Important

Open Enrollment Dates

The 2021 Open Enrollment Period Runs From:

Sunday, November 1, 2020 to Tuesday, December 15, 2020.If you don’t act by December 15, you can’t get 2021 coverage unless you qualify for a Special Enrollment Period. Plans sold during Open Enrollment start January 1, 2021.

Composed of team members with years of experience in the industry. Unmatched administrative services are offered for benefit plans including Flexible Spending Arrangements (FSAs), Health Reimbursement Arrangements (HRAs), Health Savings Accounts (HSAs) and COBRA.It is important to the B3PA team to provide the highest quality service to ensure you are receiving the best in the industry. We keep up with the most state-of-the-art technology and keep our customers in mind every step of the way.

B3PA is a Third Party Administrator with over 15 years of Experience.

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Flexible Savings Account

Flexible spending accounts (FSAs) are one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer in the U.S. An FSA allows an employee to set aside a portion of his or her earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses, but often for dependent care and other expenses. Money deducted from an employee’s pay into an FSA is not subject to payroll taxes, resulting in substantial payroll tax savings.

HRA

Health Reimbursement Arrangement

An HRA is a program that is fully funded by your employer and is designed to help you pay for out-of-pocket medical expenses. While HRAs come in many varieties, your HRA allows you to use the funds for an array of eligible expenses. How it Works Your employer puts money into your HRA and you choose how your healthcare dollars are spent. Because the money contributed by your employer doesn’t count as income, there are no tax implications. It’s kind of like getting a raise. You can use the money in the HRA throughout the year for qualified medical expenses. Depending on your plan design, any leftover dollars may roll over from year-to-year (as long as you continue to be a member of the plan) or they may be forfeited. Check with your Human Resources department or Plan Administrator for more information about your plan design.

Cobra

COBRA

The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events. Qualified individuals may be required to pay the entire premium for coverage up to 102% of the cost to the plan. COBRA generally requires that group health plans sponsored by employers with 20 or more employees in the prior year offer employees and their families the opportunity for a temporary extension of health coverage (called continuation coverage) in certain instances where coverage under the plan would otherwise end. COBRA outlines how employees and family members may elect continuation coverage. It also requires employers and plans to provide notice.

hsa

Health Savings Account

An HSA works with a high deductible heath plan (HDHP), and allows you to use before-tax dollars to reimburse yourself for eligible out-of-pocket medical expenses for you, your spouse and your dependents, which in turn saves you on taxes and increases your spendable income.

B3PA Offers Commuter Benefits for Your Company Click Here to Find More Information.

Are you and your clients needing special attention?

We pride ourselves on the quality of care and personal attention provided to our clients and partners. Let HR Service and B3PA assist you with your Benefits Administration needs. Don’t wait until you are overwhelmed. The time is now to choose your third-party partner! We will earn your trust, guaranteed!

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