Employee Directed Benefits
With double-digit increases in health care premiums becoming the standard, more and more employers are experiencing great difficulty affording and offering health insurance to their employees. The Consumer-Directed Benefits Plans offered by Employment Partners work specifically to curtail the rising costs of healthcare in a variety of vehicles (125, HRA, and HSA). A Consumer-Directed Benefits Plan enables employers to give their employees freedom of choice in tax-free, healthcare spending while controlling their own costs.
- Section 125 Plan Administration (Employer and/or Employee Funded)
- We design the plan documents for each client to include a combination of the following:
- Premium Only: Paying non-subsidized premiums before tax
- Medical Spending: Directing before-tax payroll dollars into a spending account to pay for costs not covered by traditional health plans such as Co-pays, Deductibles, Dental Expense, Vision Expense, Prescription and Over-The-Counter Drugs
- Dependent Care: Directing before-tax payroll dollars into a spending account to pay for child and adult day care costs
- Other Available Accounts to fit your needs (vacation, parking, etc.)
- Employee Education, Enrollment & Communication
- Website available for Account Management
- Plan Administration to include Claims Processing
- Year-End Plan Testing
- We design the plan documents for each client to include a combination of the following:
- Health Reimbursement Agreement (HRA) Administration (Employer Funded)
- The HRA works similarly to the Section 125 Plan Medical Spending Account with the differences that it is only employer-funded and funds accumulate year to year.
- Employee Education, Enrollment & Communication
- Plan Administration to include Claims Processing
- Year-End Plan Testing
- The HRA works similarly to the Section 125 Plan Medical Spending Account with the differences that it is only employer-funded and funds accumulate year to year.
- Health Savings Account (HSA) Administration (Employer and/or Employee Funded)
- Health Savings Account (HSA) Administration can be provided through Employment Partners’ recommended vendors and can only be combined with a High-Deductible Health Plan. The HSA combines the best features of the Section 125 Plan Medical Spending Account and the HRA while adding a third dimension that is much like an Individual Retirement Account (IRA). The HSA is a tax-free savings account, maintained solely by the individual employee, which pays for qualified medical, dental and vision expenses, Long Term Care and COBRA premiums. The account earns interest tax free and can also be used in retirement for living expenses in addition to medical expenses. The accounts are portable and the employer can choose to fund or not, although all funds accumulate year to year.
- Vendor Review and Recommendation
- Employee Education, Enrollment & Communication
- Health Savings Account (HSA) Administration can be provided through Employment Partners’ recommended vendors and can only be combined with a High-Deductible Health Plan. The HSA combines the best features of the Section 125 Plan Medical Spending Account and the HRA while adding a third dimension that is much like an Individual Retirement Account (IRA). The HSA is a tax-free savings account, maintained solely by the individual employee, which pays for qualified medical, dental and vision expenses, Long Term Care and COBRA premiums. The account earns interest tax free and can also be used in retirement for living expenses in addition to medical expenses. The accounts are portable and the employer can choose to fund or not, although all funds accumulate year to year.
