We are Proud to Partner with TASC.  Below is a description of their most popular plans with a brief list of the benefits for both the employer and the employee.  All  plans come with a free debit card for easy expense payment and reimbursement, and are very easy to set up and administer.  Also included a short list of the most common medical expenses that can be included in these plans.

Click here: Guide to deducible expenses

Health Reimbursement Arrangement (HRA, Section 105) designed for “Mom & Pop” small businesses:

• Allows all family health costs to be deducted as a business expense, tax free
• Includes both health insurance premiums and out-of-pocket medical expenses for the entire family
• Includes Long Term Care
• Average savings of $4,000 annually

 

Flexible Spending Accounts (FSA, Section 125)

• Employer Advantage
  • Employer saves 7.65% in payroll tax on any employee dollars contributed
  • Offers great benefit to employees for better employee retention and attraction
• Employee advantage:
  • Allows for health expenses to be paid for on a pre-tax basis, saving ~30%
  • Lowers employees’ taxable income
  • Can include up to $5,000 in dependent/daycare expenses
• Great vehicle for providing set dollar amount for employees not covered under a group health insurance plan
• Many different options for any size business (Premium Only Plan, Simple FSA, Etc.)

 

While these are the most appropriate for smaller businesses (<20 employees), TASC also offers products to fit the needs of any size business.  In addition to FSAs and HRAs, we offer HSAs, COBRA, ERISA, and FMLA administration as well as a full-service payroll solution.  Let me know if you have any other questions, and I’d be glad to help!

Click here: Client Worksheet   ..Fill out and email to Tony (Tony.BeauchaineAT tasconline.com) Replace AT with @ for a FREE tax-savings analysis”

Tony Beauchaine

Regional Sales Director

TASC