benefits_claimsTEC Benefits offers a full range of Health Reimbursement Account (HRA), Health Savings Account (HSA), and Flex Spending Account (FSA) solutions to our clients and their employees. Every company is different in its need for benefits and what will fit their mold. We strive to exceed these needs for each of our clients. Maintaining all of the regulations of HIPAA, we offer in-house HRA, FSA and HSA solutions that always result in cost savings for our clients.

HRAs are a good fit for high deductible health plans. Employers can save money with the reduced premium costs of these types of plans. HRA contributions from the employer, which are tax deductible, can be funded by the savings from lower premium costs. An HRA can help absorb the financial burden of an employee’s healthcare costs before reaching the amount of the deductible.

Employers benefit from HRA plans thanks to these plans’ flexibility. Employers are able to choose where HRA expenditures are applied. HRA plans can go towards an employee’s deductibles, copays and coinsurance. The plan can be changed based on the needs of the employer and employee.

HRA plans help educate employers on where their healthcare dollars are going. Employers are able to clearly see healthcare expenses being accrued by their employees. Our TPA department keeps the process confidential and 100% HIPAA compliant.

HRAs are also attractive to existing and prospective employees. These types of plans are beneficial to the employee thanks to the help it provides when dealing with medical expenses.

A Health Savings Account is a savings account that grows based on pre-tax contributions. These accounts are owned by the individual employee. HSAs grow year to year based on contributions by an employee and/or employer.

Money in an HSA can be used for qualified medical expenses needed by an employee. Medical expenses can come when you least expect them. An HSA can provide peace of mind that money is available when it is needed.

A Flexible Spending Account sets aside money from employees. That money can then be used by the employee for qualified medical expenses like deductible expenses, prescriptions and urgent care. For a full list of eligible medical expenses that are covered under an FSA, please refer to the U.S. IRS website. Employees have access to a full year’s worth of FSA contributions on the first day of a plan.

Coupled with a personal online account, managing your FSA accounts is easier than ever for both employers and employees. Our goal is to make your usage and experience with your accounts as trouble-free and accessible as possible.

For current employers utilizing our HRA and FSA solutions, we offer an administrator portal specific to your group which will allow you to manage and view functions of your group’s plan. Please contact claims@tecbenefits.org or call you claims administrator in order to get set up. The process is user friendly and only takes a few minutes before you are up and running.

For consumers participating in your employer’s HRA and or FSA plans, you also have a custom login to your account to view and manage your healthcare spending. The setup and access to this is also very easy and will only take a few minutes to be setup for you. For login details, please contact claims@tecbenefits.org for instruction.