Flexible Spending Accounts
Flexible spending accounts (FSAs) offer tax advantages to both employers and plan members. Members benefit by using pre-tax income to pay eligible medical and dependent care expenses. Employers lower their FICA taxes because participation reduces employees' taxable income base. These savings can offset the cost of administering the FSA program.
AmeriHealth Administrators' consumer-directed health plans can be integrated with your Inter-County health plan.
Inter-County simplifies program implementation and management for you by providing a single-source solution for health plan and FSA administration, as well as online self-service access to health accounts and information.
Consumer-directed health plan administration services feature:
- medical, dependent care, transit, and parking account administration;
- integrated administration of the health plan with the medical reimbursement account when you choose Inter-County for both your health plan and FSA:
- automatic FSA reimbursement processing on eligible balances from health plan claims;
- consolidated member Explanation of Benefits (EOB) statement for the health plan and FSA — if offered, health reimbursement arrangement (HRA) account activity is also included;
- optional debit card that gives members immediate access to available health account funds to pay for eligible expenses at the point of service or sale;
- direct deposit for faster reimbursements and streamlined record keeping.
Optional Debit Card
Employers can offer members the optional AmeriHealth+ debit card. We work with plan sponsors to tailor eligible debit card expenses, which are programmed into online controls in the card system.
Members simply present their AmeriHealth+ debit card at the point of sale for instant access to their available account funds for eligible expenses. Authorized purchases are automatically deducted from the appropriate health account, according to rules established by the plan sponsor. The AmeriHealth+ debit card is accepted nationwide by thousands of health care providers including doctors, pharmacies, and other eligible vendors such as pharmacies and supermarkets wherever MasterCard® is accepted.
Health Reimbursement Arrangements
Health reimbursement arrangements (HRAs) are personal health accounts funded by the plan sponsor that engage members to participate in managing health plan dollars. HRAs can reduce the plan sponsor's exposure to federal and state taxes. They can be designed to allow plan members to “bank” unused funds to cover future medical expenses. HRAs can be offered alongside flexible spending accounts (FSAs).
Features including the debit card and direct deposit are also available to HRA plan participants.
Health Savings Accounts
A health savings account (HSA) must be offered in conjunction with an HSA-compatible high deductible health plan that complies with IRS guidelines. The HSA can be funded by the employer, employee, or both. For the member, an HSA offers the advantages of portability and investment options. The HSA is owned by the member and is portable if the member changes employers. Members can select a banking or investment option offered through the employer, or choose their own banking or investment arrangements.
Inter-County offers a preferred banking arrangement with The Bancorp Bank. And we are ready to work with clients to establish and provide the necessary HSA-compliant high-deductible health plan.