If your question has not been answered, please contact one of our Customer Service team members at 1.800.300.1672 or e-mail us.
General | FSA | HSA | HRA | COBRA/Continuation & Retiree Billing
Q. Who can I contact to request a proposal? - Back to Top
A. Please contact our front desk at 612.253.6636 and ask to speak with a sales consultant. One of our friendly, knowledgeable consultants would be glad to discuss the details of the plan(s) your clients' want as well as give you a quote. You can also request a quote by clicking the 'Request a Quote' button on the left side of the main page.
Q. Who can I contact to discuss the different plan types in more detail? - Back to Top
A. Please contact our front desk at 612.253.6636 and ask to speak with a sales consultant. One of our friendly, knowledgeable consultants would be glad to discuss the details of any of the plans we offer.
Q. What should my clients look for in an FSA administrator? - Back to Top
A. For more than 20 years, FSA plans followed very specific procedures and their administration was straight-forward. However, with the increasing popularity of HRAs and HSAs, as well as the coordination necessary between these plans and the flexible spending accounts, the requirements and ever-changing regulations have become more complex, time-consuming and worrisome. Your clients' FSA administrator must manage the evolving parts of the plans and keep it simple for participants. Eide Bailly Employee Benefits does just that—putting the "flexible" back into flexible spending account administration.
Q. Why should my clients choose Eide Bailly? - Back to Top
A. In developing an FSA plan that meets your clients' needs, we work with them to consider all legal, regulatory and participant requirements. Our experience with HSAs and HRAs allows us to develop tracking and reporting requirements that meet both employer and participant needs. And, as your clients' needs or regulations change over time, we work with them to ensure the FSA design adapts to these changes.
Q. How are FSAs funded? - Back to Top
A. Employees makes pre-tax contributions to their FSA account up to the yearly IRS limits through contributions from their paychecks. Employers may also contribute to their employees' FSA account, although this is a rare occurrence.
Q. Why should my clients choose an HSA? - Back to Top
A. HSAs allow your clients and their employees to save money. Employers can take a deduction for the contributions they make, which are not subject to FICA taxes. Also, an HSA-qualified plan typically will have lower premiums than a traditional plan. For the employee, the account can be used to pay for qualified medical expenses, or if unused, the money grows tax-free year-to-year. HSAs also allow employees to retain more control over their health care expenses. HSA-qualified plans are not as restrictive as HMOs, employees can keep their own doctor, and HSAs can be used to pay for additional expenses not covered by the health plan.
Additionally, employees do not pay taxes on withdrawals for eligible medical expenses and can keep the HSA even if they lose or change jobs, retire or leave the qualified health plan. They have the option of keeping the money liquid in a bank account or investing it in mutual funds. HSA funds can be withdrawn after age 65 with no penalty and money from other tax-advantaged accounts can be rolled over into an HSA.
Q. How are HSAs funded? - Back to Top
A. The employee and employer can make pre-tax contributions to the HSA account up to the yearly IRS limits. Contributions can be made at any time during the year, provided an employee is covered by an HSA-qualified plan and not on Medicare. In 2013, the IRS-defined maximum contributions are:
- $3,250 for individuals
- $6,450 for families
- $1,000 "catch-up" contribution allowed for people age 55 and older
Additionally, any third party can make contributions. However, third-party contributors do not receive tax benefits.
Q. Why should my clients choose an HRA? - Back to Top
A. HRAs are created by employers to complement high-deductible health plans and are often paired with other types of health plans or may be used alone. The employer determines the amount of funds that will be available to the employee and what type of expenses qualify. Employees are reimbursed for out-of-pocket medical care, as long as the expenses are qualified and do not exceed the maximum reimbursement set by the HRA. Once HRA funds are exhausted, employees are responsible for all additional out-of-pocket expenses until the next plan year begins.
Q. How do HRAs benefit my clients' companies? - Back to Top
A. Employers can control medical costs and offer employees assistance with out-of-pocket medical expenses. This can make high-deductible health plans more attractive. Employers can increase employee satisfaction by offering this form of nontaxable income by creating an account and setting aside monies for them to offset the cost of deductible expenses. HRAs also help to promote healthy lifestyles by increasing the focus on wellness.
Q. How are HRAs funded? - Back to Top
A. HRAs are funded entirely by employers. The employer determines the amount that is available to the employee. Typically, HRA funds can roll over year-to-year; however, this is determined by the employer when the account is created. HRAs are owned by the employer and do not accrue interest.
COBRA/Continuation & Retiree Billing
Q. What COBRA services does Eide Bailly offer? - Back to Top
A. Eide Bailly offers comprehensive COBRA administration that relieves employers of the activities, correspondence and pressure of COBRA administration. We provide all documentation, notices, forms and recordkeeping as well as stay abreast of the latest COBRA changes and requirements. We take care of communicating with plan participants and your insurance carriers to help ensure that you stay in compliance. We can also help employers evaluate their current COBRA process to determine if they are in compliance.
Q. How can my client benefit from Eide Bailly's COBRA services? - Back to Top
A. Eide Bailly's COBRA specialists work with your clients' HR teams to help ensure that they are in compliance. Your clients benefit by our experience and our ability to administer their COBRA. We'll free up their HR personnel to focus on other aspects of their business. We communicate with you and your clients continually and help make the process easy and uncomplicated for COBRA participants. Every aspect of COBRA administration requires timely processing – we ensure that deadlines are met.
Q. How can Retiree Billing help my clients? - Back to Top
A. We handle all communication, enrollment and processing of payments for your clients' retiree participants. This includes billing retirees for their health insurance premiums and collecting premium payments at no extra cost via automatic clearinghouse (ACH) deductions. Eide Bailly also communicates enrollments and terminations to your clients' insurance carriers. We handle all recordkeeping for your clients' retiree benefits continuation.