An FSA will increase an employer’s net revenue through decreased payroll expenses.  Not only does the employer benefit, participating employees benefit as well.  Participants realize an increase in disposable income through lower payroll taxes and the ability to pay their portion of some health care costs with pre-tax money.  By the very nature of pre-tax benefits, savings to the employee and employer are automatic.

Dealing with ever-increasing benefit costs is not easy for employer or employees. Nyhart offers employers expert advice and administration of Code Section 125 plans (flexible benefit cafeteria plans) that include FSA arrangements.  FSAs can be established for health care expense reimbursement, dependent (day care) expense reimbursement, or both.

Combining an FSA a Health Reimbursement Arrangement (HRA) and/or individual employee Health Savings Accounts (HSAs) with a high deductible health plan can be an effective consumer-directed health care strategy to provide employees with a financial incentive to manage their health care wisely.

As one of the nation’s largest independent actuarial and employee benefit firms, our team delivers personalized analysis and recommendations. As both practitioners and consultants, our team will assist your executive team in designing an employer-specific benefits program.

Consultation

• Plan design consulting
• Draft Plan Documents and SPDs for outside counsel review
• Design employee communication materials
• Provide ongoing consulting regarding plan design and required plan changes

Administration

• Process participant enrollment and election information
• Provide periodic plan sponsor reports
• Provide required 3^rd party claims adjudication, ensuring adequate substantiation
• Process reimbursement requests
• Provide participants with explanation of any claims denials
• Prepare quarterly spending and annual account statements for participants
• Maintain accounting of benefits paid to each participant
• Toll-free number to our customer service personnel
• Form 5500 preparation
• Centralized billing services
• Compliance testing and consulting

Why Nyhart?

Our clients regularly recognize us for the level of customer service we provide, as well as our attention to detail, our independent voice and the reliability of our administration services. Our focus is our client.

Dedicated teams, direct access

Each client at Nyhart has a dedicated team of plan advisers and administrators. We provide you direct access to your team so your questions and issues can be handled confidentially by a team that knows your benefit program and can immediately help resolve your issues.

Ask Nyhart

Are you interested in learning how Nyhart may be able to provide a long-term partnership in the design, management and/or administration of a benefits program 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