Group Benefits Source, Inc. offers consulting services for a variety of health insurance plans and options, including Health Reimbursement Arrangement (HRA), Health Savings Account (HSA), Flexible Spending Account (FSA) and Consolidated Omnibus Reconciliation Act (COBRA). If you would like to offer any of these to your employees, contact us today!
- Health Reimbursement Arrangement (HRA): allows an employer to reimburse medical expenses paid by participating employees to yield tax advantages to offset health care costs. HRAs are initiated by the employer and serviced by a third-party administrator or plan service provider.
- Health Savings Account (HSA): is a savings account for medical expenses. Funds directed to the HSA are pretax dollars, therefore reducing taxable income. HSA funds can be used for medical, optical, insurance deductions, dental and some over-the-counter medications.
- Flexible Spending Account (FSA): allows a fixed amount of pre-tax dollars to be set aside for qualified expenses. Qualified expenses may include child care or uncovered medical expenses. The amount set aside must be determined in advance and employees lose any unused dollars in the account at year-end.
- Consolidated Omnibus Reconciliation Act (COBRA): is a health insurance plan allowing an employee who leaves a company to continue coverage under the company’s health insurance plan for a specific period of time.
For assistance with any of these services, please contact a GBS professional today at: (309) 452-7970.