Tag: FSAs

September 15 to October 15 is National Hispanic Heritage Month

National Hispanic Heritage Month is the period from September 15 to October 15 in the United States, when people recognize the contributions of Hispanic and Latino Americans to the United States and celebrate the group’s heritage and culture.

Started as Hispanic Heritage Week by president Lyndon Johnson in 1968, September 15 was chosen as the starting point for the celebration because it is the anniversary of independence of five Latin American countries: Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua. All declared independence in 1821. In addition, Mexico, Chile and Belize celebrate their independence days on September 16, September 18, and September 21, respectively.

As a Minority Business Enterprise (MBE), one of our core beliefs as a company has always been to celebrate diversity and inclusion. Sterling Administration supports our Spanish-speaking Employer Clients and Members with services including a Spanish language option for our full-service website, online enrollment, educational materials, forms, and customer service.

¿Habla Español?
Nuestro compromiso con los latinos no es simplemente hablarles en español, sino realmente entender y hablar su mismo idioma. Aprende más.

Are you an Industry Partner with clients looking for a solution in Spanish?
Contact us today to learn more.

The Competing Interests to Financial Well Being

by Jim McCabe, Vice President, Sales Strategy

Employee Benefit communication strategy seems to be about options for employees, but competing discretionary income options. These offerings are not necessarily about education or risk profiling of the potential participant. Whether a new colleague at orientation or an existing colleague working through open enrollment, competing interests cause concern and analysis by paralysis. This creates less than optimum participation in employer match programs and those subject to discrimination testing.

A company could be offering a HSA, HRA, 401K, Voluntary Benefits, Stock Purchase Plan, or FSA, with each option providing a separate website for information. Depending upon age and role within the firm, each option in and of itself is appealing, but which one is right for the particular circumstances of each colleague that is investigating those options?

The more discretionary income there is available, the more options that can be enrolled in. However, if you are under 30 years of age, with average educational debt of $23,000, or putting money aside to create a down payment for a primary residence, how is one to know the best way to save for future retirement, retiree medical expenses, current large deductible health plans or protection from life’s adversities or seminal events?

The competition for “Mind Share” is difficult in an age of multiple sources for information. The ability to highlight and educate about Macro and Micro economic issues affecting both investment vehicles and personal risk tolerance is not coordinated in any way, and do not address the issues effecting the potential plan participant.

The future needs to encompass individual risk profiling and subsequent advice that takes into account each individual’s unique characteristics. The day when an employee can access a singular portal with benefit offerings and recommendations based on current Life status and risk profile will be the day that Financial Well Being will be achieved as part of a companies overall communication strategy.

What are your thoughts? I would appreciate any feedback or dialogue on this subject.

For Members: Carrier (EOB) Integration with Your Sterling Account For Claims Payment

Claims payment from an HSA, FSA or HRA account can be set up using our carrier (EOB) integration service for all HSA, FSA and HRA member clients. Set up requires you to have an online Sterling account and an online account with your health plan carrier. The service is available for most major carriers. Check here to make sure your health plan carrier is supported.

Once set up, you can:

  • Manage medical claims information all in one place.
  • Access your HSA, HRA or FSA to identify available balances and choose to pay providers or reimburse expenses already paid.
  • Pay right away or select a future payment date.
  • Choose the amount of payment or reimbursement up to what the claim allows.
  • Link to a dependent’s EOB information within HIPAA requirements.
  • Electronically keep records of receipts and other documentation related to medical claims, payments and reimbursements in a secure, HIPAA compliant database.

For instructions on setting up and using the service, please view or download the Sterling Carrier Integration Guide. Contact Sterling customer service at 800-617-4729 or customer.service@sterlingadministration.com for more information or help with the set up.