FSA Admistration

BRMS Tax-Deferred Healthcare Cost Management

FSA HSA HRA Administration with Vbas

Nobody knows more about saving benefit dollars than Benefit & Risk Management Services. As a leading benefit administrator and healthcare risk manager, BRMS will help you develop and administer Flexible Spending, Health Spending and Health Reimbursement Accounts - tax-effective choices for managing health-related expenses to manage both your, and your employees' healthcare expenses.

Flexible Spending Accounts (FSAs)

FSAs offer a win-win situation for both you and your employees

With tax advantages for both the employer and the employee, Section 125 of the Internal Revenue Code allows employees to fund a Health Care Flexible Spending Account - a method of developing a spending account to pay for certain out-of-pocket healthcare or dependent care costs on a pretax basis.

By sponsoring Flex Spending Accounts (FSAs), you offer a win-win situation for both you and your employees. By allowing your employees to allocate pre-tax earnings to specific savings accounts designated by the IRS, you help reduce FICA tax for both of you.

Sample of our online FSA administration with Vbas:

  • Benefit and Risk Management
  • Claims Administration by Vbas
  • Claims Administration by Vbas
  • Claims Administration by Vbas
  • Claims Administration by Vbas
  • Claims Administration by Vbas

Health Reimbursement Accounts (HRAs)

HRA accounts can pay the same expenses as a Section 125 Medical Reimbursement Flexible Spending Account (FSA), however, unlike an FSA only employers can contribute to the HRA.

Expenses not reimbursed by health insurance are one way employer groups are utilizing HRAs. With an HRA, the employer funds an account from which the employee is reimbursed for qualifies medical expenses, such as co-pays, deductibles, vision care, prescriptions, long-term care, medical insurance, chiropractic care, and most dental expenses. Over-the-counter drugs that are medically necessary may also be reimbursed through an HRA. Reimbursements are not taxed to the employee, and are deductible by the employer.

HRAs provide employers with a lot of flexibility in Plan design. Limits can be set on types of services reimbursed by an HRA. Amounts contributed to an HRA can be in a lump sum or in increments throughout the year. You can also choose to carry over unused funds to the next plan year, or have all or a portion of the unused funds forfeited at the end of the year.

Contact BRMS today to learn how we can help you develop a health reimbursement account to suit your company's specific needs.

Benny™ Card

The Benny™ Prepaid Benefits Card is a product of Evolution Benefits. We know that health care coverage and other employee benefits are changing. Employees are being asked to take on more financial and decision-making responsibility.

The Benny™ Prepaid Benefits Card lets employees pay for their qualified expenses automatically at the point of sale, directly from the appropriate account.

Risk Assessment and Insurance UnderwritingThe Benny™ Prepaid Benefits Card, simplifies employees' access to their employer-sponsored accounts. It can be used with Flexible Spending Accounts (FSAs), Health Reimbursement Accounts (HRAs), Qualified Transportation Accounts (QTAs), and Health Savings Accounts (HSAs). The Benny™ Prepaid Benefits Card lets employees pay for their qualified expenses automatically at the point of sale, directly from the appropriate account. This virtually eliminates the system of paying twice (once through payroll deduction and once at the point of sale), sending in claims, and waiting for reimbursement. Using Benny™ is the fast, easy, and automatic way to access your accounts!

This is one step in our efforts to take health care and employee benefits to the next level. We're helping benefits evolve. We're Evolution Benefits.