Product Highlight: FSA/HRA/HSA Administration

The Lead june 2016 - Lifetime Benefit Solutions

FSA HSA HRA Product Highlight

FSA/HRA/HSA Administration

Lifetime Benefit Solutions Flexible Spending Accounts (FSA), Health Reimbursement Accounts (HRA) and Health Savings Accounts (HSA) administration includes 24/7 web-based access to account information for clients and employees, and a convenient mobile app to check your balance and submit claims.

Flexible Spending Account (FSA): An FSA is an employee benefit plan established under Internal Revenue Code Section 125 that allows your employees to pay for certain qualified expenses on a pretax basis.

Our solution will help you:

  • Fight the rising cost of health insurance by offering FSAs along with high deductible insurance plans.
  • Offer flexible benefit options with the ability to:
    • Stack FSAs with HRAs and HSAs.
    • Offer an employer contribution amount and dependent care options.
    • Customize eligible expenses.
    • Alter plan rules for enrollees with a loss of eligibility.

Health Reimbursement Account (HRA): Coupled with your medical plan, an HRA can help you combat the rising cost of health care. An HRA is an employer-funded, tax-sheltered account that reimburses employees for allowable medical expenses. High-deductible health plan members who do not qualify for an HSA can be enrolled in an HRA. Established under Internal Revenue Code Section 105, this employee benefit plan allows participants to pay for certain out-of-pocket health care expenses while you remain in control of how the dollars are spent.

Health Savings Account (HSA): HSAs are tax-advantaged savings accounts used in combination with qualified high deductible health plans (HDHP) to give employees a new way to manage health care costs. Employees can use the HSA funds to cover qualified health care expenses—from co-payments at the doctor’s office to pharmacy bills, dental care, vision care and more.

To learn more visit our website.

 

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Lifetime Benefit Solutions is a national leader in developing and delivering health-related benefits plans – partnering with our customers to deliver value and promote employee health and wellness.

Flexible employee benefit programs, intelligently and creatively customized to your company’s unique situation.