- Flexible Spending Accounts
- Health Reimbursement Arrangements
- Qualified Transit and Parking
- Health Savings Accounts
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Health Reimbursement Arrangements
What is a Health Reimbursement Arrangement (HRA)?
A Health Reimbursement Arrangement or HRA is a type of Medical Reimbursement Plan or MRP that allows the employer to contribute tax-free dollars to a designated employee account or accounts. These accounts are for employee reimbursement of out-of-pocket medical expenses (including insurance premiums and deductibles).
Flexible Spending Accounts
A Cafeteria Plan or Flexible Spending Account(FSA) is a reimbursement plan governed by IRS Section 125 which allows employees to contribute a certain amount of their gross income to a designated account or accounts before taxes are calculated.
Health Savings Accounts
What are Health Savings Accounts (HSAs)?
Health savings accounts are tax favored accounts that can be contributed to by or on behalf of “eligible individuals” covered by certain high deductible health plans (HDHPs) to pay for certain medical expenses of eligible individuals and their spouses and/or tax dependents.
Learn more about myCafeteriaPlan!
myCafeteriaPlan is a licensed Third Party Administrator (TPA) providing innovative solutions for your company's unique reimbursement plan needs. myCafeteriaPlan has been providing employers and their employees with the Power of Options since 1991, and is committed to bringing the highest quality service and administration to your new or existing plan.
To learn more about how myCafeteriaPlan can serve your company, read about:
From a Participant
“myCafeteriaplan customer service team member was very helpful and that is always the norm. I love that I get to talk to a live person when I call in and I do not have to deal with an automated system. I always get good service when I call in and I really appreciate that. Never change!”
- A participant phoned to let us know about their experience with our customer service team
myCafeteriaPlan believes that a reimbursement plan should be designed for the needs of each individual company. A reimbursement plan program should reflect a definite purpose – not be designed by accident. Our unique approach involves the following process:
- Discovery – determining goals, needs and resources
- Design – structuring a program based on each company’s unique characteristics
- Implementation – processing, documentation, and communication of plan details to all participants
- Service – day-to-day administration of your cafeteria plan and employee assistance
- Monitoring – reviewing and updating programs to see that they remain effective and cost competitive
We recognize employee benefits play a large part in employee satisfaction and that the happiest employees make the happiest employers. To that extent, we work hard to put a smile on your face.
Our mission is to provide your company with professional third party administration that promotes – Happy Employees. Happy Employers.
TPA Specialists Since 1991
myCafeteriaPlan is an experienced third party administrator (TPA) for:
- -Section 125 Cafeteria – Flexible Spending Account (FSA) Plans
- -Section 105 – Healthcare Reimbursement Arrangement (HRA)
- -Section 223 – Healthcare Savings Accounts (HSA)
- -Section 132 – Qualified Transportation (Transit) Plans
- -Across the United States, companies just like yours have trusted us since 1991.
W-2 Reporting Requirements for Reimbursement Accounts – What has to be Included? It’s that time of year when employers and employees begin thinking about deadlines for W-2s and reporting information for taxes. Healthcare reform has brought about many changes to the reporting requirements for healthcare costs and you may be asking yourself what requirements, if […]
The IRS has announced the mileage rate for 2017 for medical purposes. The mileage rate for 2017 will be $0.17 per mile driven. This is a 2 cent decrease from the 2016 limit of $0.19. The new rate of $0.17 is effective January 1, 2017.
What is a flexible spending account? A flexible spending account, or FSA, is a benefit which allows employees to have funds deducted from their paycheck pre-tax to pay for out-of-pocket medical, dental and vision expenses. Depending on the type, a plan may also be established to reimburse out of pocket daycare expenses. These plans are […]
Planning for End of Year Expenses for Flexible Spending Accounts The end of the plan year is quickly approaching for many flexible spending accounts (FSAs). Many participants may be wondering what happens at the end of the plan year and how do I wrap up any outstanding claims. There are three primary scenarios (determined by […]
IRS Updates Healthcare Flexible Spending Account Limit for 2017 The IRS has released cost of living adjustments for annual maximums for 2017. Included in the limit updates is the limit for Healthcare Flexible Spending Accounts (Health FSAs) for 2017. The Health FSA limit has been increased to $2,600 for 2017. The increase also applies to […]