Group Health Insurance

Here’s a list of the some of the plans offered as group health insurance:

  • Cafeteria plans-this type of plan offers benefits but does not actually tell what the benefits are. There is a
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    menu of benefits offered and the employees are allowed to choose what they will need that will best fit their needs. The price for this plan is taken right out of the employee’s paycheck before taxes so it actually costs them less.

  • Managed care- this is usually the most affordable type of group health insurance. The employee gets to choose a primary care Dr. from within a network. If a specialist is needed then the Dr. needs to give a referral to the specialist so that the insurance company will cover it. This keeps the costs down for everyone.
  • HSA – Health Savings Account- These are bank accounts set up for the employees that are tax-advantaged that help the employees pay for and keep health insurance. Some but not all employers will add funds to these accounts.
  • HRA – Health Reimbursement Accounts – employer-funded, tax advantaged employer health benefit plan that reimburses employees for out of pocket medical expenses and individual health insurance premiums. According to the IRS, an HRA “must be funded solely by an employer,” and contributions cannot be paid through a salary reduction agreement like a cafeteria plan. There is no minimum or maximum contribution limit on the employer’s contributions to an HRA.
  • FSA – Flexible spending account (FSA), is one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer. An FSA allows an employee to set aside a portion of earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee’s pay into an FSA is not subject to payroll taxes, resulting in substantial payroll tax savings. One significant disadvantage to using an FSA is that funds not used by the end of the plan year are lost to the employee, known as the “use it or lose it” rule.

Printable Group Census Form