Flexible Benefit Service Corporation Provides Solutions To Combat Rising Healthcare Costs

Flexible Benefit Service Corporation recently announced the addition of FlexHSA(TM) - the complete Health Savings Account experience. With the inclusion of this new offering, the FBSC product portfolio now provides even more solutions to combat rising healthcare costs for any user - insurance companies, third-party administrators, insurance brokers, business owners, employer groups, employees and individual consumers.

Year after year of double-digit premium increases are causing employers and individual consumers to look for a more cost-effective approach to healthcare. There are many different factors that contribute to these increases, including the aging population, government mandates, and medical errors and technology, among many others. With no direct relief in sight, the burden is expected to be greater with each passing year.

FlexHSA(TM) promotes the idea of self-service and motivates account holders to change healthcare behavior through education and empowerment. FBSC believes an informed healthcare consumer is one who seeks healthcare information, understands cost implications and makes appropriate plan and provider selections.

"We are dedicated to finding cost-effective solutions," said John DiVito, President of FBSC. "Utilizing the combination of a high-deductible health plan and a tax-advantaged health care account, we can provide premium relief for just about any employer or individual consumer."

HSAs became effective January 1 as a part of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, which was signed into law by President George W. Bush. This Act authorized HSAs for virtually anyone who has coverage under a high-deductible health plan. HSAs are trusts or custodial accounts used to pay for qualified medical expenses. They combine a savings account and an investment account with a high-deductible health plan, offering lower health insurance premiums with various tax advantages.

FBSC also offers FlexCHOICE(TM) - a complete portfolio of tax-advantaged and defined contribution healthcare accounts, which includes FlexHRA(TM) Health Reimbursement Accounts, Flex125(TM) Cafeteria Plan Management (FSA), FlexTRANSIT(TM) Reimbursement Accounts, FlexDISCOUNT(TM) Healthcare Program, and the aforementioned FlexHSA(TM) Health Savings Accounts.

FlexHRA(TM) Health Reimbursement Accounts, enabled through IRS Tax Code Section 105, are employer-sponsored accounts used to reimburse employees for eligible medical expenses. FlexHRA(TM) is generally offered in conjunction with a high-deductible health plan, which FBSC provides through several carriers. To cover all or part of the deductible, the employer then establishes and contributes to a tax-advantaged HRA for employees.

The founding cornerstone of FBSC is the administration of Flexible Spending Accounts, which were established by IRS Tax Code Section 125. Through Flex125(TM) Cafeteria Plan Management, FBSC's defined contribution department specializes in administering two separate benefit programs: FSAs and Flex Credits.

Flex125(TM) Cafeteria Plan Management offers a menu of plan designs that can be customized and combined to meet the benefit needs of any employer and its employees. Cafeteria Plans, available to businesses with two or more employees, enable employers and their employees to pay for a variety of medical and dependent care expenses with pre-tax dollars.

Flex Credits enables small business owners to cap their annual expenditure by taking a defined contribution approach. At the same time, employees will enjoy savings and the flexibility to choose their own hospital and physicians and to select the benefits that best meet their needs and lifestyles.

FlexTRANSIT(TM) Reimbursement Accounts are employer-sponsored pre-tax accounts that employees can use to pay parking and mass transit expenses for the purpose of commuting to work. Guidelines for establishing and administering these accounts are found in the IRS Tax Code Section 132(f).

FlexDISCOUNT(TM) Healthcare Program offers substantial discounts on a wide variety of health-related products and services. It provides participants with a discount drug card for receiving discounts at pharmacies nationwide. It also offers discounts for vision, dental, hearing, and chiropractic services, as well as discounts on services provided by qualified physicians through a network of more than 400,000 general practitioners and specialists.

More information about FBSC or its products is available at www.flexhsa.com or by calling 888-353-9178.

FlexCHOICE(TM), FlexHSA(TM), FlexHRA(TM), Flex125(TM), FlexTRANSIT(TM) and FlexDISCOUNT(TM) are trademarks of Flexible Benefit Service Corporation.

About Flexible Benefit Service Corporation:
Founded in August 1988, Flexible Benefit Service Corporation provides brokers, employers and individuals with affordable insurance plan designs and consumer-driven alternatives. The company is dedicated to finding solutions for rising healthcare costs and promoting the plans that offer premium relief. FBSC takes a defined contribution approach to health insurance, and the carriers it represents continue to work toward that same goal. Through online technology and exceptional carrier relationships, FBSC is at the forefront of all the latest trends and key options in healthcare.

     
   Marketing Manager
   Flexible Benefit Service Corporation
   Rosemont,    IL,    60018
   USA
   847-699-6900 (x-4341) (phone)
   847-699-6906 (fax)
   nseverino@flexiblebenefit.com
   www.flexiblebenefit.com