Reimbursement Benefits
Reimbursement Benefits
Reimbursement Benefits help members pay for healthcare expenses in a way that’s tax advantaged and conscientious toward the member’s budget.
Flexible Spending Account Plans
A Flexible Spending Account (FSA) is an employer-sponsored benefit plan, designed to allow employees to deduct pre-tax payroll dollars to save and pay for their out-of-pocket heath care expenses. By offering an FSA, employers save on payroll taxes, while allowing their employees to reduce their taxable income and bring home a larger paycheck.
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Health Savings Accounts
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.
By offering a HDHP and an HSA, employers can save money on their group health plan premiums; while creating a benefit plan much more affordable for their employees. Additional benefits include, employers saving on payroll taxes, while allowing their employees to reduce their taxable income and bring home a larger paycheck.
Limited Purpose Flexible Spending Accounts
A Limited-Purpose Flexible Spending Account (LPFSA) is an employer-sponsored benefit plan, designed to allow employees to deduct pre-tax payroll dollars to save and pay for their out-of-pocket dental and vision expenses. A LPFSA is only offered to employees who are also enrolled in a high-deductible health plan and an HSA plan.
By offering an LPFSA, employers save on payroll taxes, while allowing their employees to reduce their taxable income and bring home a larger paycheck. Additional benefits and savings are seen by both employers and employee when an employer combines a high-deductible health plan with an HSA and LPFSA.
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Health Reimbursement Arrangements
A Health Reimbursement Arrangement (HRA) is an employer-funded, tax-advantaged benefit plan to reimburse employees for their out-of -pocket health care expenses. Like HSA plans, employers can save money on their group health plan premiums; while creating a benefit plan much more affordable for their employees. Additional benefits and savings are seen by both employers and employee when an employer combines a high-deductible health plan with an HSA, HRA, and a LPFSA.
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Dependent Care Accounts
A Dependent Care Account (DCA) is an employer-sponsored benefit plan, designed to allow employees to deduct pre-tax payroll dollars to save and pay for their eligible dependent care expenses; such as work/school related child & elder care expenses. By offering a DCA, employers save on payroll taxes, while allowing their employees to reduce their taxable income and bring home a larger paycheck.
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Commuter Benefit Accounts
A Commuter Benefits Account, includes both Transit Spending Accounts (TSA) and Parking Spending Accounts (PSA); these are employer-sponsored benefit plans, designed to allow employees to deduct pre-tax payroll dollars to save and pay for work-related commuting and parking expenses.
By offering commuter accounts employers save on payroll taxes, while allowing their employees to reduce their taxable income and bring home a larger paycheck.
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Services Provided
- Plan Document
- IRS 5500 Assistance
- Employer Consultation & Custom Plan
- Online Enrollment via BMA web portal
- Basic Discrimination Testing (at cost)
- 24/7 Web Access to Account Information
- Manual Claims Submission
- Customer Service Assistance
- Manual Claims Adjudication
- Direct Deposit for Flex Reimbursements
Communications Services
- In-depth enrollment packet with expense worksheets (Helps employees project annual FSA & DCAP expenses)
- Receipt folders for participants
- Flex debit MasterCard
- 24/7 online account access
- Check registers to employer
- New notices to employees, as needed based on changes to the law
- FSA store access