Cafeteria Option-How to Reduce My Health Care Costs
A Side-By-Side Comparison of Flexible Spending Accounts (FSA), Health Reimbursement
Arrangements (HRA) and Health Savings Accounts (HSA)
With the drastic increases in health care costs, there is no better time than right now for you to take advantage of certain IRS codes to reduce the financial burden of rising health care expenses. For your convenience, we have created a comparison chart to help you determine which plan is best for your business. Our expertise will help answer tough questions like:
- Can an S-Corp shareholder participate in an HSA and not offer the benefit to the rest of their employees?
- Can account funds from an FSA be used for non-medical expenses?
- Can an employee still receive reimbursements from an HRA after they leave the company?
The interaction of each of these plans is complicated and quickly changing. This chart will answer these questions and help you become more knowledgeable on the subject of Flexible Compensation.
Comparison Chart of FSAs, HRAs and HSAs
Do you need more detailed information? MMS, Inc. can help you determine which plan is best for your business by drawing on our 70 plus years of combined experience in the area of Flexible Compensation. We utilize analytical and quantitative tools to help tailor a strategy for your business. Please call 877-249-0206 at your earliest convenience with any questions you have.
