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

Health reimbursement accounts (HRAs) are 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' out-of-pocket expenses.

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:

• Medical
• 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.