Health Reimbursement, Flexible Spending and Health Savings Account Administration
Univest's commitment to superior service and convenience for our
employers and participants continues to be a priority. Through our
long-term relationships with select third-party administrators, we
offer a comprehensive suite of benefit solutions that includes
health reimbursement accounts, flexible spending accounts and
health savings accounts.
Health Reimbursement Accounts
The health reimbursement account (HRA) is quickly becoming
the foundation for many consumer-driven health plans. HRAs offer
control and cost-saving tools that employers are seeking with the
flexibility and protection that their employees need. With an HRA,
employers fund individual reimbursement accounts for their
employees and define what those funds can be used for. HRAs help
employers save money without having to increase their employees'
Flexible Spending Accounts
A flexible spending account (FSA) allows participants to set
aside pre-tax dollars to pay for certain types of expenses. There
are three types of flexible spending accounts:
- Dependent Care
- Commuter Reimbursement
Health Savings Accounts
With insurance premiums on the rise, employers are challenged
with finding ways to minimize the burden of higher out-of-pocket
costs. One solution is the combination of a high-deductible health
plan (QHDHP) with a health savings account (HSA). HSAs can be
funded by the employer, the employee or both. Funds in an HSA roll
over from year to year, earning interest over time. Since the HSA
is individually-owned, the funds always belong to the
accountholder, even if they switch jobs or insurance plans.
Insurance products are offered through Univest Insurance,
Inc. and are obligations of the issuing insurance companies, are
not obligations or deposits of or guaranteed by any bank and are
not insured by the FDIC or any other agency of the United States.
Insurance products are not a condition to any bank loan, product or
service. Univest Insurance, Inc. is a licensed subsidiary of
Univest Corporation of Pennsylvania.