Let us show you how to use the powerful combination of medical plans from QualChoice and personal spending accounts to build a sustainable health care solution!
Consumer-driven health plans (CDHP) are one of the most popular insurance options available today. CDHPs combine the flexibility of a medical insurance plan with the cost effectiveness of having a tax-advantage and allow the insured to be a better consumer of his/her health care decisions. There are two components to the CDHP: the high deductible health insurance plan (HDHP) and the Health Savings Account (HSA) or the Health Reimbursement Arrangement (HRA). It is important that the two components are paired together in order to insure maximum benefit.
- Affordability – with higher deductibles comes lower insurance premiums
- Flexibility – HSA/HRA funds can pay for current and future medical expenses
- Portability – HSA accounts are owned by the individual so in case of a job change or even a move to another state those funds remain with the individual
- Tax Savings – HSAs provide triple tax savings -- tax deductions on contributions, tax free earnings through interest and investment and tax free withdrawals on qualified medical expenses
HIGH DEDUCTIBLE HEALTH PLANS
An HDHP with a Health Savings Account (HSA) or a Health Reimbursement Arrangement (HRA) provides traditional medical coverage and a tax free way in which to build funds to cover future medical expenses.
HEALTH REIMBURSEMENT ARRANGEMENTS (HRA)
Health Reimbursement Arrangements (HRA) is an innovative alternative for reducing the high cost of medical insurance. A HRA combined with an affordable High Deductible Health Plan provides the perfect combination of affordability, flexibility and security for employers who are willing to assume a little more risk in exchange for significant premium savings.
HEALTH SAVINGS ACCOUNT (HSA)
A Health Savings Account (HSA) is a tax free savings account, which allows money to be set aside for medical, dental and vision care. A HSA allows the employee to be in charge of how his or her health care dollars are spent.
FLEXIBLE SPENDING ACCOUNT (FSA) ADMINISTRATION
Today’s flexible spending accounts are easier for employees to use and offer a tax savings for employers and employees alike.
Our FSA administration offers employers the technology, innovation and outstanding service to administer a complete FSA solution!
Through an FSA, employees set aside a certain amount of each paycheck into an account — before paying income taxes that lowers their taxable income. During the year, they have access to their FSA account via a benefits debit card for reimbursement of expenses not covered by insurance. When employees use tax-free dollars to pay for these expenses, they realize an increase in their spending power and substantial tax savings. The employer saves too!
- Increased employee satisfaction
- Limited employer liability
- Reduction of payroll-related taxes
- Point-of-service payments through a debit card
- Access claims, balances and payments online