A Wrap document essentially “wraps” around the Insurance carrier’s certificate of coverage providing all the required ERISA language. A wrap document can also combine or bundle multiple employee-sponsored plans into a single document which helps to simplify 5500 filings. Read More
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A Flexible Spending Account (FSA) is a pre-tax benefit used to pay for eligible medical expenses, drugs, other Out-of-Pocket health care costs and dependent care expenses. This is an employer sponsored plan and employers may contribute to the plan but aren’t required to. Read More
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A Health Reimbursement Arrangement (HRA) is an employer-funded medical reimbursement plan. An employer sets aside a specific amount of pre-tax dollars for employees to use to pay for health care expenses on an annual basis. An HRA is known as a Health Reimbursement Account (HRA) or personal care account. Read More
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Transportation and parking are employer provided voluntary benefit programs which allow employees to reimburse their monthly commuting expenses, vanpooling and/or related parking costs with pre-tax withholdings. This benefit was established in 1993 as part of the federal tax code section 132(f),[4] to provide tax incentives to employees to encourage mass transportation. Read More