Offering Health Insurance as part of your Employee Benefits package, is key to attracting and retaining quality employees. By offering Reimbursement Accounts as part of your Employee Benefit Package, now makes it a stellar Employee Benefits Package. But, which one?
As an employer, you have the choice to sponsor a reimbursement account and even contribute to one on behalf of the employee. Your employees will get a tax advantage and the employer will too!
Which one is right for your business?
Health Savings Account (HSA)
A Health Savings Account (HSA) is a triple tax-advantaged savings account for individuals enrolled in a high-deductible health plan (HDHP), designed to allow employees to deduct pre-tax payroll dollars to save and pay for qualified out-of-pocket expenses.
BMA-HSA Ben Adm. Dec 16
Flexible Spending Account (FSA)
Flexible Spending Accounts (FSA) allow employees (and employers if desired) to contribute a certain amount of money using pre-tax dollars for the reimbursement of eligible expenses.
By offering a FSA, Employers save on payroll taxes!
Eligible FSA Expenses:
- Deductibles
- Co-Payments
- Day-Care
Your Employee will have full access to our FSA store, FSA mobile app and have their own FSA credit card.
BMA-Flex Ben Adm. Dec 16
Health Reimbursement Account (HRA)
A Health Reimbursement Arrangement (HRA) is an employer-funded, tax-advantaged benefit plan to reimburse employees for their out-of -pocket health care expenses.
BMA-HRA Ben Adm. Dec 19
So whether you wish to contribute to one on behalf of the Employee, or sponsor a plan for the Employee to have that option, BMA has plans for everyone. Contact us today for more information!