Flexible
Spending Accounts (FSA)
Administration services for
Flexible Spending Accounts include:
-
enrollment and set-up services
-
plan design and consulting
-
Employee Communication
Meetings and Materials.
Health
Care Reimbursement
HCRAs offer
clients a cost effective way to pay for such items as medical and dental
plan deductibles/co-payments, eyeglasses, contact lenses, orthodontics and
other health-related expenses that may not be covered by insurance. The
amount employees contribution to their HCRA and the amount reimbursed from
their HCRA are income tax-free. The amount contributed to an HCRA is not
subject to Federal, State, or FICA taxes.
Employees determine their annual expenses, and enroll for an HCRA deduction.
In addition, an Employer may make a contribution to an employees account.
Dependent Care Reimbursement
DCRA
accounts are set up to help employees pay for work-related dependent care
expenses with income tax-free dollars.
If an employee is paying for dependent care expenses now, they are paying in
taxable dollars and probably taking the Federal Tax Credit at the end of the
year. By using the DCRA these expenses are paid for in pretax dollars
throughout the year, eliminating the need to use the tax credit at the end
of the year. In most instances, the tax savings is much greater using the DCRA
rather than through the tax credit.
|
 |
|
Health Reimbursement Accounts (HRA)
Pursuant to Section 105 of the IRS
Code, HRAs allow employers to set aside a specific amount annually for
employees to use to pay for health care expenses, as defined by the Plan.
Generally, we use the HRA to reimburse employees for portions of their
deductibles. All employer contributions to the plan are deductible for the
employer and are tax-free to the employee
For further information on Flexible
Spending Accounts, or Health Reimbursement Accounts, please click her
More information on Flexible
Spending Accounts/Health Reimbursement Accounts |
|
