BENEFITS ADMINISTRATION

Benefit Providers can manage your employee benefit programs allowing you to offer more options to your employees, while saving you time, money and decreasing the probability of human error. Our benefit administration program can be integrated in to your Payroll and/or HR administration, or done alone.

Our services include HRA (Health Reimbursement Accounts), HSA (Health Savings Account), FSA (Flexible Spending Accounts) and 125 Plans.

FamilyHRA (Health Reimbursement Accounts) give your employees greater flexibility and discretion over how to use health care benefits, and help your company save money. An HRA is a benefit plan used to help cover medical expenses such as copays, coinsurance, deductibles and services that are not covered by your employer’s standard group health plan. (The standard group health plan can be any plan, not only “high deductible plans.”)

HRA coverage may vary from plan to plan and can be custom tailored to meet each company’s specific needs. The HRA plan document must specify at inception what will be termed and accepted as “qualified claims”, before reimbursing for those medical expenses. An employer may have multiple plans in place, giving you the flexibility of choosing the group health plan that best meets your individual or family needs.

Mother and daughterHSA (Health Savings Account) is another plan that provides your employees greater flexibility and discretion over how to use health care benefits — all while saving your company money. An HSA is a tax-free savings account that can be used to pay for qualified medical copays and deductibles, lab costs, over-the-counter drugs, health insurance premiums during any period of unemployment, as well as other medical expenses not often covered by group health plans such as dental, optical and more. 

It is a savings account for future medical expenses, and is often referred to as a “Medical IRA” since you own the funds in your account. Your HSA funds go with you when you change jobs and roll over from year to year. You can even use your HSA to supplement your retirement income (see below for more information on this.) In addition, federally qualified HSAs are tax-deductible when you contribute to your fund. Contributions from employers are not included in your taxable income, and you can accumulate tax-free earnings through investments. Additionally, any withdrawals for qualified medical expenses are tax-free, and at age 65 you can use the accumulated savings for non-qualified expenses at normal tax rates. Online account management for your HSA is easy.

FamilyFSA (Flexible Spending Accounts)/ 125 Plans provide the opportunity to have pre-tax Flexible Spending Account (FSA) — governed by Section 125 of the IRS Code — that lets you pay for your medical expenses using pre-tax money. You decide the amount of money to deduct from your paycheck BEFORE taxes. This pre-tax money is put into a Flexible Spending Account (FSA) to be used to pay for medical expenses, such as doctor and prescription copays, eligible over the counter medications and other medical expenses not covered by your insurance plan. You are funding your FSA account using pre-tax money, which reduces your gross taxable income, thus reducing your state, federal and FICA taxes. Since you are using your FSA pre-tax money to pay for your medical expenses, your net spendable income is increased — like giving yourself a raise. 

To learn more about the benefits we administer, or to find out how to customize our benefits to meet the needs of your company, contact us today.

Our Team at Benefit Providers is passionate about what we do. Our top of the line products are the best in the industry, and we are proud to offer them to you to make your job easier so you can focus on what matters most; Meeting your customer’s needs while remaining profitable.