Third Party Administrator Services
As a third party administrator of benefits for businesses, large and small, we work hard to help your employees meet their health and wellness needs, while allowing you to meet your financial objectives.
Often, the benefits that a company offers are as important to an employee, as the salary, and we know that your company depends on healthy and financially stable employees to thrive and grow.
Some of the plans that we offer as a third party administrator include, Health Reimbursement Arrangements (HRA), Flexible Spending Accounts (FSA), Health Savings Accounts (HSA), Summary Plan Descriptions (SPD), Day Care and Transportation reimbursement plans, and Qualified Small Employer Health Reimbursement Arrangements (QSEHRA). Learn more about our services and let our benefits specialist help you develop plans that meet your business needs and add value in the eyes of your employees.
An HRA is an employer-funded plan that provides reimbursements for co-pays, deductibles, and certain eligible medical expenses for your employees. This option will allow you to avoid the costs of expensive co-pay medical plans while offering a valuable benefit to employees.
For unreimbursed healthcare costs, an FSA allows employees to pay for expenses such as medical, dental and other healthcare costs. Employers may contribute and employees may contribute pre-tax dollars as well, up to specified limits. You have the ability to offer a grace period or carry-over if you choose.
An HSA is an account that your employees can use to pay for certain medical, dental, and vision expenses that they incur out of pocket. Though similar to FSAs, HSAs have some significant differences, such as the limits on employee contributions, and who is the owner of the account. FSAs give you more control over the accounts, but HSAs will allow more of a decrease in tax liability since employees can contribute more.
QSEHRAs provide a way for your company to offer health care assistance to employees without the expense of a full health insurance program. With a QSEHRA, an employer gives all qualified employees a reimbursement allowance that can be used to pay a variety of health care expenses including premiums for individual health insurance policies. This money is payroll-tax free for employers and employees, and as long as employees have insurance that meets Affordable Care Act (ACA) requirements, the reimbursements are income tax-free as well.
Summary Plan Documents or SPD Wrap documents are designed to wrap around your current plan booklets and certificates of insurance. These documents will ensure that your company is compliant with ERISA (Employee Retirement Income Security Act of 1974) requirements. Companies that are non-compliant are subject to Department of Labor (DOL) audits and financial penalties.
A Cafeteria Plan is a type of reimbursement plan for employees. Several options exist- employees all receive the same benefit amount, but they may choose a taxable benefit option (such as additional money in their paychecks) or a non-taxed option such as an FSA, which allows them to put pre-tax money toward certain medical expenses.
A DCFSA is an account that allows employees to pay for qualified dependent care expenses and reduce their taxable income. Employees have a portion of their paycheck withheld and deposited pre-tax into an account that allows the employee to pay for expenses such as preschool, summer day camp, before or after school programs, and child or adult daycare for their dependents.
Section 132(f) of the Internal Revenue Code permits employees to pay for commuter vehicle expense, transit passes, and qualified parking expenses on a pre-tax basis.
Form 5500 is the form that is used to file an employee benefit plan’s annual information return. For employers with 100 or more employees, The Harrison Group can help with your 5500 Forms, saving you time, resources, and significant late fees.
The Harrison Group is a Third Party Administrator Who Understands Your Needs
Small businesses have special needs and each business is unique. Whether you are a broker or other small business owner, you need a partner who is committed to finding solutions that work for your business. As a third party administrator, The Harrison Group has made learning all of the details that can impact your business our priority. For an in-depth personalized consultation and individualized program, contact us today.