Flex Your Financial Muscle
BlueBack helps employers to understand and to evaluate Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs); as well as to strategically align these tax-favored accounts with the overall benefit strategy.
In addition, BlueBack works with clients to evaluate and to implement Health Reimbursement Arrangements (HRAs) in order to help control costs; to increase savings; to experience tax benefits; and to expand benefit offerings to employees.
Our team works with employers to establish these accounts and it provides education for employees on the benefits, requirements and overall functioning of these tax-favored accounts. We also work to ensure that our clients have all of the information that they need to remain compliant when they implement these accounts.
BlueBack partners with trusted, high-quality third-party administrators to provide these products to our clients. If you are interested in adding either an FSA or an HSA to your benefit offerings, call us today at: 860.218.9474 to learn more.
Health Reimbursement Accounts (HRAs)
Health Reimbursement Accounts (HRAs) are funded by employers; these plans are designed to reimburse employees for medical expenses that are not covered by insurance. The use of a Health Reimbursement Account yields tax advantages that offset health care costs for both employees and employers.
Flexible Spending Accounts (FSAs)
FSAs allow individuals to set aside pre-tax money via payroll deduction for many out-of- pocket costs, including medical and/or dependent care expenses. Employees have access to 100% of annual contribution throughout the plan year but they will lose 100% of unused funds at the end of the plan year.
Health Savings Accounts (HSAs)
HSAs, coupled with a qualified high deductible health plan (HDHP), give individuals the ability to set aside pre-tax money for out-of-pocket expenses and allow them to build up savings to pay for future expenses. Employees have access to 100% of deposited contributions throughout the plan year and 100% of unused funds remain in the individual’s savings account for future qualified expenses or for retirement.