FSA  HRA

Flexible spending accounts and health care reimbursement arrangements offer value, at a low cost, to your clients’ employee benefits programs. They help counteract the rising costs of health care, enhance benefits and deliver tax-saving advantages – that may increase employees’ take-home pay and positively impact your clients’ bottom line.

Our wholly-owned affiliate, Nova Healthcare Administrators, offers a variety of reimbursement accounts designed to help employers and employees maximize their health care spending:

Flexible Spending Account (FSA)

• Employer benefit: Reduces FICA and federal unemployment taxes
• Low-cost way to enhance your employee benefits
• Employee benefits: Tax savings on approved health care spending and lower taxable income
• Employee funded on a pre-tax basis, including a debit card option for convenience
• Dependent Care Reimbursement Plan for employees to pay for eligible dependent care expenses on a pre-tax basis

Health Care Reimbursement Arrangement (HRA)

• Employer benefit: Claims paid are tax-deductible
• Customized, employer-funded account
• Flexible design choices, including a debit card option for convenience
• Employee benefit: Saves money on unreimbursed medical expenses

Health Savings Account (HSA)

• Employer benefit: Lower premium share
• Individual tax-advantaged bank accounts can be funded by the employer, employee or both
• Must accompany a High Deductible Health Plan (HDHP)
• Employee benefits: Funds are owned by employee and accumulate year-to-year

All three plans offer:

• Tax savings
• Low-cost, high-value benefit enhancement
• Ease of use/administration

Which ones are best for your client's business? See our Reimbursement Account Comparison.