FSA, HRA, HSA Plans
What is alternative funding?
These plans are funding options designed to take advantage of tax savings methods within the Internal Revenue Code (IRS).
Our partnerships offer plans for:
Flexible Spending Account (FSA) – This plan is part of Section 125 of the IRS code which allows employees to set aside funds through payroll, on a pretax basis, to pay certain qualified expenses. Additionally, employers save on payroll taxes for every dollar of employee participation. Our trusted administrator offers the following FSA plans:
• Dependent Care
• Health Premiums (Premium Only Plans – POP)
Health Reimbursement Arrangement (HRA) – This plan is part of Section 105 of the IRS code which allows employers to fund an account with a set dollar amount for employee medical expenses. Then employees pay for healthcare expenses with tax-free, employer provided funds. We offer standard and customized plans for practices of any size.
Health Savings Accounts (HSA) – This plan is part of Section 223 of the IRS code which employee’s healthcare are covered under a High Deductible Health Plan (HDHP) and contributions are made by the employee on a pretax basis. HSA’s have higher annual contributions limits, no use-it-or-lose-it rule, no limit on carryovers and offer an investment option where earnings grow tax-free.
ERISA Compliance for Employee Benefits) – The Employee Retirement Income Security Act (ERISA) regulates group-sponsored benefits and imposes strict deadlines for disclosing plan information to eligible employees. Plan sponsors must follow a strict fiduciary code of conduct. In our ever-changing legislative environment, it’s more important than ever to trust a compliance expert. Our Agency Partner will manage all necessary documents, forms, and record keeping including:
Provide guidelines for timely disclosure of Plan changes to employees.
Assist in obtaining necessary information from insurance carriers and/or service providers.
Monitor legislative and regulatory changes to ensure mandates are met and notices are up-to-date.
Instruct HR regarding required on-site record keeping.
Provide free PCORI/ Patient-Centered Outcomes Research Institute compliance services.
These tax saving advantages can benefit your practice.
Contact us below to learn how.