Open Enrollment 2017

The Lead - 2017

FSA Open Enrollment - Flexible Spending Account - LBSIt's that time again: Open Enrollment 2017

Open enrollment is upon us, which means it’s time for your clients to review their policies and products. It’s also the perfect time to consider adding a reimbursement account, such as a Flexible Spending Account (FSA), Health Reimbursement Account (HRA) or Health Savings Account (HSA) to their plan.

  • An FSA allows employees to pay for certain expenses on a pre-tax basis. Employees can save money by using tax-free funds to pay their out-of-pocket medical, dental, vision and dependent care expenses. FSAs can also easily be stacked with HRAs and HSAs.
  • Coupled with an employer’s medical plan, an HRA can help combat the rising costs of health care. An HRA is an employer-funded, tax-sheltered account to reimburse employees for allowable medical expenses. HRAs allow employees to pay for certain out-of-pocket health care expenses while employers remain in control of how the dollars are spent. Lifetime’s HRA solution offers easy-to-use online forms and reports and secure, self-service portals that deliver high consumer satisfaction and valuable insight to employers.
  • An HSA is a tax-advantaged savings account that is used in combination with a qualified high deductible health plan (HDHP). Funds can be used to cover qualified health care expenses – from co-payments to pharmacy bills, dental care, vision care and more.

If you are interested in learning more about these or any other of our products, please contact your account representative.

 

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