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' 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:
- 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.