BENEFIT PROGRAMS
Emplyoees can spend less and keep more money they earn
Emplyers can attract, recruit, and retain the best they can get
WIN-WIN FOR BOTH EMPLOYEES AND EMPLOYERS
Employees can have access to your own easy-to-use spending account. As a tax-advantaged account, you get to leverage pre-tax payroll deductions which will increase your take-home pay and save you money on everyday expenses. In many cases, it is possible for participants to realize savings of up to 40% on expenses eligible under their employer-sponsored plan.
For employers, it is important to bring in top talent, and need to offer benefit programs that employees find beneficial for future medical expenses.
HSA: Health Savings Account
HSA is a tax-advantage personal savings account that can be used to pay for medical, dental, vision and other qualified expenses now or later. To contribute to an HSA, employees must be enrolled in a qualified high-deductible health plan (HDHP) and your contributions are limited annually. As an employer, it's possible to save on high insurance premiums by offering an HDHP.
FSA: Flexible Spending Account
Help your employees save money on out-of-pocket, routine medical expenses. An FSA allows employees to set aside pre-tax dollars from their paycheck for eligible healthcare expenses. Participation decreases their taxable income, and in turn, decreases your costly FICA tax burden.
HRA: Health Reimbursement Account
HRAs are employer-funded tax-advantaged accounts, designed to help employees save money on the high costs associated with healthcare. Employers save money by migrating from first-dollar coverage to a high-deductible health plan (HDHP) without having to increase their employees’ out-of-pocket exposure.
CRA: Commuter Reimbursement Account
Designed as an add-on to FSAs, a CRA allows employees to set aside pre-tax dollars to be used for eligible commuting expenses, including parking, transportation, and vanpool services. (If you are an employer in NYC with 20+ full-time employees, you may be required to provide this benefit. Learn more about NYC here .)
DCA: Dependent Care Account
A DCA is is an extension of an FSA, and is a pre-tax benefit account used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child or adult daycare. It's a smart, simple way to save money while taking care of your loved ones so that you can continue to work.
COBRA
COBRA generally requires that group health plans sponsored by employers with 20 or more employees in the prior year offer employees and their families the opportunity for a temporary extension of health coverage (called continuation coverage) in certain instances where coverage under the plan would otherwise end.