Table of contents
Building your benefits package
How employers of all sizes, and the benefits brokers and consultants who serve them, can put together the strongest benefits package.
Health Savings Account (HSA)
An HSA is a savings account owned by the account holder, as in the individual employee, into which the employee and employer can deposit money to use for qualified health expenses.
Flexible Spending Accounts (FSA)
An FSA is an account offered by an employer, to which employees can contribute pre-tax dollars from their paycheck in order to pay for medical care, supplies, and other services.
Standard HRAs
Standard Health Reimbursement Arrangements (also known as Integrated HRAs) are employer-owned and employer-funded accounts that employees can use to reimburse for qualified out-of-pocket medical expenses.
Medical Travel Accounts (MTAs)
MTAs are employer-sponsored employee assistance programs that are specifically designed to pay for medical travel.
Lifestyle Spending Accounts (LSAs)
Employer-funded, taxable accounts for for everyday wellness expenses.
COBRA
COBRA is often thought of as a health insurance plan for unemployed workers, but it’s actually an acronym for a set of regulations that requires employers to extend access to their existing group health insurance, as well as dental and vision insurance, to eligible individuals. Read more.
Section 125 Cafeteria Plan
In order to offer pre-tax benefits like health insurance, HSAs and FSAs, you must have a Section 125 Cafeteria Plan. It is a written document maintained by an employer that makes benefits available via a salary reduction.
The benefits of bundling
Many supplemental benefits can be offered together and in fact, often complement each other. Bundling benefits can empower your workforce and save employers time and money on benefits administration.