Marketplace

Flexible Spending Account (FSA)

Lifetime Benefit Solutions will take the lead in saving you money, time and hassle while you and your employees enjoy peace of mind that comes with working with a knowledgeable, dependable business partner. With a track record of success for thousands of customers across the nation, Lifetime Benefit Solutions will enable you to benefit from cost savings aligned with today’s tax-favored Flexible Spending Account (FSA) program.

FSA Benefits
-You and your employees enjoy tax deductions on contributions.
-Your employees save by using tax-free funds to pay their out-of-pocket medical, dental, vision and dependent care expenses.
-You can easily stack FSA accounts with Health Reimbursement Accounts (HRAs) and Health Savings Accounts (HSAs), customize them to meet your unique needs, and manage them using one integrated portal.

Health Savings Account (HSA)

An HSA is a tax-advantaged savings account that is used in combination with a qualified high deductible health plan (HDHP) and gives your employees a new way to manage health care costs. They can use the HSA funds to cover qualified health care expenses—from copayments at the doctor’s office to pharmacy bills, dental care, vision care and more.

Lifetime Benefit Solutions HSA helps you:
-Add depth and flexibility to your employee health benefits and retirement plans with secure, FDIC-insured financial accounts*
-Reduce FICA and FUTA payroll taxes
-Save money on health insurance premiums by offering HSAs along with qualified high deductible health plans
-Provide web-based, fully integrated portals with 24/7/365 access to account information
-Promote healthier lifestyle choices through increased employee involvement
-Debit card transactions, direct deposit reimbursement and electronic statements

Health Reimbursement Account (HRA)

Coupled with your medical plan, an HRA can help you combat the rising cost of health care. An HRA is an employer-funded, tax-sheltered account to reimburse employees for allowable medical expenses. High-deductible health plan members who do not qualify for an HSA can be enrolled in an HRA. Established under Internal Revenue Code Section 105, this employee benefit plan allows participants to pay for certain out-of-pocket health care expenses while you remain in control of how the dollars are spent.

Employees Can:
-Enjoy tax-free withdrawals for qualified expenses.
-Quickly and easily access funds with the Health Spending Card used at point of sale, or with funds directly deposited to a bank account through online distribution.
-Enjoy secure access to accounts using a convenient consumer portal available 24/7/365.
-Easily file claims online with the system doing the legwork of determining approval based on eligibility and availability of funds
-Stay up to date on balances and actions required with automated email alerts and convenient portal home page messages.
-Get one-click answers to benefits questions.
-Protect the environment by using paperless summaries available online.

Compliance

Lifetime Benefit Solutions can prepare summary plan descriptions (SPDs) and plan documents, as well as summary of material modifications and plan document amendments for medical plans, dental plans and vision plans; cafeteria plans that include pretax premium plans as well as plans that include dependent care and health care Flexible Saving Accounts (FSAs); and health reimbursement arrangements.

We also will keep you informed on regulations that federal agencies such as the IRS, Department of Labor and Department of Health and Human Services issue that affect your plans and alert you to when your documents need to be amended.

In addition, we will also track your Department of Labor five-year SPD requirement and let you know when a new SPD is required.

Employee Support Debit Card

LBS Employee Support
A lot’s changed in a short period of time, and difficult decisions have been made to change when, where, and how we work.

Lifetime Benefit Solutions offers two employer-funded* benefit options to help make this shift in circumstances easier for employees via our new LBS Employee Support debit card:
1. Emergency Funds Account
Groups can offer employees who are unable to work or working fewer hours a limited-fund debit card to help cover necessary living expenses, such as:
Groceries
Utilities
Personal Care
Home Maintenance

2. Work from Home Account
Groups can offer employees who are able to work from home a limited-fund debit card to offset the costs of outfitting a home office, such as:
Pens
Paper
Printer Ink
Internet
Phone Bills

We’ll work with you to determine which program makes the most sense for your business and your employees, to establish the amount and frequency you want to contribute, and to define which particular expenses you want to cover.