FSA Administration & HRA Administration
Tax-advantaged Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs) are powerful tools that allow employers to cost-effectively improve their employee benefit package. However, implementing an FSA or HRA can be overwhelming due to complex administrative and legal requirement. Benefit Concepts eliminates that stumbling block by handling all aspects of FSA and HRA plan administration for you – accurately and efficiently.
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We provide complete, ongoing support, including:
Stored Value Card
We also offer a convenient My Care Card option that simplifies the reimbursement process by allowing plan participants to use a stored value card instead of cash to pay for eligible health care expenses. In addition, Benefit Concepts provides you with a host of attractive, user-friendly communications materials to facilitate enrollment and maximize participation.
Benefit Concepts can also accept carrier files to automatically substantiate card purchases or to automatically reimburse participants. The automatic payment option provides reimbursement to participants without claims submission.
Multiple Account Prioritization
Through our proprietary system, Benefit Concepts has the ability to manage multiple reimbursement accounts and automatically apply claims to the correct account in a pre-designated order, for manual claims or card purchases, eliminating the need for participants to choose which account pays which claims.
The Benefit Concepts web-based solution allows both participants and clients to access information both efficiently and effectively. Participants can view real-time account information, submit claims, and upload receipts and substantiation through the Participant Portal. Through the HR Portal, Clients have the ability to view participant information and retrieve any applicable reports.
Benefit Concepts also offers Retiree HRA administration. Benefit Concepts can handle both pre-retirement and post retirement HRA needs, including: