A Defined Contribution Approach to Health Benefits
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) (comparison) 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.
FSA Savings are Nearly Automatic
By the very nature of pre-tax benefits, savings to the employee and employer are nearly automatic. Click here to estimate your savings.
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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
Administration
- 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
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