Flexible benefit plans allow employers and employees to set aside pre-tax dollars so employees can pay for eligible medical or dependent care expenses at a savings of up to 40%. Plans allow employers to offer enhanced benefits while saving on operational costs.
Allow employees to pay for current and future medical expenses tax-free. Accounts are funded by the employer and/or employee and are portable. Funds can accumulate and savings accrues interest. Account must be linked to a qualified high-deductible health plan.
The most popular flexible benefit plan, flexible spending accounts allow employees to set aside pretax salary to pay for health care and dependent care expenses. Accounts are fully funded by the employee, are not portable and must be spent by year end.
Allow employees to pay out-of-pocket health care costs tax free. Accounts are funded by the employers and are not portable. Balances roll over at year-end but do not accrue interest. Accounts may be offered with a high-deductible health plan or alone.
Former employees remain connected to your company for some time after they leave your company through their COBRA benefits. Remove the strain on internal resources with COBRA Administration.