American Benefit Services offers a broad range of products and services to meet your benefits needs.
Health Saving Accounts (HSA) Administration
Effective January 2004, Congress passed legislation for HSAs for individuals participating in high deductible health insurance plans. This account is designed to allow individuals to contribute either the amount of the health plans annual deductible or up to $2850 and families up to $5650 (2007, $2900 & $5800 - 2008). This account can be used similar to an FSA or HRA to reimburse individuals for unreimbursed health plan costs. The main differences with this type of account are that both the employer and the employee can contribute to this account, and that the account is portable for the employee. Administration of these plans will be very similar to both FSA and HRA accounts.
Health Reimbursement Arrangements (HRA) Administration
An HRA is a medical reimbursement plan that is paid for solely by the employer and not funded through salary reduction elections of the employee. When establishing the HRA (and then on an annual basis), the employer determines the maximum medical deduction amount per employee. Each employee receives the same amount.
Flexible Spending accounts are designed to allow employees to set aside money, on a pre-taxed basis in order to pay for their out of pocket medical, dental, vision, or dependent care expenses.
Consolidated Omnibus Budget Reconciliation Act (COBRA) Administration
The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) requires employers with 20+ employees to offer continuation coverage of group health plans to employees and their dependents losing coverage due to certain life changing events. The Federal Government and Church plans are excluded.
Other Services
Web Access to Accounts
ABS will provide on-line access to both employers and employees to view their account information. Employers will have the ability to add or terminate employees, as well as the ability to make any changes to employee accounts or eligibility status. Employees will be able to change things such as their contact information, as well as being able to view current balance along with past transactions.
Debit Card Administration
All employees using the FSA and HSA services with ABS will have access to a Debit Card for this service to help alleviate the need for claims filing and provide instant access to your account funds. These funds will be accessible in real time, using a direct connection to the individual account to verify the balance available.
ABS
Mailing Address: Post Office Box 1635 Irmo, SC 29063
Effective January 2004, Congress passed legislation for HSAs for individuals participating in high deductible health insurance plans. This account is designed to allow individuals to contribute either the amount of the health plans annual deductible or up to $2850 (2007, $2900 - 2008). This account can be used similar to an FSA or HRA to reimburse individuals for unreimbursed health plan costs. The main differences with this type of account are that both the employer and the employee can contribute to this account, and that the account is portable for the employee. Administration of these plans will be very similar to both FSA and HRA accounts.
Health Reimbursement Arrangements (HRA) Administration
Expert plan design, including Summary Plan Description
Coordination with other benefits, including high deductible plans and FSAs
Critical nondiscrimination testing
Claims processing & monthly reimbursement
Year-to-date reports to employer
24/7 web-based participant account information
IRS Form 5500 preparation, if needed
Flexible Spending Accounts (FSA) Administration
Plan Document Preparation / Amendment for filing with Department Of Labor
Corporate Resolution Adopting / Amending Plan
Discrimination Testing (both initial and interim year)
Custom Forms
Computer Setup, Eligibility Entry
Flexible Spending Claims Payment
Recordkeeping and Reporting
Signature-Ready Form 5500 Preparation, if needed
Accounting Functions as Required by the Plan
Continued Administrative Support for Employer and Employees
American Benefit Services offers a broad range of products and services to meet your benefits needs.
