We are quickly approaching August, and it’s never too early to start planning for your Open Enrollment!

Open Enrollment is the time of year you can make changes or purchase additions to your health insurance plan, and we’re here to make it a hassle-free process by offering a wide range of solutions and customized training for your team. We’ve listed some of the consumer-driven health plans we offer below.

FSA
A Flexible Spending Account is an employer-funded account that lets you set aside pre-tax dollars to use for out-of-pocket medical expenses. This type of account is maintained by the employer and works on a reimbursement system.

 

 

HRA
A Health Reimbursement Arrangement is an employer-funded arrangement made to reimburse employees and often their dependents for certain medical expenses. With an HRA, the employer can choose what expenses are covered.

 

  

HSA
A Health Saving Account is a type of savings account that lets you set aside pre-tax dollars to help pay for medical expenses. Employers and individuals can both contribute to this, and only individuals with a High Deductible Health Plan are eligible. The money is only available as it gets deducted from your paycheck and is typically made available in the form of a debit card.

 

DCAP
A dependent Care Assistance Program is a type of FSA that helps employees pay for the care of a dependent such as a child, disabled spouse, or parent. See the HSA and DCAP limits for 2022

 

 

Commuter Benefits
This is a pre-tax payroll-deducted benefit that an employee can elect to use for qualified commuter expenses such as transit passes, vanpooling, parking, or transit rideshare.
Most of our solutions, though backed by exceptional service, are standard. However, Medcom offers special services not found with other employee benefits administrators. Throughout the pandemic, we’ve worked diligently to discover new ways employers can help their team members who may have a difficult time. We’ve also considered employer’s needs, such as cost reduction, employee retention, and productivity. Our new tools help employers engage with their teams by providing education, savings guidance, and financial support that is tax beneficial for everyone. Check out our latest additions to the Consumer Driven Health Plan solutions portfolio.

Financial Fitness Education
What’s the point of having all these benefits if you don’t know how to make the most of it? Our financial fitness platform powered by Enrich will help you maximize your HSA or HRA account, plus more financial literacy courses!

 

 

Medcom Cares
Allows employers to provide employees with qualified tax-free disaster relief payments to individuals affected by a federally declared disaster. The funds can be used to pay bills, manage housing costs, buy food, purchase school supplies for children, and much more. The Medcom Cares program builds employee loyalty and trust by helping team members when they need it the most.

 

To learn more about how the pandemic has affected FSAs and Dependent Care Programs, read our blog from earlier this year.

If you are a partner or employer and wish to learn more about our Open Enrollment program, don’t hesitate to contact us. If you are a participant needing more information about your employer-sponsored benefits, reach out to your human resource department.