A Third Party Administrator (TPA) is a person or organization who processes claims and may perform other administrative services in accordance with a service contract. 

The goal here is to receive services that allow you to focus on your core business, thus making you and your company more profitable.

More specifically, a claims administrator or insurance company that processes claims on behalf of a self-insured organization or multiple employer welfare arrangement or manages workers' compensation claims for an employer. The administrator is a third party because it is neither the self-insurer nor an insured (claimant or payee). Services may include processing claims (including audits, adjusting, and negotiating settlements), record keeping, self-insurance certification, and notification of excess insurers.

myThirdPartyAdministrator is a website through which BusinessPlans, Inc. provides such services for Section 125 Cafeteria Plan (FSA), Section 105 Healthcare Reimbursement Arrangement (HRA), and Section 132 Qualified Transportation Plans (QTP).

Click here to learn more about these third party administrator services.

The information above is the sole opinion of the author and does not represent any legal, medical, or professional advice.