Every business is unique. There is no one benefit program that encompasses all employer and employee benefit needs. This is why Health Benefits works diligently to develop a comprehensive package that will fit you today, tomorrow and in the future, but with the room to change and expand in response to changes in your business.

Health Benefits will assist you in choosing among various tax benefit accounts to fit your specific needs:

Flexible Spending Accounts (IRS Sec. 125)

• May be funded by both Employer and Employee (Employee funds used first.)
• Employee has immediate access to full amount of annual contribution amount, even though he/she funds by payroll deduction.
• All account balances that are not utilized during the plan year revert to the employer.

Health Care Reimbursement Arrangements

• Funded solely by the employe
• Funding can be done in a variety of ways. (Such as $250 per quarter for a $1,000 annual amount.)
• Employees can only access amounts that have actually been allocated to their accounts.
• The employer may select how the accounts are replenished and whether or not the funds would be available to the employee after termination of employment.

Health Savings Accounts

• Requires a qualified high deductible health insurance plan (as determined by Federal regulation).
• May be funded by both Employer and Employee.
• Funds are deposited on a tax exempt basis, may earn tax free interest, and are tax exempt when spent for qualified health care expenses per IRS code section 213(d). (Similar to an IRA account.)
• Employees can only access amounts that have actually been deposited into the account.