At Proficient Benefit Solutions, we bring experience, expertise and cost effective solutions to the Consumer Directed Healthcare (CDH) marketplace.
Administrative Solutions We Offer
Flexible Spending Account (FSA)
FSAs offer perks and savings for the employer and participants! Employers benefit from lower reported wages (FICA tax savings), enhanced overall benefits package, and improved employee engagement and satisfaction. Employees benefit from increased take-home pay (lower taxable income) and savings on qualified healthcare expenses. It’s truly a win-win benefit!
Health Savings Account (HSA)
Designed to be used with an HSA eligible health plan, HSAs offer perks and savings for the employer and participants! Employers benefit from lower reported wages (FICA tax savings), enhanced overall benefits package, and improved employee engagement and satisfaction. Employees benefit from three tax advantages: no taxes on contributions, no taxes on any interest earned, no taxes on withdrawals for qualified expenses.
Health Reimbursement Account (HRA)
HRAs offers certain advantages to employers and employees. By choosing a plan design with a higher deductible, the employer is able to reduce premium payments and save money. The HRA is then established to cover the difference between the former deductible and the new higher deductible amount. Ultimately, by coupling an HRA with a health insurance plan with a higher deductible, employers are able to reduce their health care costs in a way which keeps employees happy and places no extra financial burden upon the employees.
COBRA
Administering COBRA and remaining in compliance with federal mandates requires an enormous investment in time, energy and resources and can become a difficult and time consuming task. At Proficient Benefit Solutions, we know COBRA. Let us use our time, energy and resources so that you don’t have to.
At Proficient Benefit Solutions, we know how difficult and time consuming plan compliance can be. Let us use our time, energy, and resources so you don't have to.
Compliance Solutions We Offer
Premium Only Plan Administration (POP)
A POP is a Section 125 Cafeteria Plan that allows employees to pay for their qualified employer sponsored premium payments on a pre-tax basis. Proficient Benefit Solutions offers seamless administration of POP plans.
ERISA Wrap
ERISA requires all private sector employers, regardless of size, to distribute a summary plan description, (SPD) to all plan participants. The SPD must describe all of the plan rules and benefits; as well as provide key information about the plan. The easiest way for employers to comply with ERISA is to adopt a Wrap document.
Non-Discrimination Testing
At Proficient Benefit Solutions, we are adept at ensuring plans are in harmony with IRS regulations. Our goal is to help clients manage and maintain compliance of their Section 125 plans. For employers and participants to enjoy tax advantages through the use of a Section 125 plan, the plan must be tested to ensure that it does not discriminate in favor of highly compensated employees (HCEs) and key employees. Our solution helps ensure that the Section 125 plan meets all Non Discrimination testing requirements.
5500 Reporting
Employers, who offer health and benefit plans, as well as large employee welfare benefit plans, must file a Form 5500 every year, reporting their plan’s involvement for the year. The Form 5500 is a critical document which must be accurate and submitted on time. Avoid penalties for non-compliance. Let Proficient Benefit Solutions help today!