With the rise in healthcare premiums, employers are turning away from traditional fully insured plans and becoming self-funded to save thousands in premiums along with many other benefits. The rise in Self-Funded health plans can be attributed to:
Rising insurance premium costs.
Employers frustration with fully insured plans.
Limitations of plans design.
Lack of cost containment efforts.
Inferior customer service from insurance companies.
Inaccessibility of data pertaining to employees' health needs.
This upward trend in Self-Funding shows a strong desire by employers to have more control over cash flow and plan design (benefits) -- the two main differences between fully funded and self-funded plans.
Self-Funded plans offer solutions to address these issues and allow improved cash management and controls for the employers. Crucial to the success of any self-funded plan is the selection of a contract plan administrator, commonly known as a "Third Party Administrator" or "TPA". Integrity Administrators, Inc. has a long enviable history in the Self-Funded administration field.
Service! Service! Service!
Integrity Administrators, Inc. has provided superior services to firms ranging from 2 employees to associations which are responsible for the health care needs of thousands of individuals. Because of this, Integrity Administrators, Inc. has considerable expertise and insight into understanding the complexities of diverse industries while developing Self-Funded plans for companies just like yours.
In today's fast-paced world, few companies can spend time on the management of the ever-changing health care environment, government regulations, and informational needs. Our goal is to make employee benefits administration as streamlined and efficient as possible, with up-to-date information accessible as soon as it is needed. Our staff is trained in claims processing and enrollment, eligibility verification, plan and management services, data processing, risk management, marketing and communications. Our goal is to save you time and money by providing the very best administrative services available anywhere.
Flexible Spending Accounts
Use pre-tax dollars to pay for your healthcare, daycare and other eligible expenses. Start taking home more money in your paycheck that is yours to keep.
Flexible Spending Accounts (FSA's) are also known by other names such as a Flexible Benefits Plans, Cafeteria Plans, Flex Plans or Section 125 Plans. Regardless of the name, these plans let you set aside a predetermined amount (set by you) of your paycheck into an account before your income taxes are calculated. In this way you are not paying taxes on the amounts you contribute to the Flexible Spending Accounts. Then, during the year, you have access to these funds for reimbursement for certain healthcare and dependent daycare expenses with tax-free dollars.
Types of Flexible Spending Accounts
Flexible Savings Accounts - Allow you to pay for your portion of premiums required for health plans and other insurance plans provided by your employer with pre-tax dollars. If you are covered under your employer's health and/or other employer-sponsored insurance plans, such as group life insurance, dental and vision insurance, you may be automatically enrolled in this account.
Healthcare Reimbursement Accounts (HRA's) - Will reimburse you for healthcare expenses not covered by insurance. You set aside money, tax-free, through regular payroll deductions.
During the year, you can be reimbursed directly from your account for those qualified healthcare services, provided that they are not covered by insurance. Common expenses that qualify for reimbursement are deductibles, co-payments, prescriptions, mental health care, dental services and orthodontics, chiropractor services, eyeglasses and contacts.
Dependent Daycare Accounts (DCA) - Will reimbursement you for dependent care expenses for eligible children and adults that are necessary for you and your spouse (if married) to be gainfully employed. Through regular payroll deductions, you set aside part of your income to pay for these expenses on a tax-free basis. Qualified expenses for reimbursement include - adult and child daycare centers, preschool and before/after school care.
To qualify, your dependents must meet the following requirements:
- Resides with the participant.
- Be a child under the age of 13.
- Be a child, spouse or another dependent who is physically or mentally incapable of self-care.
Additional Benefits - May be available through your employer, such as accident insurance, cancer insurance, critical illness insurance and heart/stroke insurance, in addition to the programs described above. Your Human Resource Department should send a notification, along with their enrollment brochure, if any such additional benefits are being offered at this time.
