IBC provides hassle-free administration. We have helped a growing number of companies increase their profits. Today, with health care reform looming and premiums escalating, more and more companies are choosing 105 Self-Funded Health Plans and Cafeteria Plans with flexible spending accounts for employees. Employers can offset a large portion of their insurance premium increases by self-funding health insurance deductibles and reducing payroll taxes. We tailor products and services to meet specific needs and maintain the highest level of customer service.
FSA (Flexible Spending Account) is a benefit program that enables pre-tax dollars to be used to pay for eligible out-of-pocket dependent care and health care expenses.
With an FSA, you elect to have your annual health care expenses (as outlined above) deducted from your paycheck each pay period in equal installments. Every dollar you contribute to your flex account is tax-free, spendable income.
An added feature we offer is the use of a prepaid benefits card, or the Debit Card. The card contains the value of your annual health care election amount so you can use the Debit Card to pay for eligible out-of-pocket medical expenses. You don’t have to pay cash up front or file claims and wait for reimbursement.
A Limited Purpose Medical FSA works with a qualified high deductible health plan (HDHP) and a Health Savings Account (HSA). A limited purpose FSA only allows reimbursement for preventive care, vision, and dental expenses.
Dependent Care FSA – covers dependent care expenses including daycare, nursey school, and day camp for children, and services for adult dependents who cannot care for themselves.
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An HSA is a tax-deferred medical savings account that enables employees enrolled in an HDHP (high deductible health plan) to put aside pre-tax dollars to pay for qualified medical expenses.
A Health Reimbursement Arrangement / Account is an employer funded account that enables the employer to reimburse employee qualified medical expenses at any time without tax liability. HRAs vary greatly in design, but are developed to cover the expenses not covered by group health or supplemental plans.
An HRA can be “linked” or “unlinked.” A linked HRA is tied to a health plan; the employee has to participate in the health plan to be eligible for the HRA. An unlinked (or stand-alone) HRA is set up to pay certain expenses, such as dental or vision expenses, without any connection to an insurance policy.
3 new types of HRA’s:
ICHRA (Individual Coverage HRA)
EBHRA (Excepted Benefit HRA)
QSERRA (Qualified Small Employer HRA).
Contact us for details on any of these three plans.
Managing COBRA and its associated compliance requirements is challenging. Plus, manual invoicing and payment processes can take a toll on your staff. At IBC we’ve got the experience to ensure all communication, billing and collection processes are done right. Our secure system simplifies access to benefits for employers with a convenient and integrated online web portal.
The IBC Portal provides 24/7/365 online access. From the portal, consumers can select to view account information, file claims and distribution requests, manage their profile, view notifications, access forms, link to helpful information, and more.