INNOVA offers the following services:
- Cafeteria Plan Administration (§125)
- Health Reimbursement Arrangements (§105)
- Health Savings Accounts (§223)
- Qualified Transportation Plan (§132)
- Billing Solutions
- COBRA Administration
Cafeteria Plan Administration (§125)
Give yourself and your employees a TAX BREAK! Paying for benefit premiums before taxes are computed decreases an employee’s Federal, State, and FICA taxes and INCREASES net take-home pay! It also decreases an employer’s FICA and payroll obligations when employees pay for medical and dependent care expenses with pre-tax dollars.
Health Reimbursement Arrangements (§105)
Spend less on health insurance and SAVE on dollars! HRAs are a great incentive for employees to become cost-conscious health care consumers. Provide an HRA that potentially carries unused value forward year-to-year.
Health Savings Accounts (§223)
HSAs is an option in the Consumer Driven Health Care (CDHC) revolution that is sweeping the country. Health Savings Accounts allow individuals who purchase a qualified High Health Plan (HDHP) to enjoy TAX-FREE contributions and distributions for qualified medical expenses. There is no “use-it-or-lose-it” rule, so unused funds roll over from year to year and earn interest TAX-FREE as well. Account owners invest in their health and their future: HSAs serve as a supplemental retirement investment fund from which withdrawals can be made without penalty as long as they are used for eligible medical expenses.
Qualified Transportation Plan (§132)
Allow your employees to use tax-free dollars to pay for their qualified parking expenses, transit passes, and van pooling expenses. Employers also enjoy reduced FICA and payroll obligations when their employees utilize pre-tax dollars.
Stop worrying about complying with the many COBRA regulations. Let INNOVA do the administration for you!