Berkshire Insurance Group offers innovative ways to help employers and employees save on the cost of medical expenses. Through the use of Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA) and Flexible Spending Plans, both employers and employees can realize premium savings and tax savings on the funding of employees’ medical expenses.
Health Reimbursement Arrangements utilize employer funds to help employees pay for expenses that might not be covered under the employer’s health insurance plan, such as deductibles. These arrangements can be as flexible as the employer wishes.
Health Savings Accounts, in combination with a high deductible health plan, allow employees to save money, on a pre-tax basis, to pay for medical expenses. These payments are not limited to the amounts subject to deductibles and co-payments under the health plan, but can also include dental, vision and over-the-counter expenses. Any funds remaining in an employee’s account at the end of the year remain in the account, and can be used for future expenses.
Flexible Spending Plans allow employees to set aside funds, on a pre-tax basis, to pay for medical expenses that are not covered under the health insurance plan, such as deductibles and co-payments. They are also eligible to be used for dental, vision and certain over-the-counter expenses as well.