Healthcare Reimbursement accounts are not all created equal. To help you understand the differences between HRAs, FSAs, HSAs and LP FSAs, we've created a comparison chart. We can work with your producer to select reimbursement accounts that work best with your health plans.
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Most employees have some medical, dental or vision care expenses each year which are not covered by insurance. Many employees also have to pay for child care so that they can work. But do these employees know that they can pay for these expenses with pre-tax dollars?
They can if their employer offers Flexible Spending Accounts (FSA).If an employer provides it's employees with the option of an FSA, they can set aside funds pre-tax to pay for childcare and/or medical expenses, like prescriptions, deductibles and copays. They can access the funds with a debit card or submit claims for reimbursement. We offer state-of-the-art technology allowing clients to submit claims or debit card substantiation with their smartphone.
A Health Reimbursement Account (HRA) covers employees for certain specified medical expenses as determined by the employer and that qualify under Section 213. It is funded by the employer, not by salary reduction contributions from employees. HRA's can be a cost effective way for employers to cover medical expenses. The employer can design the plan to cover a variety of healthcare expenses including; co-insurance Deductibles, prescription drug and office visit co-pays, dental expenses including orthodontia and Medical Reimbursement Accounts - Section 105.
A Health Savings Account (HSA) is a tax-advantaged savings account that is used in combination with a High Deductible Health Plan (HDHP). Employees who participate can use their HSA funds to cover qualified medical expenses—from co-payments at the doctor’s office to pharmacy bills, dental care, vision care, and more.
With an HSA, there is no "use it or lose it" condition. Unused funds remain in the account and continue to grow interest. HSAs are portable because they are employee owned. If they leave the company or retire, the account goes with the employee.
We offer technology tools to help HSA participants make the most of their HSA dollars. Accounts can be set to automatically sweep funds at a certain threshold into investments. Working with our partner, participants can select their mutual fund investments right from our consumer portal. They can view account details, request distributions, edit contributions and change beneficiaries right from their mobile device with our mobile app.
Qualified Transportation Accounts (QTAs), also known as Commuter Benefits Accounts, allow employees to set aside pre-tax funds used for eligible transit and parking expenses related to commute to work, governed by IRC Section 132.
We offer QTAs as an add-on to any of our fully administered Flex plans with a debit card option. Funds are loaded onto the same debit card that the participant uses for their FSA, HRA or HSA access.
If an employer only needs plan document preparation without administration, csONE Benefit Solutions can provide Premium Conversion Plans, ERISA Wrap Documents, HRA Plan Documents and non-discrimination testing.
A Representative will setup a consultation to review an employer's current plan designs. The information gathered is used to produce customized plan documents and summary plan descriptions. To ensure the documents meet IRS and/or ERISA guidelines and to maintain legal compliance, csONE utilizes the services of leading providers of benefit plan documents to third party administrators.
csONE administrative systems are state-of-the-art and provide a robust array of on-line capabilities and reporting. These systems also provide many automated interfaces to assist our clients in being as efficient as possible. Our staff is also available to provide training, assist with plan designs, and attend meetings.