seminar is February 2 from 9 a.m. – 2:15 p.m. at the Stoney Creek Inn, Moline, IL. Lunch is included.

Other keynote speakers are:

  • Judi Harrison of Orriant Wellness, discuss effective wellness plans
  • A.R. “Tony” Wendler, Delphi-Florida, discuss Medical Advocate Program (MAP)

Register for the seminar today.

 

Posted in Benefits Administration, Payroll Services | Tagged | Leave a comment

Complimentary Health Care Reform and COBRA Guides

CPI-HR offers a variety of resources to keep up-to-date with current industry news.

Download a copy of our free guides:

The Employer’s Guide to Health Care Reform helps employers better understand group health plans and more. The guide includes changes affecting dependent children, W-2 reporting requirements, employee disclosure notifications and more.

With the COBRA guide you will learn the benefits of outsourcing COBRA administration to avoid common penalties. The guide includes common COBRA violations, how to select a Third Party COBRA administrator and more.

Posted in COBRA Administration, HR Service | Tagged , , , | Leave a comment

Complying with HIPAA’s Privacy Rule Webinar

Be sure to register for CPI-HR’s webinar on Wednesday, January 18 “Complying with HIPAA’S Privacy Rule.”

The webinar explains your obligations for maintaining privacy and meets the requirement for annual HIPAA training.

For a complete schedule of CPI-HR’s upcoming webinars, please visit the web site.

Register today for the “Complying with HIPAA’S Privacy Rule” webinar.

 

Posted in Benefits Administration | Tagged | Leave a comment

The Consumer Assistance Programs Resource Center

The consumer health assistance programs offer services to consumers who face the challenges of today’s marketplace.

Below is a list of resources and materials that profile what states are doing well, best practices and how these programs can help all consumers.

Posted in HR Service | Tagged | Leave a comment

Salvation Army Angel Tree Program

CPI-HR gives back by donating toys and clothing to the Salvation Army Angel Tree Program of Cuyahoga County.

The Great Place to Work Committee at CPI-HR ordered 50 tags to help underprivileged children during the holidays.

The committee raised a variety of toys for children ages 12 and younger.

This is our second year participating and it was a great success.

 

Posted in Benefits Administration | Tagged , , | Leave a comment