Flexible Benefits

Flexible Benefits

Enhance Your Benefits and Save on Costs

Flexible benefit plans include tax-favored accounts which provide savings for you and your employees. Employees use their accounts to pay for eligible health care and other expenses tax-free,* at a savings of up to 40% off normal costs.** When plans are funded through payroll deduction, you save 7.65% on payroll tax for every dollar contributed.

Get Expert Advice and the Right Price

Our expert consultants work closely with your company to tailor a solution that is right for your needs and your budget and that is compliant with government regulations. We work with companies of all sizes in diverse industries and offer a full range of products and services including COBRA and Premium Billing Services.

PLAN DESCRIPTIONS

  • FSA
  • HSA
  • HRA
  • TSA
FSA

Plan Design

One of the most popular flexible benefit plans, a Flexible Spending Account (FSA), allows employees to set aside pre-tax money from their paychecks to pay for eligible out-of-pocket costs. SHDR offers a Medical FSA to pay for eligible health care costs and a Dependent Care FSA to pay for eligible child and elder care expenses.

An FSA plan is fully funded by the employee but may be perceived as a bonus, allowing you to enhance your benefit package at little or no cost. When employees fund their accounts through payroll deduction, you also see a reduction in payroll tax.

  • Account is fully funded by employee
  • Account is not portable if employee switches jobs or retires
  • Up to $500 may be rolled over each year, if the employer has elected that option
  • Year-end balance is forfeited to employer—"use it or lose it"—if the rollover option was not elected
  • Benefit Access Visa® Debit Card provides easy access to funds for employee
  • Online account management allows employees to check benefits, file claims and email customer support
  • Employees can access account information through the CarePlus Benefits Access mobile app available for Apple® and Android® devices

Plan Administration

SHDR makes FSA plan administration easy to ensure optimum enrollment and reduce strain on your internal resources. An SHDR representative will be assigned to large companies and may be able to attend open enrollment events to answer employee questions. Available resources include:

  • Electronic enrollment, education and communication materials
  • Online account management with scheduled and ad-hoc reporting
  • Electronic payroll deduction
  • Direct deposit of claims reimbursements
  • Reduced claims paperwork with Benefit Access Visa Debit Card
  • Auto substantiation of eligible expenses option with debit card
Contact Us

For more information and answers to your questions, please contact SHDR by phone at
800-930-2441 or by email.

HSA

Plan Design

A Health Savings Account (HSA) is an interest bearing, tax-favored savings account that allows eligible employees to pay for current and future medical expenses tax free. Your contributions to employee accounts are tax deductible. Additionally, employee contributions to their own accounts through payroll deduction reduce employer payroll tax.

Calculate Employer Savings

The IRS requires an HSA to be linked to a qualified high-deductible health plan (HDHP). HDHPs have lower premiums than traditional plans, helping you to reduce your costs. Additionally, this plan puts spending control in the hands of your employees, encouraging them to be conscientious consumers. Over time, you could also see a reduction in your utilization costs.

  • Account is funded by employer and/or employee
  • Account fully portable—employee owns account
  • Year-end balance is rolled over and earns interest
  • Excess balance can be invested in mutual funds††
  • Benefit Access Visa Debit Card allows easy access to funds for employees
  • Employees can access account information online at SHDR.com/flex, or through the CarePlus Benefit Access mobile app available for Apple and Android devices
  • Online account management allows employees to check balances, pay medical expenses and email customer support
  • Online monthly statements
  • Employees can upload receipts to their account using the mobile app

Plan Administration

SHDR makes HSA plan administration easy to ensure optimum enrollment and reduce strain on your internal resources. An SHDR representative will be assigned to large companies and may be able to attend open enrollment events to answer employee questions. Available resources include:

  • Enrollment, education and communication materials
  • Streamlined electronic enrollment process
  • Electronic payroll deduction option for employees
  • No reimbursement administration for employers

For assistance selecting an IRS-qualified HDHP to link to employee accounts, contact a McGriff Insurance Services agent.

Contact Us

For more information and answers to your questions, please contact SHDR by phone at
800-930-2441 or by email.

HRA

Plan Design

A Health Reimbursement Arrangement (HRA) is a tax-favored account which provides tax-free reimbursement to employees for eligible out-of-pocket health care costs and certain tax deductions for employers.

You may choose to offer an HRA in conjunction with a high-deductible health plan (HDHP) or as a stand-alone account. Shifting a portion of your health care spending from a traditional health plan to a HRA and HDHP combination may reduce your premium and utilization costs, while still allowing you to provide rich benefits.

  • Account is fully funded by employer
  • Employer specifies which IRS-eligible expenses to cover
  • Employer can choose to roll over year-end balances
  • Account is not portable if employee switches jobs or retires
  • Benefit Access Visa Debit Card provides convenient access to funds for employees
  • Online account management allows employees to check benefits, file claims and email customer support

Plan Administration

SHDR makes HRA plan administration easy to ensure optimum enrollment and reduce strain on your internal resources. An SHDR representative will be assigned to large companies and may be able to attend open enrollment events to answer employee questions. Available resources include:

  • Enrollment, education and communication materials
  • Online account management
  • Direct deposit of claims reimbursements
  • Reduced claims paperwork with Benefit Access Visa Debit Card
  • Auto substantiation of eligible expenses option with debit card

For assistance selecting an IRS-qualified HDHP to link to employee accounts, contact a McGriff Insurance Services agent.

Contact Us

For more information and answers to your questions, please contact SHDR by phone at
800-930-2441 or by email.

TSA

Plan Design

A Transportation Spending Account (TSA) is an employee benefit plan governed by IRC Section 132 that allows your employees to save up to 40% on transit and parking costs.

Tax-free money set aside in this account can be used to pay for eligible transportation expenses to and from work or parking while at work. Paying with pre-tax dollars allows employees to save on transit passes, tokens, fare cards, vouchers, etc., when riding on mass transit, or when riding with someone in the business of transporting people for hire (it must be in a vehicle that seats six or more adults, excluding the driver).

Monthly maximum election amounts are set each year by the IRS. Employees save both federal income tax and FICA (Social Security and Medicare) taxes by participating in the plan.

Transit and Parking Benefits

Benefits are limited to employee expenses only—reimbursement is not allowed for spouse or dependent transit or parking expenses. Employees may enroll in:

  • Mass-Transit Benefits - Expenses incurred or paid for a pass, token, fare card, voucher or similar item for transportation on mass transit (such as train, bus, subway or ferry), whether or not publicly owned.

    This benefit also covers transportation provided by any person in the business of transporting persons for compensation or hire, if such transportation is provided in a vehicle with a seating capacity of at least six adults (excluding the driver).

    Mass transit expenses can only use the benefit access card—no manual claims.

  • Commuter Highway Vehicle (Vanpool) Benefits - Expenses incurred or paid for transportation in a commuter highway vehicle, if the transportation is in connection with travel between the employee's home and place of employment.

    A commuter highway vehicle is defined as any highway vehicle with a seating capacity of at least six adults (not including the driver) and at least 80% of the mileage for the year is for purposes of transporting you between home and work, and on trips where the number of individuals transported for work purposes is at least half of the adult seating capacity of the vehicle (not including the driver).

    Commuter highway vehicle expenses can only use the benefit access card—no manual claims.

  • Parking Benefits - Limited to qualified expenses at or near an employee’s work location or expenses at a location from which the employee commutes using mass transit.

    Parking expenses can use either the benefit access card or file a manual claim.
Contact Us

For more information and answers to your questions, please contact SHDR by phone at
800-930-2441 or by email.

The tax information set forth above is written to support the promotion or marketing of health savings accounts and it is not intended to be used, and cannot be used, for the purpose of avoiding US federal tax-related penalties. Each person considering opening a health savings account should seek advice, based on the person's particular circumstances, from an independent tax advisor.

* Eligible medical expenses are defined by the IRS, and may change periodically.

** SHDR does not offer tax advice. Employees should consult their legal or tax advisor regarding individual tax circumstances.

† Please consult your tax advisor to see if you qualify for cost savings.

‡ Savings accounts are held through Branch Banking and Trust Company, Member FDIC.

†† Mutual Fund Investments Sweep option is available when account balance reaches a pre-determined amount. Past performance of mutual funds, annuities, and other investments does not guarantee future results. An investor should consider the fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the fund's prospectus. Please read the prospectus carefully before investing. Mutual funds, annuities, and other investments are:

  • Not insured by the Federal Deposit Insurance Corporation (FDIC) or any other agency of the United States government, Branch Banking and Trust Company or any affiliate.
  • Not deposits or other obligations of Branch Banking and Trust Company or any affiliate.
  • Subject to investment risks, including possible loss of the principal amount invested.