66 percent of consumers say planning for out-of-pocket medical costs is challenging. Erase those fears by offering consumer driven health plans to your employees.
When you choose pre-tax benefit plans from PrimePay, you’ll also receive:
Health Savings Account
Flexible Spending Accounts
Health Reimbursement Arrangements
This employee owned and funded pre-tax plan can be paired with limited-purpose or post-deductible FSAs or HRAs. Employers can also make contributions.
Money contributed to an HSA can be used tax-free for qualified medical expenses.
Those enrolled in a Qualified High Deductible Health Plan (QHDHP) and not covered by any other insurance for health expenses qualify for an HSA. The money in the plan can be used for common medical expenses and since there’s no annual rollover limit, employees can quickly accumulate a significant balance in their HSA.
There are currently 35 million FSA plans in the United States, so it’s no secret that flexibility is key when it comes to health care.
An FSA is a pre-tax account funded by the employee, but can be funded by the employer. The account is owned by you, the employer, while funds are owned by employees. With this tax-advantage plan, employees put money into an account to pay for qualified expenses.
HRAs are owned and funded by the employer. These plans are designed to help offset employee out-of-pocket, qualified medical expenses and individual health insurance premiums with tax advantages for both the employer and employee.
We offer the traditional HRA plans as well as the newer HRA options that include Individual Coverage Health Reimbursement Arrangements (ICHRAs), and Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs). Both plans incorporate the ability to reimburse the individual for purchasing individual medical coverage which is not allowed in the traditional HRA plans.
Affordable option for smaller businesses.
A QSEHRA is only available for small businesses with less than 50 full-time employees that do not offer a group health plan. This tax-deductible benefit allows employers to offer what you can afford – it’s owned and funded by you.
ICHRAs are more flexible than QSEHRAs with no limit on the reimbursement amount or company size.
Common qualifying expenses can include: Individual insurance premiums, copays, deductible payments, coinsurance, doctor office visits, exams, lab work, hospital visits and prescription drugs.
Large Employers can still offer group health plans and class out employees not a fit or eligible for the group health plan and offer ICHRAs. ICHRAs can satisfy the Applicable Large Employer (ALE) requirements under the ACA.
A Section 125 Premium Only Plan (POP) is a qualified employee benefit plan. When an employer offers health benefits to its employees, it can allow their employees to pay for their contributions to the health/vision/dental/disability/group term life insurance programs with pre-tax dollars. With this plan, employers and employees have the ability to make contributions pre-tax and earn significant savings every year. POP Is a great way to earn significant tax savings every year.
With our FSA administrative service, employers receive a POP for free from PrimePay. With a POP in place, Employers can save both themselves and their employees on pretax deductions by establishing pre-tax deductions in payroll. Deductions could include benefits like medical, dental, vision, etc.
Employers realize 7.65% in FICA tax savings. Employees average a 25% tax savings.
And save a little money in between. PrimePay’s retirement solution and its Online Payroll integration can potentially save you hundreds in plan administration fees.
Our investment options were chosen with you in mind. Here are our offerings:
PrimePay’s solution includes a pre-screened menu of investment choices selected from thousands of options.
Integrating your retirement plan with our Online Payroll solution makes sense. Aside from lessening admin fees, we:
Your solution to claims preparation and submission.
PrimePay helps with the burdensome administrative tasks required for tax-free reimbursement processing by providing clients with an integrated health reimbursement arrangements (HRA) claims processing solution.
