Products February 28, 2018

DataPath Adds HSA and Investment Functionality to Administration Platform

The Summit platform allows TPAs to be more efficient by keeping all administration together in one system.

Reported by

Health savings account (HSA)/high-deductible health plan enrollment is increasing.

To help third-party administrators (TPAs) compete in the HSA market, DataPath is expanding Summit, its cloud-based consumer-driven health (CDH) and COBRA administration platform, to include HSA and investment functionality.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

The company claims that when Summit is expanded to include HSA and investment functionality this March, it will be the only platform in the industry to have fully-unified CDH, Investment and COBRA billing functionality.

Summit allows TPAs to be more efficient by keeping all administration together in one system and saves time by eliminating the need for separate CDH and Billing systems. The inclusion of HSA and investment functionality will help TPAs increase revenue and deliver greater client satisfaction due to the platform’s low investment threshold, customer support and intuitive interface. As a custodial platform, Summit offers TPAs a single relationship and point of contact for HSA management and investments; there is no need for separate partnerships with banks or other entities. This not only makes it easy to use, but also reduces security issues.

More information is here.
Data and Research February 28, 2018

Women Have Concerns About Retirement Outlook

Their primary concerns are the continuation of Social Security and rising health care costs.

Reported by

The majority of women have a poor outlook on retirement, the Nationwide Retirement Institute found in a survey.

A mere 25% expect life will be better in retirement, according to the survey conducted by The Harris Poll among 1,012 adults who are age 50 or older either retired or planning to retire in the next 10 years; 473 of which were women.

In last year’s survey, 31% of women said they expect life to be better in retirement. This year, 26% of women said life in retirement is, or is expected to be, worse. Their primary concerns are the continuation of Social Security and rising health care costs.

On average, women expect Social Security will cover 58% of their expenses in retirement. For 18%, this is between 91% and 100% of their expenses. Nonetheless, 75% worry that Social Security will run out of funding in their lifetime, up from 62% last year. Fifty-eight percent believe the Trump Administration will make cuts to Social Security.

Thirty-two percent say health problems are interfering with their retirement. Of this group, 77% say health problems occurred earlier than they had expected. Among retirees, 26% say health care expenses are keeping them from living the life they would like to be living in retirement.

Seventy-four percent of women currently collecting Social Security took it early; a mere 4% maximized their claims by waiting until age 70. Twenty-five percent of women believe that Social Security on its own should provide them with enough money to live comfortably, up from 15% last year. A mere 13% said they have worked with a financial adviser to devise a strategy for collecting Social Security.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

«