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Flexible Spending Accounts
Flexible Spending Accounts allow employees to put money aside pre-tax to pay for certain eligible expenses as described by the Internal Revenue Code (IRC). Employees save on their Federal Income Tax and FICA taxes as well as State Taxes in most states. Employers save money on these plans as well since their matching FICA taxes are lowered. In most cases the employer saves more than enough to pay for the administration of the plan making this a no cost benefit to the employer.
Healthcare Reimbursement Arrangement
A Healthcare Reimbursement Arrangement, typically referred to as an HRA, can be utilized by employers to reduce their overall healthcare costs without placing additional financial burden on their employees. An HRA allows the employer to pay for eligible expenses with pre-tax dollars. The employer decides what expenses are eligible, within the IRS guidelines, leaving a lot of flexibility in plan design.
Commuter Benefits
This benefit allows employees to put money aside pre-tax to help reduce the cost of commuting to work while also reducing the FICA obligations of the employer. Flex Facts provides a stored value debit card that employees can use at the point of service to pay for their eligible mass transit and parking expenses.
COBRA Administration
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events. Qualified individuals may be required to pay the entire premium for coverage up to 102 percent of the cost to the plan.
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