HSA, FSA, & Other Employee Benefits
At Tompkins, we know that health benefits are not one-size-fits-all.
With FSAs and HSAs, your employees get a tax-advantaged account that they can utilize to pay for medical expenses. This can make it easier for your employees and your business to save on health insurance premiums because, with this type of account set up, your employee has a resource to pay a higher deductible. Your employee also benefits by having a lower taxable income, since you’ll deduct the amount going into this account before taxes.
On top of those options, we offer health reimbursement arrangements (HRAs), commonly referred to as health reimbursement accounts, so it’s easy for you to reimburse your employees for applicable medical expenses. The funds you put into your HRA are also tax deductible.
We know that even if you have to terminate an employee, you don’t want to leave him or her stranded, so we also make COBRA (Consolidated Omnibus Budget Reconciliation Act) services available to you. COBRA coverage will continue your previous employee’s job-based benefits for a time to offer a cushion after termination.
For more information about how we can leverage these options to help you create an effective benefits package for your business, contact Tompkins Insurance Agencies.
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