Here’s the secret recipe for alphabet-soup programs. Sshhhh…

You are the benefits expert for your clients and they look to you to help them find the best mix of programs for their needs.  Most likely, the right recipe of benefits will be a comprehensive program that includes one of the alphabet-soup varieties because benefit dollars are stretched and plans themselves are becoming more complex.  As you are reviewing options, here are some quick tips to keep in mind:

FSAs

…are good for clients with 20 or more employees who offer group medical plans.  FSA’s are also good for employers with a few employees who have children in daycare.

HRAs

…are good for employers with high deductible medical plans.  HRA’s are also good for employers who want to find a self-funded solution to offering additional medical, dental or vision benefits above what the insurance benefits offer (e.g. more chiropractic coverage than the group medical plan covers).

QSEHRAs

…are for small employers who do not offer group medical plans.  QSEHRA’s are for employers with higher paid employees where exchange subsidies will not be impacted, and who want to offer a tax-free benefit without facing annual insurance premium increases.

HSAs

…are good for frugal employers who want to save money on insurance premiums as well as employers wanting to offer tax-free retirement vehicles for employees.  The HSA bank account is self-administered by the employee relieving the employer of all liability for the accuracy of administration.

POPs

…are good for any employer deducting insurance premiums or Health Savings Account contributions on a pre-tax basis.  The employee saves Federal, Social Security and Medicare taxes and the employer saves Social Security and Medicare taxes– a Win-Win for both.

Still unsure which program would be the right mix? Contact us and we will figure it out together.

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