Flexible Spending Account (FSA)
A FSA allows an employee to set aside a portion of earnings to pay for qualified healthcare and/or dependent care expenses as established in the cafeteria plan. An employer may also elect to place funds into an FSA on behalf of their employees.
Health Reimbursement Account (HRA)
The HRA is an employer sponsored plan that can be used to reimburse a portion of eligible out-of-pocket medical expenses, such as deductibles, coinsurance and pharmacy expenses.
Health Savings Account (HSA)
A HSA allows individuals covered by high-deductible health plans to receive tax-preferred treatment of money saved for medical expenses. An adult who is covered by a high-deductible health plan (and has no other first dollar coverage) may establish an HSA.
Parking and Transit Account
This plan saves employees money by allowing them to use pre-tax dollars to pay for qualified work-related transit and parking expenses.
Automatic Claims Transfer
This service allows for claims to be processed for reimbursement by an automatic transfer from approved medical insurance carriers.
This service allows for an employee’s claims to be deposited electronically into their bank account
Pay to Provider
This service allows for claims to be paid directly to the provider who rendered services, providing ease of payment to the participant. The availability of this service may depend on the plan designs offered.
Clients can allow their employees the use of a debit card to access their reimbursement accounts at the point of service. The availability of a debit card can depend on the plan designs offered.
A mobile application is available for Android and iPhone that allows plan participants to view account balances, view claims status and submit claims through a secure portal.
Three Things to Look for When Choosing a Third-party Administrator (TPA)
Look for answers to these questions:
How easy is it to access your accounts? Can you file claims from your phone? How easy is it to check your balance/Submit a claim/Check the status of a claim? Do they provide automated claims adjudication?
Can you access everything you need in one location? Is it accessible via the web? When you call for service, how long do you wait? When you receive phone support, how quickly is it resolved? Can the customer support team provide complete problem resolution?
How experienced is the support staff? Is the support team certified Flexible Compensation Specialists? Do they stay current on new laws, and regulations?
Shopping for a TPA? Contact us for a free quote
or call: 800.622.6233