FSA, HRA & HSA

Flexible Spending Accounts enable employers and/or employees to set aside money on a pre-tax basis to reimburse qualified medical and dependent care costs.

Combining a defined contribution program such as Flexible Spending Accounts (FSA), Health Reimbursement Arrangements (HRA) or Health Savings Accounts (HSA) with a high deductible health plan is a central strategy behind consumer-directed healthcare. With this arrangement, employees are given incentive to utilize their healthcare wisely before any plan dollars are used.

By the very nature of pre-tax benefits, savings to the employee and employer are nearly automatic.

Consultation

  • Develop plan design and benefit provisions
  • Prepare draft of Plan Documents and SPD for counsel review
  • Design of employee communication materials
  • Ongoing consultation regarding plan design and language
  • Process participant enrollment and election information
  • Preparation of initial report of salary deferrals by benefit type
  • Process reimbursement requests
  • Provide participants with explanation of claims
  • Remit monthly premiums to insurance carriers
  • Quarterly spending and annual account statements
  • Maintain accounting of benefits paid to each participant
  • Toll-free number to our customer service personnel
  • Quarterly employer reports
  • Form 5500 preparation
  • Centralized billing services
  • Compliance testing and consulting

Administration

As one of the nation’s largest independent actuarial and employee benefit firms, our team of advisers deliver personalized analysis and recommendations. As both practitioners and consultants, our team can translate the results into common language that assists your executive team and investment committees to make sense of the impact and status in offering a HSA, FSA or HRA.

Why Nyhart?

Our clients regularly recognize us for the level of service we provide and the attention to detail, independent voice and reliability of our calculation and administration services. We are extremely client-driven.

Dedicated teams, direct access

Each client at Nyhart has a dedicated team of actuaries, plan advisers and administrators. We provide you direct access to your team so your questions and issues can be handled confidentially by a team who knows your Flexible Spending Account or Health Savings Account benefit and can immediately help you resolve your issues.

Ask Nyhart

Do you have an actuarial question or are interested in learning how Nyhart may be able to provide the long-term partnership to design, manage and/or administer a Flexible Spending Account or Health Savings Account benefit for your company or government agency? Please call us at (317) 845-3500 or email us at connect@nyhart.com today and we will be in touch quickly. We want to earn your business.