Hartloff Benefits Solutions LLC works with many financial institutions to provide these accounts. We help you choose the provider. We work employees to set up accounts. We strive to educate your employees on the features and benefits of these plans so that employees can maximize their Health Care Benefits and tax savings.
- HRA – Health Reimbursement Arrangement – An HRA is an employer-funded plan that reimburses employees for qualified medical expenses and, in some cases, insurance premiums. Employers are allowed to claim a tax deduction for the reimbursements they make through these plans, and reimbursement dollars received by employees are generally tax free.
- HSA – Health Savings Accounts - An HSA is a tax-advantaged account created for individuals who are covered under high-deductible health plans (HDHPs) to save for medical expenses. Contributions are made into the account by the individual or the individual's employer and are limited to a maximum amount each year.
- FSA – Flexible Spending Accounts - An FSA is a type of savings account that provides the account holder with specific tax advantages. An FSA, sometimes called a “flexible spending arrangement,” is set up by an employer for an employee. The account allows you to contribute a portion of your regular earnings to pay for qualified expenses related to medical and dental costs.
Another type of FSA is a dependent-care flexible spending account, which is used to pay for childcare expenses for children age 12 and under and can also be used to pay for the care of qualifying adults, including a spouse, who cannot care for themselves and meet specific Internal Revenue Service (IRS) guidelines. 1 A dependent-care FSA has different maximum contribution rules than a medical-related flexible spending account.
Hartloff Benefits Solutions LLC works with many financial institutions to provide these accounts. We help you choose the provider and work with employees to set up accounts. Our Team strives to educate your employees on the features and benefits of these plans so that employees can maximize their Health Care Benefits and tax savings.