Flexible Benefit Plans

Medical and Dependent Care FSA

A Flexible Spending Account (FSA) is an employer-sponsored Section 125 Plan through which employees can pay for certain medical and dependent care expenses on a pre-tax basis.

Through its partnership with a selection of preferred vendors, Universal Benefit Plans provides the following flex benefits services:

Flex benefit needs analysis
Assistance in plan administrator selection
Assistance in plan design and implementation
Multimedia Flex benefits communication tools that facilitate rapid learning
Availability to present at employee Flex benefits meetings
Ongoing service and support

FSA Advantages for employers:

Payroll tax savings: Every dollar that your employees commit to an FSA saves you the matching FICA payroll taxes 7.65%.
Makes high deductible, lower premium health plans more digestible for everyone

FSA Advantages for employees:

More take home pay (FSA is a tax saving program)
Helps offset medical maintenance costs subject to deductible (can also be used to pay for dental, vision, etc. costs insurance doesn’t cover)

HRA

A Section 105 Health Reimbursement Account (HRA) provides employer funded reimbursement of qualified healthcare expenses incurred by employees, their spouses and their dependents.

The pairing of a HRA with a consumer-driven health plan creates a powerful weapon against rising health care costs. A Health Reimbursement Arrangement (HRA) creates an incentive for employees to proactively control their health care spending and is a key component in employers’ long-term cost-containment strategies.

Universal Benefit Plans works with our full-service clients to design optimal HRA plan designs for each organization’s unique situation and culture.

As seasoned benefits advisors, our brokers counsel and assist clients in:

Plan administrator selection
Plan design and implementation
Determination of funding arrangements
Provision of multimedia employee communication resources
Availability to present at meetings
Ongoing Service and Support

HSA

A Health Savings Account (HSA) is a new health insurance option with two parts:

A HSA qualifying High Deductible Health Plan (HDHP)
A Health Savings Account (HSA)—an investment account or retirement account from which you can withdraw money tax-free to pay for medical care

Universal Benefit Plans’ brokers expertly leverage their in-depth plans knowledge and market savvy to design and implement HSA plans that fit each client’s unique needs.

Through our partnerships with our preferred HSA vendors, Universal Benefit Plans offers its clients:

Multiple plan designs (dollar for dollar, percentage or a mixture)
Ongoing service and support

FMLA Administration

Universal Benefit Plans provides its full-service clients FMLA administration services through it’s partnership with several preferred vendors.

FMLA Compliance simplified:

Universal Benefit Plans offers several different plans to fit your needs and budgets.

FMLA plan services include:

Review of clients’ current FMLA documentation, policies and practices to ensure both federal and state regulatory compliance
Online training for managers and supervisors
24/7 employer access to a single online entry point for FMLA claims with real time online access to claims details
Identification of all potential FMLA absences
Distribution of all mandatory FMLA forms, documents and notifications to employees
Fielding of FMLA questions, absence details, and provision of regulation/situational coaching
Tracking of individual FMLA claims and absences

COBRA Administration

Universal Benefit Plans provides its full service clients COBRA administration through out partnership with several preferred vendors.

Our COBRA Administration services reduce employer risks and burdens allowing them to focus on active employees and business operations.

Plan Features:

Timely distribution of all required notification letters
Billing & Collection of continuant premiums
HRA premium calculations
Effective employer reporting
Retiree Billing Options

Pricing options:

Per employee per month (pepm) pricing
Per event pricing

Consultative Services:

Fielding of all employer, employee and continuant questions
Ongoing, up-to-the minute education on regulatory changes

EAP Services

Through partnerships with several preferred vendors, Universal Benefit Plans provides Employee Assistance Programs (EAP) for our clients’ employees.

Basic EAP services include free, voluntary, short-term counseling and referral for various issues affecting employees’ physical and mental well being such as:

Alcohol and/or other substance abuse
Stress
Grief
Family problems
Psychological disorders

EAP counselors also work in a consultative role with managers and supervisors to help address employee and organizational challenges and needs.

Wellness Benefits Services

Providing health benefits plans for employees has gotten more expensive than ever. With the rising costs of health care, employers are finding it difficult to supply adequate health coverage plans for their employees. For this reason, it is important for your employees to understand the preventative measures they can take in terms of their health. Wellness programs can do just that; teach your employees healthy habits to prevent illness, disease, etc.

Wellness programs can be customized to fit the needs of your business. Typically, you can create a wellness program for your employees to include:

Health education newsletters
Flu shot clinics
Health management education sessions
On site exercise facilities
Weight management programs
And much more….

Providing health coverage for your employees doesn’t have to stop at your insurance policies. Wellness programs are a great way to do something extra for your employees AND potentially lower the cost of your business’ health insurance package.

Contact Universal Benefit Plans to learn more about wellness programs and what they can do for your Massachusetts business!