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The ESG Product Advantage
We utilize cutting-edge practices enhanced by state-of-the-art technology and integrated artificial intelligence to create custom consumer direct healthcare solutions specifically tailored for your company.
In order to harness these technological advantages, we deploy:
- Comprehensive debit card technology
- Smartphone applications compatible with both iOS and Android platforms
- Tools designed to elevate consumer and employee engagement, referred to as Consumer-Driven Healthcare Solutions
Our keys to success in today's complicated healthcare environment:
- The implementation of Consumer-Driven Healthcare Solutions leads to substantial savings for employers in group benefit expenditures.
- Simplified employee engagement translates to elevated satisfaction among employees regarding their group benefit plans.
- Enhanced consumer engagement directly contributes to higher plan efficiency, reduced costs for both employers and employees, and higher consumer satisfaction.
CONSUMER DIRECT HEALTHCARE (CDH)
Our CDH solutions all include state of the art solutions with integrated technologies. The Inventory Information Approval System (IIAS), is a point of service technology used by providers (hospitals, healthcare providers and retailers) all accepting a consumer directed health debit card. IIAS is the first system with 100% "auto-adjudication" of an entire class of CDH debit card charges. This technology is embedded in all CDH accounts including:
ESG EMPLOYER & EMPLOYEE ADVANTAGES
ESG EMPLOYER ADVANTAGES
- Employer web portal for group account management
- Comprehensive marketing and education resources
- Engages employees in managing healthcare spending by seeking high-quality, lower cost care
ESG EMPLOYEE ADVANTAGES
- HSA triple tax advantage (see FAQs for more info)
- All CDH account contributions are tax deductible and allow tax-free withdrawals for qualified expenses
- Convenient debit card provides instant access to pay healthcare costs
- Personalized web and mobile account access to check balances, upload receipts, submit reimbursement requests, and view medical claims and initiate provider payments
Tax Advantaged Healthcare: Product Solutions
HSAFlex
HSAFlex
HSAFlex
HEALTH SAVINGS ACCOUNT (HSA)
Giving employees more control of their healthcare spend HSAs paired with a qualified high-deductible health plan (HDHP) allow employers and their employees to make pre-tax contributions to an FDIC-insured savings account.
HRAFlex
HSAFlex
HSAFlex
HEALTH REIMBURSEMENT ARRANGEMENT (HRA)
A great way for employers to help employees when they need it most with an employer-owned HRA. The employer assigns a value or account limit to the employees HRA account to help pay for qualified medical expenses, including deductibles and copays.
FSAFlex
HSAFlex
FSAFlex
FLEXIBLE SPENDING ACCOUNT (FSA)
Increases flexibility for both employers and employees FSAs allowing the account holder to set aside pre-tax money to pay for eligible expenses including healthcare, dependent care costs, or transit/parking expenses throughout the year. Employees voluntarily establish an annual election for each account type.
The ESG Service Advantage
Compliance or violations represent significant employer penalties when lacking a comprehensive advisor to manage the statutory legal requirements of the law. Penalties for compliance deficiencies can be remedied by selecting a partner that can assist your Human Resources team.
KEY COMPLIANCE CHALLENGES INCLUDE:
- Consolidates Omnibus Budget Reconciliation Act (COBRA)
- Family Medical Leave Act (FMLA)
- Employee Retirement Income Security Act (ERISA)
- ERISA Wrap Plans (WRAP)
- Premium Only Plans (POP)
- Affordable Care Act (ACA)
- IRS Compliance Reporting - Form 5500
- IRA Compliance Reporting - Form 1094 / 1095
2024-2025 Compliance Penalties
Depending on the compliance violation the Department of Labor (DOL), Internal Revenue Service (IRS) or Department of Health & Human Services (HHS) may impose fines or penalties. This table outlines a few possible examples.
Compliance & Advisory Services
COBRAFlex
COBRAFlex
CONSOLIDATED OMNIBUS BUDGET RECONCILIATION ACT (COBRA)
COBRA mandates that any organization with 20 or more full or part-time employees offer a “temporary continuation” of group health, Health Reimbursements Arrangement (HRA) and Flexible Spending Accounts (FSA) benefits to employees (and covered dependents) upon experiencing a qualifying event.
FMLA
COBRAFlex
FAMILY MEDICAL LEAVE ACT (FMLA)
FMLA is a federal law that provides eligible employees with job-protected leave for specific family and medical reasons. Eligible employees are entitled to take up to 12 weeks of unpaid leave in a 12-month period for various reasons, such as the birth or adoption of a child, caring for a seriously ill family member, or their own serious health condition.
ERISA WRAP Plans
ERISA WRAP Plans
EMPLOYEE RETIREMENT INCOME SECURITY ACT (ERISA)
ERISA is a federal law that sets standards and regulations for private sector employee benefit plans, such as retirement plans, health insurance plans, and other welfare benefit plans. ERISA aims to protect the interests of employees and ensure the financial integrity and security of their benefit plans.
Premium Only Plan (POP)
A Premium Only Plan (POP) will cut payroll taxes for employees and employers, without cutting compensation, in fact it will increase take home pay. A Section 125 Premium Only Plan saves the employer and the employee money by reducing payroll taxes.
Affordable Care Act (ACA)
The ACA has had a significant impact on the healthcare landscape in the United States, expanding access to coverage for millions of Americans. However, it has also been a subject of political debate and has faced various changes and legal challenges since its implementation.
IRS Form 1094 / 1095
ACA creates huge compliance problems for employers over 50 employees. The requirement of applicable large employers (ALE) is daunting and carries penalties up to $5,000 per employee per year. Critical steps include filing annually the form 1094 / 1095 with appropriate IRS tax submission on a strict timeline.
IRS Form 5500
IRS Form 5500 plays a vital role in ensuring compliance, promoting transparency, and providing essential information about employee benefit plans. It helps protect the interests of plan participants, facilitates regulatory oversight, and supports research and policy analysis in the field of employee benefits.
Health Insurance Portability & Accountability Act (HIPAA)
HIPAA aims to enhance the privacy and security of individuals' health information, promote interoperability of electronic health records, and provide individuals with greater control over their healthcare data.