A Day in the Life of a TPA
A TPA is a trusted advisor, who develops strong, closely-involved, ongoing relationships with the clients they serve.
TPAs work with plan sponsors on the design, implementation and day-to-day administration of employee benefit plans. Companies turn to TPAs for a variety of reasons, including: administrative expertise; notoriously more personal, flexible and efficient communication than with insurance companies; and high levels of client satisfaction.In sum, TPAs ensures that our benefits packages are carefully, thoughtfully and respectfully cared for.
Examples of Plans TPAs Administer
- Health & Welfare Benefit Plans (fully Insured or self-insured)
- Section 125 Cafeteria Plans
- Pharmacy Benefit Plans
- Single Employer Plans
- Multiple Employer Plans
- Taft-Hartley Plans
- Workers Compensation Plans
- Property & Casualty Programs
- Retirement Benefit Plans (pension, profit sharing, etc)
Rules & Regulations to Live By
- Third Party Administrators (TPAs) must obtain a Certificate of Authority from the Texas Department of Insurance before conducting business in Texas.
- Licensing requirements and certain exemptions for TPAs can be found in the Texas Insurance Code, Article 21.07-6 as well as the Texas Administrative Code.
- TPAs are also regulated by various federal agencies, including: the Department of Labor, Health Care Financing Administration, and the US Department of Health and Human Services.
- Some of the Federal laws affecting TPAs include ERISA, COBRA, OBRA, HIPAA, and the ADA.