FSA/HRA/HSA

Providing Comprehensive Insurance Policies

Health Savings accounts (HSA)

Are you looking for a better way to manage health care costs? A health savings account allows you to save tax-free money and use it for medical expenses. Northeast Benefit Solutions has partnered with several carriers to bring you the most robust options available.  An HSA is a great investment vehicle to get triple net savings for health care expenses, including:

  • Pre-tax contributions
  • Tax-deferred growth
  • Tax-free distributions on qualified medical expenses

WE CAN SET UP AN HSA FOR INDIVIDUAL OR GROUP PLANS

We can set up health savings accounts in conjunction with an individual or group health insurance plan, but you have to have a high-deductible plan in order to qualify. Approximately 80% of our group plans are high-deductible options.

Health Reimbursement Arrangement(HRA)

Health Reimbursement Arrangements (HRAs) are employer-funded group health plans from which employees are reimbursed tax-free for qualified medical expenses up to a fixed dollar amount per year. Unused amounts may be rolled over to be used in subsequent years. The employer funds and owns the arrangement. Health Reimbursement Arrangements are sometimes called Health Reimbursement Accounts.

Individual Coverage Health Reimbursement Arrangements (ICHRAs)

The Individual Coverage Health Reimbursement Arrangement (ICHRA) is an alternative to offering a traditional group health plan to your employees. It’s a specific account-based health plan that allows employers to provide defined non-taxed reimbursements to employees for qualified medical expenses, including monthly premiums and out-of-pocket costs, like copayments and deductibles. Employees must be enrolled in individual health insurance coverage (like a plan they bought through the Marketplace) to use the funds.

Key Employee Insurance

Putting together a competitive benefit package for your key employees is very crucial. Its hard to attract and retain good talent. And with the rising costs of training many employees have dedicated a lot more time and resources in making sure they don’t lose their companies stars. Looking at the benefits that can be carved out and specialized is how they are doing it.

  • Buy/Sell Planning
  • Non-Qualified Deferred Comp
  • Key Person Insurance
  • Business Succession Planning
  • Executive Life Insurance
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Flexible Spending Account (FSA)

An FSA is an arrangement through your employer that lets you pay for many out-of-pocket medical expenses with tax-free dollars. Allowed expenses include insurance copayments and deductibles, qualified prescription drugs, insulin, and medical devices.You decide how much to put in an FSA, up to a limit set by your employer. You aren’t taxed on this money.If money is left at the end of the year, the employer can offer one of two options (not both):

  • You get 2.5 more months to spend the left over money.
  • You can carry over up to $500 to spend the next plan year.