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 (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
  • 24 Hour Account Info Access via the internet

 
 
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