Core Documents

Introduction Employee benefits are a cornerstone of modern employment, and Flexible Spending Accounts (FSAs) play a pivotal role in providing financial flexibility and peace of mind to employees. In this blog post, we'll delve into the essential components of Health FSA and Dependent Care Assistance Plan FSA Plan Documents, helping employers and employees alike understand how these benefits can improve their financial wellness. Dependent Care Assistance Plan FSA Plan Understanding Health FSA and Dependent Care Assistance Plan FSAs Before we explore the plan documents, let's briefly define the two types of FSAs: Health Flexible Spending Account (Health FSA): A Health FSA plan document allows employees to set aside pre-tax dollars from their paycheck to cover eligible medical expenses not covered by insurance, such as copayments, deductibles, prescription drugs, and even some over-the-counter medications. The funds can be used for the employee's own medical expenses o...

Introduction As the business landscape evolves, small employers face the challenge of attracting and retaining talent while managing costs. One innovative solution that can help meet both these objectives is the Qualified Small Employer HRA Plan Document (QSEHRA). In this blog post, we'll explore the QSEHRA plan document, shedding light on its significance, how it works, and the benefits it offers to both employers and employees. What Is a Qualified Small Employer HRA (QSEHRA)? The Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) is a tax-advantaged benefit that allows small employers to provide their employees with funds to cover qualified medical expenses and health insurance premiums. To offer a QSEHRA, employers must meet specific criteria, including having fewer than 50 full-time employees and not offering group health insurance coverage to their employees. Qualified Small Employer HRA Plan Document Understanding the QSEHRA Plan Document A crucial co...

Introduction In today's competitive job market, offering attractive employee benefits is essential for retaining and attracting top talent. One way employers can provide valuable perks is through Section 125 Premium Only Plans (POP). In this blog post, we'll explore Section 125 POP documents and Premium Only Plans, shedding light on their benefits and how they can enhance your company's employee benefit package. Section 125 premium only plan Section 125 Premium Only Plan (POP) Explained A Section125 Premium Only Plan , often abbreviated as POP, is a tax-advantaged employee benefit plan that allows employees to pay for certain insurance premiums and qualified medical expenses with pre-tax dollars. These plans are governed by Section 125 of the Internal Revenue Code, and they provide significant advantages for both employers and employees. Here's how a Section 125 POP typically works: Employee Contributions: Employees can designate a portion of their salary to pa...

Introduction Healthcare costs continue to rise, making it increasingly important for individuals and employers to explore alternative ways of providing and obtaining health benefits. Two innovative approaches in this realm are Individual Coverage Health Reimbursement Arrangements (ICHRA) and Dental Health Reimbursement Arrangements ( Dental HRA ). In this comprehensive guide, we'll delve into what these HRAs are, how they work, and their potential benefits. Dental HRA Individual Coverage Health Reimbursement Arrangement (ICHRA) Individual Coverage HRA , commonly known as ICHRA, is an employer-sponsored health benefit that provides employees with a stipulated amount of money to purchase their own health insurance coverage. Here's a breakdown of how ICHRA works: Employer Contributions: Employers set aside a fixed amount of money, tax-free, for each eligible employee into their ICHRA account. This account is typically managed by a third-party administrator. Employee Choice...