The best part? Because our spending and savings accounts are tax-advantaged, you’ll save up to 7.65% in payroll taxes for every employee that participates. (Try out our FSA Employer Savings Calculator to estimate just how much you can save!)
Qualified Disaster Relief Account (QDR)A Qualified Disaster Relief (QDR) account gives employers the ability to reimburse their employees for disaster-related expenses resulting from COVID-19 on a pre-tax basis. Employers may make payments to cover increased per-employee costs of things like: medical expenses incurred as a result of COVID-19, child care expenses due to school or daycare closures, increased home utilities and expenses as individuals are at home all day working, and internet or phone to connect to WiFi/intranet in order to work from home due to COVID-19.
Healthcare Flexible Spending Account (FSA)Help your employees save money on out-of-pocket, routine medical expenses. An FSA allows employees to set aside pre-tax dollars from their paycheck for eligible healthcare expenses. Participation decreases their taxable income, and in turn, decreases your costly FICA tax burden.
Health Savings Account (HSA)Designed to be used in conjunction with a high-deductible health plan (HDHP), HSAs are quickly becoming the go-to employee benefit account. HSAs are triple tax-advantaged: employees will not pay taxes on contributions, nor will they pay taxes on interest earned or upon withdrawal for qualified expenses. As an employer, you’ll save on high insurance premiums by offering an HDHP.
Health Reimbursement Account (HRA) HRAs are employer-funded tax-advantaged accounts, designed to help employees save money on the high costs associated with healthcare. Employers save money by migrating from first-dollar coverage to a high-deductible health plan (HDHP) without having to increase their employees’ out-of-pocket exposure.
Commuter Reimbursement Account (CRA) Designed as an add-on to FSAs, a CRA allows employees to set aside pre-tax dollars to be used for eligible commuting expenses, including parking, transportation, and vanpool services. (If you are an employer in NYC with 20+ full-time employees or San Francisco with 50+ full-time employees, you may be required to provide this benefit. Learn more about NYC here and the Bay Area here.)
Dependent Care Account (DCA)A DCA is an extension of an FSA and is designed to pay for the daily care of an eligible child or adult dependent. Funds can be used for expenses such as daycare, before- and after-school programs, eldercare, pre-school, and more.
Individual Coverage Health Reimbursement Account (ICHRA) The Individual Coverage Health Reimbursement Arrangement (ICHRA) allows employers to set aside tax-free money for employees to use on eligible healthcare purchases. Unlike a traditional HRA, an ICHRA allows for reimbursement of individual insurance premiums, and it works with individual insurance plans and Medicare.
Excepted Benefit Health Reimbursement Account (EBHRA) The Excepted Benefit HRA (EBHRA) allows employers to contribute up to $1,800 annually to go toward reimbursement of an employee’s out-of-pocket medical expenses like co-pays, deductibles, dental and vision coverage, COBRA premiums, and long-term care.