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The Preferred Group Offers:

 

FSAs (Flexible Spending Accounts)

 “Win, Win”

Allows an employee to save on medical, dental, vision, dependent day care and insurance premiums by using pre-tax dollars.

  • Employees save 30% to 40% by using pre-tax dollars to pay for eligible expenses.
  • Employers save 7.65% by not paying FICA taxes on all contributions made to the plan

HRAs (Health Reimbursement Arrangements)

“Take Control of Health Care Costs”

  • HRAs are 100% employer funded arrangements that can be used to pay for copayments, deductible related expenses, and/or coinsurance using savings derived from switching to a higher deductible health insurance plan. They may rollover, are COBRA related and do not need to be pre-funded.

    • Employees are provided the potential to use tax free money to help offset increased out of pocket expenses.
    • Employers can save significant money because of lower cost health insurance premiums.

    • Health & Welfare Trust Administration

    “Flexibility and Cost Containment”

    Self-funded benefit plans offer significant advantage over insured plans in both flexibility and cost containment.  Control your dental, vision, prescription drug, flexible supplemental health, legal and other benefits.

    • Employees will have richer benefits at a lower cost.
    • Employers can increase cash flow, offer flexible plan design and lower administrative costs.

    CRAs (Commuter Reimbursement Accounts)

    “Save money on your everyday Commute to Work”

    Allows an employee to set aside pre-tax dollars and use them for work-related parking and mass transit expenses.

    • Employees save 30% to 40% by using pre-tax dollars to pay for eligible expenses.
    • Employers save 7.65% by not paying FICA taxes on all contributions made to the plan

     

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