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Today innovative solutions are available to help businesses address escalating medical costs. The tax-saving features of these consumer-driven plans can provide substantial savings for you and your employees. Bukaty Companies has the expertise to advise you on:
- Flexible Spending Accounts (FSA)
- Health Reimbursement Arrangements (HRA)
- Health Savings Accounts (HSA)
Additionally, we can administer Flexible Spending Accounts and Health Reimbursement Arrangements for businesses of any size. Our hands-on approach ensures your account administration setup is easy and seamless.
Flexible Spending Account (FSA)
Also known as a Section 125 or Cafeteria Plan, a FSA allows employees to contribute a designated amount from each paycheck into a personal account. Funds in the account are used to reimburse employees for health, dependent care and other qualified expenses. Because funds are deducted pre-tax, the employee’s take-home pay and buying power are increased.
A Flexible Spending Account is a simple and cost-effective way to enhance your employee benefit plan. The unique features of FSA reduce employee taxes as well as employer tax liability.
The most common Flexible Spending Accounts are:
- Premium Only Plan – Employees can use pre-tax dollars to pay their portion of premiums for health, group term life, disability or cancer insurance.
- Health Care Reimbursement – This account reimburses employees for qualified health care expenses not covered by insurance such as deductibles, co-pay and over-the counter remedies.
- Dependent Care Reimbursement – Child and dependent care expenses can be reimbursed through this account, often providing greater tax savings than the tax credit available when filing tax returns.
For debit card options, click here 
Health Reimbursement Arrangement (HRA)
A HRA is a medical reimbursement plan that is funded solely by the employer to reimburse employees for their qualified medical expenses. The actual amount of the reimbursement is tax-deductible for the employer and a tax-free benefit for the employee.
Health Savings Account (HSA)
The newest of the consumer-driven plans is a Health Savings Account. It works similar to an IRA except that the money deposited in an HSA can only be used to pay for qualified health care costs. While in the account, funds can earn interest tax-free.
COBRA Administration
COBRA administration can be a significant drain on your internal resources. Factor in the consequences of non-compliance, and it's easy to understand why employers turn to Bukaty Companies to manage this burdensome administrative requirement.
Bukaty Companies COBRA specialists will generate and mail the required notifications following the initial notice, as well as track, document and update all COBRA-related events. We also will provide and maintain the documentation necessary to respond to an IRS audit of your COBRA practices.
Anyway you look at it, COBRA administration, with its complex requirements, is best left to our trained specialists whose job is to constantly monitor regulations and ensure our practices are COBRA compliant.
Our COBRA Administration system will:
- Prepare event-specific qualifying notices to all qualified beneficiaries
- Track all COBRA-related activities and stamps by date, time and user
- Inform participants of all premium rate changes
- Verify participant's eligibility based on information received from the employer
- Update participant information based on information received from the employer
- Monitor election periods and participant time frames
- Maintain COBRA activity documentation
Upon notification by the plan administrator of a participant's qualifying event, Bukaty Companies will generate a COBRA Election Form.
COBRA Clients
To activate the COBRA election process for a qualified beneficiary, we must receive the following completed COBRA Qualifying Event Notification form. Completed forms should be faxed to (913) 871-0015 or can be e-mailed to COBRA@bukaty.com. If you have questions, please contact Andi Whitebread at (913) 345-0440.
Helpful Forms and Information
For more information, contact:
Carol Jones
Benefit/Flex Administration Manager
913-345-0440
cjones@bukaty.com
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