Reimbursement Account Administration
Offering a strong benefit package is essential to attracting and retaining top employee talent. Nova's approach to partnership and service delivers customization, simplification, and unification to arm you with a robust benefits package. The options seem like an endless bowl of alphabet soup: FSA, DCA, QTA, LPFSA, HRA, ICHRA,VEBA, and HSA. We can help you get your letters in order. With Nova, you can customize complex plan designs, offer multiple plans on one card, manage your account through our Nova Flex app, and you’ll have access to a dedicated account management team.
Your Situation is Unique. Your Health Plan Should Be Too...
So how do you build a plan that doesn't frighten your employees but also helps manage cost? Here's the thing: it takes both member tools/support and employer education. Nova understands what your employees don't. Let us help clarify:
FSA
Flexible Spending Accounts (FSA) include medical, dependent care, adoption assistance, parking & transit, and limited purpose flexible spending account (LPFSA) plans.
How it works: Employees can set aside pre-tax dollars for a variety of out-of-pocket health care costs and eligible expenses, such as parking, prescription eyewear, braces, and daycare through an FSA.
HRA
Health Reimbursement Arrangements (HRA), individual coverage health reimbursement arrangement (ICHRA), and Voluntary Employees' Benefit Association (VEBA) plans.
How it works: Owned and funded by the employer, HRA contributions are unlimited and can be coupled with an FSA. All funds used for eligible expenses are tax deductible for the employer.
HSA
Health Savings Accounts (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses; must accompany a High Deductible Health Plan (HDHP).
How it works: Employees can set aside pre-tax dollars for planned and/or unexpected expenses. Funds accumulate year to year, an HSA stays with an employee if they leave, and can serve as a retirement aid.
FSA vs HRA vs HSA
Reimbursement account benefits offer tax-savings and round out a benefit package to support human resources goals and the employee experience. How do you know which plans are right for your demographic? We have a list of questions for you to consider but you won't have to go it alone. Our industry experts can support you as you consider all of your reimbursement account options to build a robust and meaningful employee benefits package.
- Which employees will be eligible to enroll in the FSA, HRA or HSA plan?
- How do our medical benefits impact the type of reimbursement accounts we can offer?
- Is the plan restricted to contributions from the employer or employee?
- Is there a limit to the amount an employer or employee can set aside for tax-favored benefits?
- What supplemental benefits are the right fit to round out your medical plan?
- How do you want to structure your plan when you think about rollover, run-out and grace periods?
Reimbursement Account Features
Nova is committed to being a dependable partner in helping you achieve your unique goals. We provide our clients with knowledgeable customer service representatives who focus on meeting individual needs and ensuring the highest level of service. The key to a successful reimbursement strategy includes employee education. We offer:
- Employee communications
- Timely reimbursement
- Secure and accessible online benefits management
- Nova's Innovations Pre-Paid Visa card
Design a Reimbursement Account with Nova Today
Not sure which reimbursement account is right for your employees? There’s a sea of options when it comes to designing your benefits solution, which is why we partner with you to understand your plan goals and help you get there.
To start the conversation, contact us at AskNova@novahealthcare.com or call 716-932-5105.
