Health Savings Account (HSA)
An HSA is a tax-advantaged account employees can use to pay for eligible health care expenses. Funds can be set aside on a pre-tax basis for medical expenses, dental and vision care, and deductibles and co-insurance amounts.
Health Reimbursement Account (HRA)
An employer-funded HRA (sometimes called a Health Reimbursement Arrangement) provides employees with tax-free reimbursements for qualified medical expenses — up to a fixed dollar amount per year. Unused funds can be rolled-over and used in later years.
Flexible Spending Account (FSA)
An FSA allows employees to put aside funds on a tax-free basis to pay for out-of-pocket medical expenses like copayments, deductibles, and prescriptions. Employees can carry over up to $500 in leftover funds to spend the next year.
Your groups of 20+ employees enrolled in Medical coverage through Word & Brown are eligible for free COBRA administration services. This allows an insured worker to continue his or her health insurance coverage after employment ends in certain circumstances.
Premium Only Plan (POP)
Also known as a Section 125 Cafeteria Plan, a Premium Only Plan enables enrolled employees to pay their health insurance premiums with pre-tax dollars. Employers can save on Federal Insurance Contribution Act (FICA) taxes and workers’ comp.
ERISA compliance can be a challenge for employers. We offer an array of valuable ERISA resources, including a reporting and disclosure guide for employee benefit plans, EFAST2 Form 5500 and 5500SF filing tips, and much more.