Expertise to identify the right tools

You can increase the cost-effectiveness of your fully-insured or self-funded plan by integrating tax-advantaged vehicles into your offering. These accounts also give your members more flexibility and control over their health care expenditures, increasing satisfaction. Often used in combination high-deductible plans, they use pre-tax dollars for expected health care needs throughout the year and can be used to pay for any qualified medical expense on a tax-free basis.

Health Tradition brokers offer expert guidance on pairing plans with the appropriate health care accounts.

Flexible Spending Account (FSA)

  • Funded by pre-tax employee deductions
  • Does not roll over at the end of the year
  • Account limits are set by the employer
  • Unused money is typically put back into the benefit budget

Health Savings Account (HSA)

  • Completely employee owned
  • Rolls over year to year
  • There are limits on how much can be put into the account each year
  • Must be covered by a HSA Qualified Health Plan to make deposits into the savings account

Health Reimbursement Account (HRA)

  • Employer funded
  • Money can be rolled over year to year if the employer chooses
  • Funds deposited and dispersed are tax deductible to the business and tax free for the employee
  • There is no limit to how much can be reimbursed

Talk with us or with an experienced Health Tradition broker about selecting the right plan and health account options for your group