Section 125 Plans Flexible Spending Accounts Health Reimbursement Arrangements Health Savings Accounts

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Section 125 Plans Flexible Spending Accounts Health Reimbursement Arrangements Health Savings Accounts"

Transcription

1 Section 125 Plans Flexible Spending Accounts Health Reimbursement Arrangements Health Savings Accounts We understand the important role that employee benefits, especially health insurance, play in our member s ability to recruit and retain top quality employees. With the cost of health insurance continuing to rise, most employers ask their employees to share in the cost of health insurance through premium sharing, deductibles and co-insurance. By putting a Premium-Only Plan, Flexible Spending Account, Health Savings Account, and/or Health Reimbursement Arrangement in place, both the employer and employees can benefit through tax-preferred methods. Focusing the power of small business

2 1. Section 125 Plan Administration A Section 125 Plan, also referred to as a Premium-Only Plan, allows employees to pay for a portion of health insurance premiums with pre-tax dollars. Eligible premiums include health, dental, vision and up to $50,000 of group term life insurance. If your company is increasing the amount employees pay for insurance plans, or perhaps introducing premium-sharing for the first time, it makes financial sense to deduct these contributions on a pre-tax basis. Your employees benefit because their premium contributions are deducted pre-tax, decreasing taxable income and increasing take-home pay. Your company benefits because FICA tax liability is lowered. Options and Cost Self-Administered Premium-Only Plan $99 for plan templates When you enroll in the self-administered Premium-Only Plan, you are given all the necessary document templates to administer the program yourself including a fully compliant Plan Document and Summary Plan Description, employee enrollment forms, payroll guide, and nondiscrimination / concentration testing spreadsheet. You will also have access to the Kushner & Company Project Team who will handle any questions you have along the way. Fully Administered Premium-Only Plan $27.50 per month When you enroll in the fully administered option, Kushner & Company, does all the work for you. The Plan Document and SPD is completed for your company and tailored to your specifications. You will be contacted by a representative from the Project Team who will set up all aspects of the plan on your behalf. This option minimizes paperwork for you to complete and greatly simplifies the implementation and administration. This option also includes annual nondiscrimination testing for your company.

3 2. Flexible Spending Account (FSA) Administration A Flexible Spending Account is a low cost way for you to enhance your employee benefits package. Employees reduce federal income taxes, social security taxes, and state income taxes and allows your employees to better budget for known out-of-pocket expenses over a twelve month period. Flexible Spending Accounts Health Care Account: Employees may set aside a portion of their salary through pre-tax payroll deductions to pay for medical, dental or vision care expenses for the themselves, their spouse and dependents that are not covered by any other insurance plan. These dollars go into a health care spending account and as expenses are incurred, employees can file a claim against their account and withdraw money to pay the expenses. Examples of such expenses include deductibles and copayments, the cost of prescription drugs, vision care (including eyeglasses and contact lenses), dental care and orthodontia not covered by your group health or dental plans. Flexible Spending Accounts Dependent Care Account: Employees (and their spouse, if married) who have children and have to pay someone to watch the children so they can work, look for work, or attend school full-time. The employee can elect to set aside a portion of their salary through pre-tax payroll deduction to pay for these expenses. The dollars go into a dependent care spending account and as expenses for daycare or babysitting are incurred, employees can file a claim against their account and withdraw money to pay the expenses. Cost $5.25 per month per participant ($52.50 per month minimum) Free debit card If you elect this option, you will receive the Premium Only Plan administration, as well as Flexible Spending Account processing for your employees health and/or dependent care. This includes an administration guide to aid you in the day-to-day operations of the FSA plan, employee communication materials, enrollment forms and claims kit, daily processing of employee claims, and once a week you ll receive a Deposit Report, Check Report and a Year-To-Date Benefit Summary. Employees receive a free debit card to pay for eligible expenses that gives them direct access to their account. Your employees will have password protected online access where they can view all FSA activity within their own account.

4 3. Health Reimbursement Arrangement (HRA) Administration Health Reimbursement Arrangements (HRAs) HRAs are a tax-advantaged benefit that allows both employees and employers to save on the cost of healthcare. HRA plans are employer-funded medical reimbursement plans. The employer sets aside a specific amount of pre-tax dollars for employees to pay for health care expenses on an annual basis. Based on the plan design, HRAs can generate significant savings in overall health benefits. The most attractive feature of HRAs is that they allow for payment of all qualified health-related expenses on a pre-tax basis. All businesses, including one-person and part-time businesses, may operate an HRA plan. Kushner & Company will provide all the necessary documentation including Custom Plan Document and Summary Plan Description (SPD), employer-specific enrollment forms, employee communication materials including an employee newsletter explains the benefits and tax savings of the plan and online benefits access, direct deposit and available debit cards. Cost Standard Health Reimbursement Arrangement $5.25 per month per participant ($52.50 per month minimum) Free debit card SBAM also offers a self-administered HRA option for $99. You will receive all the necessary document templates to administer an HRA yourself including the HRA Master Plan Document, HRA Summary Plan Description, and HRA Plan Document Cover Letter.

5 Enrollment Newsletter As part of your Plan s initial implementation, you are provided with an enrollment newsletter for your employees. This will help your employees understand the tax savings of the Premium Conversion Plan and what their participation in it involves. Payroll Guide Your Premium Only Plan will provide tax savings for both you and your employees. The employee salary reduction contributions to the Plan are not subject to FICA, Medicare, federal, or state taxes (if outside of Michigan, consult your project manager). However, you will need to contact your tax advisor to determine if state or local income taxes apply. In addition, the employer does not pay FICA, Medicare or federal unemployment taxes [FUTA] on employee contributions (nor state unemployment taxes [SUTA] in some states, although you do pay SUTA. IRS Form 550 The IRS has suspended the requirement of Premium Only Plans to file an IRS Form 5500 or any of the associated Schedules. However, if your health and welfare plan has greater than 100 participants you are still required by ERISA to file a Form 5500 and all applicable Schedules. Customer Service When you chose SBAM and Kushner & Company to provide the tools necessary to your Plan, you chose to receive extensive expertise whenever you need it. Your Project Team will always be available to answer any questions you may have regarding the administration of your plan(s). Debit Card With the debit card, an employee can access his or her Health Care FSA, HSA or HRA directly to pay for eligible expenses. Plus, this helps to increase both participation and contributions, reducing the amount of taxes your company and your employees pay. Claims Processing Kushner & Company processes claims weekly or daily (your choice) and employee reimbursements can be given in the form of a check or direct deposit into their bank account.

6 Timeline Of Implementation for FSA, HSA and/or HRA Administration Complete implementation of the plan(s) usually takes two to four weeks. After SBAM receives the initial enrollment form and agreement, Kushner & Company will contact the group and/or insurance agent via with the Client Information Sheet and the HRA Adoption Agreement (if applicable). A conference call is scheduled to gather the necessary information together with Kushner & Company. Once Kushner & Company has received the completed Client Information Sheet and the HRA Adoption Agreement (if applicable), they will begin to generate the materials for the plan(s). Depending on the time of year, and complexity of the plan(s), the client will receive all of materials within one to two weeks. Your client receives enrollment and plan administration materials from Kushner & Company in a series of s separated by the types of information. These s contain all materials necessary for the client s open enrollment period and plan administration throughout the plan year. There will typically be a separate for employer materials and employee materials. They may include items such as: Employee Enrollment Form Request for Reimbursement Form Newsletter and/or PowerPoint Flexible Spending Account Worksheet Direct Deposit Authorization Forms (employer and employee) Online Inquiry and Claim Entry Instruction FSA Eligible Expense List Debit Card Information Notice of Termination FSA Deduction Reporting Instruction Discrimination Testing Information and Census Spec Sheet Employer Administration Guide

7 4. Health Savings Account (HSA) Administration A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for payment of current and future qualified medical expenses. To have an HSA, you must first have a qualified high-deductible health plan. Qualified Medical Expenses Qualified medical expenses for an HSA include health insurance plan deductibles, co-payments and coinsurance amounts, prescription and over-the-counter drugs, dental services, vision care, long-term care, psychiatric and certain psychological treatments and certain health premiums including COBRA (but not premiums while an active employee). HSA Contributions Once you have established the HSA, your company, the employee or both may contribute to the HSA in a given year. For an HSA established by a self-employed individual, the individual may contribute to the HSA. In addition, family members may contribute to an HSA on behalf of another family member. Contributions to an HSA must be made in cash. Contributions to an HSA may be made through a Section 125 Plan via the pre-tax payroll method or after-tax by making deposits. In any given year, contributions may be made until April 15 the following year. HSAs may be invested much like a 401(k) or an IRA in an interest-bearing account, a mutual fund or stocks and bonds. Because you don t know when the HSA will be called upon for medical expenses, it is generally recommended that the majority of funds be readily accessible through a bank account. No Limits or Risk of Losing Funds with an HSA There is no use-it-or-lose-it provision with an HSA. Any balance of funds at the end of the year may be carried over into future years with no limits. The HSA Stays with the Employee Because the account is owned by the employee or individual and maintained in a trust, the account holder may use the account after he or she leaves the employer who offered the qualified high-deductible health plan. Employees receive a free debit card to pay for eligible expenses and gives them direct access to their account (when using an approved bank). Cost Health Savings Account Administration $2.75 per month per participant ($27.50 per month minimum)

8 How To Enroll In The Program Simply submit the completed enrollment form and signed agreement. If you opted for the selfadministered Premium-Only Plan, the templates will be ed to you with instructions. If you opted for one of the fully-administered FSA, HRA and/or HSA programs, a representative from Kushner & Company will contact you and discuss the next steps in implementation. SBAM partnered with Kushner & Company of Portage, Michigan because they are a top leader in the field of human resources and benefits administration. By receiving no compensation from insurance companies, brokers or sellers, Kushner offers unbiased recommendations. Their primary concern is to provide exceptional solutions that simplify benefit-related responsibilities. Kushner & Company is dedicated to providing comprehensive employee benefits consulting and administration services individualized to assure your specific benefit requirements are entirely fulfilled. Because the firm is a pioneer in employee benefit consulting and administration, you can have complete confidence in Kushner & Company. SBAM s Products and Services All of SBAM s products and services are developed for small business owners by small business owners. Our volunteer leaders and staff have researched services and negotiated prices that are generally only available to much larger companies. You can feel confident in choosing SBAM Approved Partners for all of your business needs. For additional information, please contact SBAM at (800) or

Premium-Only Plan Flexible Savings Account Health Reimbursement Arrangement Health Savings Account. Enrollment and Participation Guide

Premium-Only Plan Flexible Savings Account Health Reimbursement Arrangement Health Savings Account. Enrollment and Participation Guide Premium-Only Plan Flexible Savings Account Health Reimbursement Arrangement Health Savings Account Enrollment and Participation Guide Rev 03/2011 WHO WE ARE AND WHAT WE DO Thank you for considering the

More information

I don t have health insurance, can I get an HSA? Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under a HDHP.

I don t have health insurance, can I get an HSA? Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under a HDHP. FREQUENTLY ASKED QUESTIONS (Information obtained from US Treasury HSA website) HSA Basics What is a Health Savings Account ( HSA )? A Health Savings Account is an alternative to traditional health insurance;

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions What is a Health Savings Account (HSA)? A Health Savings Account (HSA) is an alternative to traditional health insurance; it is a savings product that offers a different way

More information

YOUR GUIDE TO A HEALTH SAVINGS ACCOUNT (HSA)

YOUR GUIDE TO A HEALTH SAVINGS ACCOUNT (HSA) YOUR GUIDE TO A HEALTH SAVINGS ACCOUNT (HSA) DOES A HIGHMARK HEALTH SAVINGS ACCOUNT (HSA) MAKE SENSE FOR YOU? An HSA is a tax-advantaged savings account that s available to people whose health care coverage

More information

Health Savings Accounts: Common Questions and Their Answers

Health Savings Accounts: Common Questions and Their Answers Health Savings Accounts: Common Questions and Their Answers I. General HSAs II. Qualified High-Deductible Health Plan HDHPs III. Contributions to an HSA Distributions BlueAccount I. General HSAs I.1 What

More information

Health Savings Accounts

Health Savings Accounts Raymond James & Associates, Inc. Anne Bedinger, WMS Vice President, Investments 2255 Glades Road, Suite 120-A Boca Raton, FL 33431 561-981-3661 800-327-1055 Anne.Bedinger@RaymondJames.com www.annebedinger.com

More information

Comparison of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)

Comparison of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) Account Overview Tax-exempt trust or custodial account created to pay for the qualified medical expenses of the account holder and his/her spouse or dependents. A cafeteria plan authorized under Section

More information

SUMMARY OF GUIDE CONTENTS... 1 HIGHLIGHTS OF TAX-ADVANTAGED PLANS... 2 EMPLOYEE SALARY REDUCTION PLANS... 5

SUMMARY OF GUIDE CONTENTS... 1 HIGHLIGHTS OF TAX-ADVANTAGED PLANS... 2 EMPLOYEE SALARY REDUCTION PLANS... 5 This Guide is for informational and educational purposes only. It does not constitute legal advice or a comprehensive guide to issues to be considered by employers in establishing tax-advantaged benefits

More information

Health Savings Accounts (HSA) A healthy way to save

Health Savings Accounts (HSA) A healthy way to save Health Savings Accounts (HSA) A healthy way to save Invest in your health with an HSA A Health Savings Account (HSA) is an individually-owned, tax-free, interest-bearing savings account that is used to

More information

Health Savings Account HSA Summary

Health Savings Account HSA Summary Health Savings Account HSA Summary Effective January 1, 2016 TABLE OF CONTENTS INTRODUCTION... 3 WHO IS ELIGIBLE... 3 IRS REQUIREMENTS... 3 WHEN IS ELIGIBILITY DETERMINED?... 3 DO MY SPOUSE & I ESTABLISH

More information

Electing Pre-tax Dollars To Pay For Your Health Care Expenses

Electing Pre-tax Dollars To Pay For Your Health Care Expenses Electing Pre-tax Dollars To Pay For Your Health Care Expenses FSA LPF HSA Your Benefit Options Based On Your Health Insurance Plan BENEFIT OPTIONS You Have Elected a Traditional Health Plan... Low or no

More information

Health savings account Q&As

Health savings account Q&As Health savings account Q&As What are HSAs and who can have them? 1. What is a Health Savings Account (HSA) and how does it work? An HSA is a tax-advantaged account established to pay for qualified medical

More information

Health Savings Accounts Frequently Asked Questions

Health Savings Accounts Frequently Asked Questions Health Savings Accounts Frequently Asked Questions Health savings accounts put your health care spending in your own hands. You decide when and how to use your health care dollars and you can save on taxes

More information

benefits Mayo Pre-Tax Health Savings Account Plan Document and Summary Plan Description January 2015

benefits Mayo Pre-Tax Health Savings Account Plan Document and Summary Plan Description January 2015 Plan Document and Summary Plan Description A Component of the Mayo Flexible Spending Account Plan January 2015 benefits TO BUILD ON TABLE OF CONTENTS Table of Contents INTRODUCTION... 3 Pre-Tax HSA Is

More information

Health Savings Account Frequently Asked Questions

Health Savings Account Frequently Asked Questions Health Savings Account Frequently Asked Questions (for Core 60 Medical Plan Members) The Health Savings Account (HSA) is a great way to save for health care expenses incurred today or in the future for

More information

HSA FAQs. Get the answers you re looking for

HSA FAQs. Get the answers you re looking for HSA FAQs Get the answers you re looking for 1. What is a Health Savings Account (HSA)? 2. How is using an HSA like giving myself a raise? 3. Am I eligible for an HSA? 4. What happens if I don t use all

More information

Kitsap Bank Health Savings Account Guide. A tax-smart way for you to manage growing healthcare costs.

Kitsap Bank Health Savings Account Guide. A tax-smart way for you to manage growing healthcare costs. Kitsap Bank Health Savings Account Guide A tax-smart way for you to manage growing healthcare costs. At Kitsap Bank, we believe that helping you prepare for the rising cost of health care is key to helping

More information

HEALTH SAVINGS ACCOUNT Q&A

HEALTH SAVINGS ACCOUNT Q&A HEALTH SAVINGS ACCOUNT Q&A HSA BASICS What is a health savings account or HSA? A health savings account (HSA) is a tax sheltered savings account, which is only offered to people who are covered under a

More information

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account Your Health Savings Account Reference Guide Your Guide to Understanding a Health Savings Account The Fidelity HSA A tax-advantaged way to pay for health care expenses* A health savings account (HSA), combined

More information

HSA. health savings account. offered with MVP partner banks. The perfect companion to MVP high-deductible plans. Part of MVP s New Value plans.

HSA. health savings account. offered with MVP partner banks. The perfect companion to MVP high-deductible plans. Part of MVP s New Value plans. HSA health savings account offered with MVP partner banks The perfect companion to MVP high-deductible plans. Part of MVP s New Value plans. MVP HSA: quick look Employee savings account funded by the employer,

More information

Health Savings Accounts

Health Savings Accounts Health Savings Accounts I. What Are HSAs and Who Can Have Them? What is an HSA? An HSA is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses

More information

Health Savings Account FAQs

Health Savings Account FAQs General What s a health savings account (HSA)? An HSA is an interest-bearing savings account you fund either with before-tax paycheck deductions through WageWorks McKesson s HSA administrator or with tax-deductible

More information

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account Your Health Savings Account Reference Guide Your Guide to Understanding a Health Savings Account Table of contents The Fidelity HSA...1 Opening and Contributing to Your Fidelity HSA...3 Using Your Fidelity

More information

2015 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents

2015 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents 2015 Health Savings Account (HSA) Frequently Asked Questions Table of Contents Health Savings Account (HSA) Plans What is a Health Savings Account (HSA)?...pg. 1 How does an IU Health HSA work?...pg. 1

More information

Health Savings Accounts

Health Savings Accounts HSAs Health Savings Accounts 2014 and 2015 Limits Questions & Answers What is a Health Savings Account (HSA)? An HSA is a tax-exempt trust or custodial account established for the purpose of paying medical

More information

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account Your Health Savings Account Reference Guide Your Guide to Understanding a Health Savings Account Table of Contents The Fidelity HSA...1 Opening and Contributing to Your Fidelity HSA...3 Using Your Fidelity

More information

Understanding a Health Savings Account

Understanding a Health Savings Account From Roper Insurance & Financial Services Understanding a Health Savings Account Type of Coverage Minimum Annual Deductible Individual $1,300 for 2015 $1,300 for 2016 Family $2,600 for 2015 $2,600 for

More information

Health Savings Accounts & High Deductible Health Plans

Health Savings Accounts & High Deductible Health Plans Health Savings Accounts & High Deductible Health Plans Definitions Consumer Driven Health Plan ( CDHP ) A health insurance plan designed to give you more control over your health care spending. CDHPs incorporate

More information

FREQUENTLY ASKED QUESTIONS QUALIFIED HIGH DEDUCTIBLE HEALTH PLAN WITH A HEALTH SAVINGS ACCOUNT

FREQUENTLY ASKED QUESTIONS QUALIFIED HIGH DEDUCTIBLE HEALTH PLAN WITH A HEALTH SAVINGS ACCOUNT FREQUENTLY ASKED QUESTIONS QUALIFIED HIGH DEDUCTIBLE HEALTH PLAN WITH A HEALTH SAVINGS ACCOUNT Qualified High Deductible Health Plans (QHDHP) What is a QHDHP? A QHDHP is a medical plan regulated by the

More information

AT&T Flexible Spending Account Plan

AT&T Flexible Spending Account Plan Summary Plan Description Important Benefits Information AT&T Flexible Spending Account Plan This summary plan description (SPD) is a guide for using the AT&T Flexible Spending Account Plan (Plan). Please

More information

CAFETERIA PLAN. Cafeteria Plan A Flexible Benefits Program. Standard Menu of Cafeteria Plans Includes: Advantages of a Flexible Benefits Program

CAFETERIA PLAN. Cafeteria Plan A Flexible Benefits Program. Standard Menu of Cafeteria Plans Includes: Advantages of a Flexible Benefits Program Administration Proposal Cafeteria Plan A Flexible Benefits Program Want a benefits program that suits BOTH you and your employees? One that offers tax savings, convenience and customer support? It s time

More information

Account Based Health Plan with Health Savings Account Guide

Account Based Health Plan with Health Savings Account Guide Account Based Health Plan with Health Savings Account Guide Lead the way Page 1 2016 ABHP with HSA Guide You re in control with an Account-Based Health Plan Philips believes an Account Based Health Plan

More information

HSA Quick Start Guide

HSA Quick Start Guide HSA Quick Start Guide I want my health care dollars to be safe, and I want easy access to my money, whenever and wherever I need it. It s the benefit of knowing. I want an easy, hassle-free way to pay

More information

Tax-Advantaged Accounts Guide. Health Savings Accounts & Flexible Spending Accounts

Tax-Advantaged Accounts Guide. Health Savings Accounts & Flexible Spending Accounts 2015 Tax-Advantaged Accounts Guide Health Savings Accounts & Flexible Spending Accounts Tax-Advantaged Accounts Guide Health Savings Accounts & Flexible Spending Accounts What is a Health Savings Account?

More information

Health Savings Account (HSA)

Health Savings Account (HSA) Health Savings Account (HSA) with Limited Purpose Flexible Spending Account (LPFSA) University of Rochester Feb 2 and 4, 2015 Aetna Consumer Financial Solutions products are administered by PayFlex Systems

More information

Health Savings Account (HSA)

Health Savings Account (HSA) Health Savings Account (HSA) Your employer is offering you the opportunity to enroll in a Health Savings Account, or HSA. An HSA is a tax-advantaged account, owned by an individual who makes account contributions

More information

Get Started with a Health Savings Account

Get Started with a Health Savings Account Get Started with a Health Savings Account www.discoverybenefits.com A combination that puts you in control There s a relatively new way to pay for health care that is gaining popularity; a high deductible

More information

Personal Funding Accounts. For Washington groups with 51+ employees

Personal Funding Accounts. For Washington groups with 51+ employees Personal Funding Accounts For Washington groups with 51+ employees LifeWise s streamlined approach LifeWise Health Plan of Washington offers an integrated system for implementing and administering personal

More information

Flexible Spending Accounts Frequently Asked Questions

Flexible Spending Accounts Frequently Asked Questions Flexible Spending Accounts Frequently Asked Questions Flexible spending accounts (FSAs) allow you to reduce your tax burden and increase your take home payable income, while you set aside money for eligible

More information

Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions

Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions What is the Blue Shield of California CDHP with HSA? The Blue Shield of California

More information

An Overview of Health Savings Accounts (HSAs) 1

An Overview of Health Savings Accounts (HSAs) 1 An Overview of s (HSAs) 1 With Comparison to s, Arrangements (HRAs) and s (FSAs) Overview 2 A tax-exempt trust or custodial account established for the purpose of paying qualified medical expenses in conjunction

More information

Health Savings Accounts (HSA)

Health Savings Accounts (HSA) Health Savings Accounts (HSA) Health Savings Accounts A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in an HSA-qualified

More information

Health. Savings. Accounts. See the difference.

Health. Savings. Accounts. See the difference. Health Savings Accounts See the difference. Better manage and control your rising healthcare costs and premiums with a Seven Seventeen Health Savings Account. As an employer, providing healthcare benefits

More information

CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs

CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs FEATURE Market segment(s) Health Savings Accounts (HSAs) For new sales & transfers from MSA s. Sold as part of Blue Cross Options Blue Plan CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs

More information

Your Flexible Spending Account (FSA) Guide

Your Flexible Spending Account (FSA) Guide Your Flexible Spending Account (FSA) Guide Plan Year: January 1, 2015 December 31, 2015 What is a Flexible Spending Account? A flexible spending account (FSA) lets you set aside money from your paycheck

More information

More savings. More choices. More focus on your health.

More savings. More choices. More focus on your health. More savings. More choices. More focus on your health. It s all possible when you combine the right health plan with a Health Savings Account (HSA). HSA-PreSale-Brochure_FInal_1_12.indd 2 1/13/12 9:04

More information

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA)

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Interact with this ebrochure. Here s how. This ebrochure is designed for onscreen viewing, allowing you to navigate through the document

More information

Iowa, Illinois, and Tennessee. Heritage Options Health Savings Account HSA

Iowa, Illinois, and Tennessee. Heritage Options Health Savings Account HSA Iowa, Illinois, and Tennessee Heritage Options Health Savings Account HSA The Heritage Options HSA (Health Savings Account) can give you a new, flexible approach to health care. By choosing a qualified

More information

HSA 101. A Quick Overview of Health Savings Account Basics

HSA 101. A Quick Overview of Health Savings Account Basics HSA 101 A Quick Overview of Health Savings Account Basics Agenda Health Savings Account Features HSA Eligibility Contributions Tax Information Distributions HSA-Qualified Expenses Paying for Medical Services

More information

HEALTH SAVINGS ACCOUNT FAQs January 2014

HEALTH SAVINGS ACCOUNT FAQs January 2014 Overview Q. What is a Health Savings Account (HSA)? A: An HSA is a pre-tax account you set up with a high-deductible health plan to help pay for or reimburse current and future IRS-approved qualified medical

More information

FAQs: Health Savings Accounts (HSA)

FAQs: Health Savings Accounts (HSA) FAQs: Health Savings Accounts (HSA) Thank you for choosing NTA Life Business Servicess Group, Inc. to be your HSA provider. We want to make it easy for you to manage and maintain your Health Savings Account,

More information

Health Reimbursement Arrangements

Health Reimbursement Arrangements Health Reimbursement Arrangements Health Reimbursement Arrangements (HRAs) are plans designed to help employers and employees lower health care costs. Allowed under sections 105 and 106 of the Internal

More information

HSA Frequently Asked Questions

HSA Frequently Asked Questions Like knowing what you re spending on health care costs? Then an HSA may be just the right thing for you. It puts your health care spending in your hands. Which is pretty cool. Want to know a little more?

More information

Plan Comparison Chart

Plan Comparison Chart To help you understand the differences between FSAs, HRAs, and HSAs, please review the chart below. It will assist in deciding which account would complement the health plans your organization offers.

More information

IN THIS SECTION SEE PAGE. For More Information. Diageo: Your 2015 Employee Benefits 87

IN THIS SECTION SEE PAGE. For More Information. Diageo: Your 2015 Employee Benefits 87 Diageo: Your 2015 Employee Benefits 87 Health and Dependent Care Flexible Spending Accounts (FSAs) Diageo NA provides you with an opportunity to contribute to two kinds of flexible spending accounts (FSAs),

More information

Section 125 Cafeteria Plan Employer Guide

Section 125 Cafeteria Plan Employer Guide Section 125 Cafeteria Plan Employer Guide Premium Health FSA Dependent Care Assistance FSA Section 125 Employer Guide Employers nationwide are learning how to offset high insurance premium increases by

More information

Health Savings Account (HSA) with Limited Purpose Flexible Spending Account (LPFSA) University of Rochester Feb 10 th and 11 th, 2016

Health Savings Account (HSA) with Limited Purpose Flexible Spending Account (LPFSA) University of Rochester Feb 10 th and 11 th, 2016 Health Savings Account (HSA) with Limited Purpose Flexible Spending Account (LPFSA) University of Rochester Feb 10 th and 11 th, 2016 What is a Health Savings Account (HSA)? An HSA is a health care savings

More information

ST14-14 Health Savings Accounts (HSA)

ST14-14 Health Savings Accounts (HSA) Tax Law Overview A health savings account (HSA) is a tax-favored medical savings account available to taxpayers. HSAs enable taxpayers to pay for current medical expenses and save for future qualified

More information

Health Savings Accounts

Health Savings Accounts 1 Health Savings Accounts Health Savings Accounts Our agenda: Basics about HSAs. Eligibility for an HSA. Contribution, deductible & out-of-pocket limits. Account tips. 2 HSAs The Basics What is a Health

More information

HSA. offered with MVP partner banks. The perfect companion to MVP high-deductible plans.

HSA. offered with MVP partner banks. The perfect companion to MVP high-deductible plans. HSA health SAVings account offered with MVP partner banks The perfect companion to MVP high-deductible plans. A Better Solution from MVP Health Care and our banking partners A Health Savings Account (HSA)

More information

Introduction... 1. Enrollment Eligibility... 1. How Flexible Spending Works... 1. Advantages of Using Flexible Spending... 2. Eligible Expenses...

Introduction... 1. Enrollment Eligibility... 1. How Flexible Spending Works... 1. Advantages of Using Flexible Spending... 2. Eligible Expenses... Flexible Benefits Flexible Spending Account (FSA) Program Introduction......................................................... 1 Enrollment Eligibility....................................................

More information

HSA Frequently Asked Questions Members

HSA Frequently Asked Questions Members Like knowing that you re spending on health care costs? Then an HSA may be just the right thing for you. It puts your health care spending in your hands, which is pretty cool. Want to know a little more?

More information

Old National Health Savings Account

Old National Health Savings Account Old National Health Savings Account Overview What is a Health Savings Account? A Health Savings Account (HSA) is an account that can be funded with your tax-exempt dollars, by an employer, or both, to

More information

Understanding Health Savings Accounts (HSAs) HSA Bank is a division of Webster Bank, N.A., Member FDIC.

Understanding Health Savings Accounts (HSAs) HSA Bank is a division of Webster Bank, N.A., Member FDIC. Understanding Health Savings Accounts (HSAs) HSA Education What is an HSA? A tax-advantaged savings account that you use to pay for qualified medical expenses not covered by the HDHP, including deductibles,

More information

Health Savings Accounts. 2013 Benefits Open Enrollment

Health Savings Accounts. 2013 Benefits Open Enrollment Health Savings Accounts 2013 Benefits Open Enrollment What is a Health Savings Account? The health savings account, or HSA, is an account that you can contribute to on a per-pay-period basis. The money

More information

5. HEALTH SAVINGS ACCOUNTS AND THEIR ADVANTAGES

5. HEALTH SAVINGS ACCOUNTS AND THEIR ADVANTAGES 5. HEALTH SAVINGS ACCOUNTS AND THEIR ADVANTAGES Clients who are attracted to the premium savings of a ConnectiCare SOLO High-Deductible Health Plan (HDHP) may wish to combine it with a Health Savings Account

More information

THE HEALTH SAVINGS ACCOUNT

THE HEALTH SAVINGS ACCOUNT THE HEALTH SAVINGS ACCOUNT C O N T E N T S Start Saving Now for Your Future Health Care Needs............. 1 How the BlueEdge Plans and the HSA Work Together............. 3 Tax Advantages of an HSA...................................

More information

QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS QUESTIONS AND ANSWERS 1 An Account-Based Health Plan offers employees the choice of paying lower monthly premiums and is designed for you to be in control of your health costs. By enrolling in an Account-Based

More information

Health Savings Account FAQs

Health Savings Account FAQs Health Savings Account FAQs These questions and answers summarize the basic concepts of a Health Savings Account (HSA). It is not intended to provide all the information you need in order to make a decision

More information

SUPERVALU: Your Health Savings Account (HSA)

SUPERVALU: Your Health Savings Account (HSA) SUPERVALU: Your Health Savings Account (HSA) Frequently Asked Questions 1. What is a Health Savings Account (HSA)? A Health Savings Account (HSA) is a savings account established under the Internal Revenue

More information

PayFlex Health Savings Account (HSA) Frequently Asked Questions

PayFlex Health Savings Account (HSA) Frequently Asked Questions OVERVIEW AND ELIGIBILITY REQUIREMENTS What is a Health Savings Account? A Health Savings Account ( HSA ) is a tax-advantaged healthcare account created for the purpose of saving and paying for qualified

More information

Investing in a healthy future has never been so easy.

Investing in a healthy future has never been so easy. Investing in a healthy future has never been so easy. Gain control of healthcare costs. Build a comprehensive retirement strategy. Discover peace of mind. WHAT IS AN HSA? A health savings account (HSA)

More information

Health Law Update: Health Savings Account Provisions in the Medicare Prescription Drug Improvement and Modernization Act of 2003

Health Law Update: Health Savings Account Provisions in the Medicare Prescription Drug Improvement and Modernization Act of 2003 Health Law Update: Health Savings Account Provisions in the Medicare Prescription Drug Improvement and Modernization Act of 2003 This Update summarizes the provisions of the Medicare Prescription Drug,

More information

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account Your Health Savings Account Reference Guide Your Guide to Understanding a Health Savings Account The Fidelity HSA A tax-advantaged way to pay for health care expenses.* A health savings account (HSA),

More information

2016 Health Savings Plan and Health Savings Account Questions

2016 Health Savings Plan and Health Savings Account Questions 2016 Health Savings Plan and Health Savings Account Questions Health Savings Plan (HSP) What is the Health Savings Plan? The HSP is a High Deductible Health Plan (HDHP) with coverage that starts after

More information

Employers Guide to Health Savings Accounts

Employers Guide to Health Savings Accounts Employers Guide to Health Savings Accounts Employers Guide to Health Savings Accounts A Health Savings Account (HSA) is a tax-advantaged medical savings account available to individuals enrolled in a high

More information

The Health Savings Account User Guide

The Health Savings Account User Guide The Health Savings Account User Guide C O N T E N T S Start Saving Now for Your Future Health Care Needs............. 1 How the BlueEdge Plans and the HSA Work Together............. 3 Tax Advantages of

More information

The Alliant Health Savings Account

The Alliant Health Savings Account While RR Donnelley has selected Alliant as the HSA vendor for ease of payroll deductions, RR Donnelley is not responsible for any of the Alliant programs or offerings. This is not an RR Donnelley Welfare

More information

HSA 101: A Basic Introduction to Health Savings Accounts

HSA 101: A Basic Introduction to Health Savings Accounts HSA 101: A Basic Introduction to Health Savings Accounts Consumer-Driven Healthcare Thinking about, or already enrolled in an HSA-qualified health plan? Learn everything you need to know starting with

More information

2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees

2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees 2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees Which retirees are eligible for the Health Savings PPO medical plan option? Pre-Medicare retirees are eligible to enroll

More information

F lexible S pending A ccount Employee Guide

F lexible S pending A ccount Employee Guide F lexible S pending A ccount Employee Guide Stretching your health care dollars PO Box 628 Columbus, IN 47202 ATTN: Flex (877) 484-6136 iuhflex@iuhealth.org www.ezflexplan.com/iuhealth WHAT IS A FLEXIBLE

More information

Health Care Reform New Restrictions on Tax-Favored Health Coverage for HRAs, FSAs, Premium Payment or Reimbursement Plans, and Cafeteria Plans

Health Care Reform New Restrictions on Tax-Favored Health Coverage for HRAs, FSAs, Premium Payment or Reimbursement Plans, and Cafeteria Plans Caring For Those Who Serve 1901 Chestnut Avenue Glenview, Illinois 60025-1604 1-800-851-2201 www.gbophb.org November 21, 2013 [updated July 29, 2015] Health Care Reform New Restrictions on Tax-Favored

More information

Health Savings Account (HSA) State of Tennessee

Health Savings Account (HSA) State of Tennessee Tax-Advantaged Accounts Health Savings Account (HSA) State of Tennessee What s a Health Savings Account (HSA)? It is an account you contribute to with pretax money deducted from your paycheck. You use

More information

Taking Advantage Of Your Company s Flexible Benefit Plan Results In A Bigger Paycheck

Taking Advantage Of Your Company s Flexible Benefit Plan Results In A Bigger Paycheck Taking Advantage Of Your Company s Flexible Benefit Plan Results In A Bigger Paycheck Sometimes referred to as a Flexible Spending Account, Section 125 Plan, Cafeteria Plan or Section 132 Plan, a Flexible

More information

FREQUENTLY ASKED QUESTIONS HEALTH SAVINGS ACCOUNTS

FREQUENTLY ASKED QUESTIONS HEALTH SAVINGS ACCOUNTS FREQUENTLY ASKED QUESTIONS HEALTH SAVINGS ACCOUNTS What is an HSA? A health savings account (HSA) is a tax-favored savings account created for the purpose of paying medical expenses. Tax-deductible Contributions

More information

Flexible Spending Account Employee Guide

Flexible Spending Account Employee Guide WHAT IS A FLEXIBLE SPENDING ACCOUNT (FSA)? A Flexible Spending Account, sometimes referred to as a Section 125 Plan, is a company-sponsored program, which allows you to voluntarily set aside pre-tax dollars

More information

HSAs, HRAs, and FSAs: Health Savings Account Eligibility & Other Account-based Health Plans

HSAs, HRAs, and FSAs: Health Savings Account Eligibility & Other Account-based Health Plans HSAs, HRAs, and FSAs: Health Savings Account Eligibility & Other Account-based Health Plans This information piece is provided by VEBA Service Group, a Division of Gallagher Benefit Services, Inc. (VSG)

More information

Health Savings Accounts: Innovative Health Care Financing

Health Savings Accounts: Innovative Health Care Financing Health Savings Accounts: Innovative Health Care Financing Would you be interested in a health insurance program that puts you in control of your own health care dollars, while protecting you and your family

More information

Consumer Driven Health Plan (CDHP) Questions. Health Savings Account (HSA) Questions:

Consumer Driven Health Plan (CDHP) Questions. Health Savings Account (HSA) Questions: Consumer Driven Health Plan (CDHP) Questions Q1: What is a CDHP? A: A CDHP is a plan with a high deductible and a Health Savings Account component. The goal of such a plan is to create better consumers

More information

Flexible Spending Account Plans

Flexible Spending Account Plans Flexible Spending Account Plans 2016 Plan Year 2016 Plan Year Page 1 What Is Inside This Coverage Information Section of the Summary Plan Description ( SPD ) for your Sprint Flexible Spending Account Plans

More information

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA)

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Michigan State University 2014 Open Enrollment Blue Care Network is a nonprofit corporation and independent licensee of the Blue Cross

More information

Usually you can use your HRA money to pay for eligible healthcare expenses, such as your health insurance plan's annual

Usually you can use your HRA money to pay for eligible healthcare expenses, such as your health insurance plan's annual 1. 1. What is a Health Reimbursement Arrangement (HRA)? 2. 2. How is using an HRA like giving myself a raise? 3. 3. Am I eligible for an HRA? 4. 4. What happens if I don't use all of the money in my HRA

More information

Health Reimbursement Arrangement. Comprehensive HRA Limited HRA Insurance Premium Reimbursement HRA

Health Reimbursement Arrangement. Comprehensive HRA Limited HRA Insurance Premium Reimbursement HRA Health Reimbursement Arrangement Comprehensive HRA Limited HRA Insurance Premium Reimbursement HRA Health Reimbursement Arrangement What is a Health Reimbursement Arrangement (HRA)? HRAs go by many names,

More information

Employer Administered Flexible Spending Account

Employer Administered Flexible Spending Account Employer Administered Flexible Spending Account Employer Administered FSA... an important part of your employee benef its plan. Blue Shield of California offers an affordable way for you to provide a valuable

More information

Frequently Asked Questions. High Deductible Health Plan (HDHP) with Health Savings Account (HSA)

Frequently Asked Questions. High Deductible Health Plan (HDHP) with Health Savings Account (HSA) Frequently Asked Questions High Deductible Health Plan (HDHP) with Health Savings Account (HSA) There are two components to the High Deductible Health Plan (HDHP) with HSA Medical Plan the HDHP Health

More information

Flexible Benefits Employer Guide

Flexible Benefits Employer Guide Flexible Benefits Employer Guide Save thousands on FICA contributions every year! A Flexible Benefits Plan through Discovery Benefits will: - Increase employee retention and satisfaction - Save matching

More information

From Community Unit School District 303

From Community Unit School District 303 From Community Unit School District 303 Medical Plan Options for 2016 D303 and your Insurance Committee are pleased to offer exciting new benefit options for 2016. District 303 (D303) will offer only three

More information

Frequently Asked Questions By Topic

Frequently Asked Questions By Topic H.S.A. FAQ s Frequently Asked Questions By Topic Health Savings Accounts What is a Health Savings Account (HSA)? Why should I consider getting an HSA? What are qualified medical expenses? What is an HSA-eligible

More information

Flexible Spending Accounts

Flexible Spending Accounts Flexible Spending Accounts Bank on a Tax Break 2797 FRONTAGE ROAD, SUITE 2000 ROANOKE, VA 24017 800.815.3023, OPTION 4 www.cbiz.com Health Care Flexible Spending Account (FSA) Contributions You determine

More information

Health Savings Option with a Health Savings Account (HSA)

Health Savings Option with a Health Savings Account (HSA) Health Savings Option with a Health Savings Account (HSA) The Health Savings Option is a high deductible health insurance plan administered by United Medical Resources (UMR), a United Healthcare Company,

More information