Benefits of Third-Party Administration Has Never Been Easier or More Reliable

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 which makes Benefits Third-Party Administration simple!

Benefit Plan Options

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

HSAs are triple-tax advantaged: funds saved in the account are tax-exempt, interest and earnings gained in the savings account are tax-exempt, and payments made from the HSA for qualified expenses are tax-exempt.Participants own their individual HSAs, and it can travel with them from employer to employer, in retirement and during unemployment. HSA contributions roll from year to year; there is no deadline for using the funds and the FSA use-it-or-lose-it rule does not apply.

HSAs can become a supplemental retirement account. While health expenses continue to be eligible expenses for retirees, in addition, retirees can pay for any expense from their HSA with no additional tax penalties.

B3PA has partnered with HealthCare Bank to act as the Health Care Bank for our HSA clients HeathCare Bank offers a full suite of investment options for HSA account holders with account balances exceeding $2,000.B3PA fully integrates HSA accounts with our Limited or Post-Deductible FSA Options, allowing your employees to get even more tax advantage reimbursement savings.

The Provider Pay and Claims Integration features B3PA offers which are most advantageous to HSA clients. A Health Savings Account is a popular option for employees who elect one of the increasingly prevalent High Deductible Health Plans.

HRA

Health Reimbursement Arrangements (HRAs) can be complex, confusing and overwhelming. The team at B3PA is dedicated to making your HRA work for both employer and employee.

To summarize, the HRA is an employer-sponsored plan that can be used to reimburse a portion of employees’ out-of-pocket medical expenses. The employer specifies a designated dollar amount to credit to the account monthly or annually.

The employee decides which out-of-pocket qualifying medical expenses they would like to submit for reimbursement. At the end of the plan year, any unused funding will be rolled over to the next plan year – should the employer continue to offer the program.

Each new HRA client will have a one-on-one consultation with a knowledgeable B3PA representative to ensure the proposed HRA is as simple, efficient and valuable to the participants as possible.A variety of HRA designs and features are available; B3PA will fully utilize the capabilities of its systems to accommodate as many options as possible.

The Qualified Small Employer Heath Reimbursement Arrangement (QSEHRA), which allows for the reimbursement of health insurance premiums along with medical expenses is a B3PA option for employers with less than 50 employees B3PA will help its HRA employers navigate through the ever-changing regulations surrounding benefits such as: Affordable Care Act, Tax Cuts and Jobs Act, etc. We are dedicated to only operating compliant HRA plan designs

Flexible Spending Account

Flexible spending accounts (FSA's) 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.

We Offer Commuter Benefits.

Encouraging employees to take mass transit or van pooling helps them avoid the adverse effects driving can have on their brain and mental well-being. When they’re riding instead of driving, they can also spend time on other things, whether it’s catching up on personal emails, listening to a meditation, or starting their day with a favorite podcast or music. This may put them in a better state of mind entering and leaving work.  Read more about how Commuter Benefits help the Employer as well as the Employee.

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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