GROUP HEALTH INSURANCE SOLUTIONS
With the recent changes in the group health insurance industry and as rates continue to increase year after year, companies are looking for creative ways to maintain a competitive benefits package. We are seeing more of a shift to Consumer Driven Health Plans (CDHP's). With that, Omega Pacific Insurance Solutions offers many solutions when implementing a CDHP such as HSA's, HRA's, and FSA's. We represent all available carriers in California, Nevada, New York, and Washington. We will make it our priority to find you cost effective solutions in structuring your health benefits package including Consumer Driven Health Plans. These programs allow you to choose a middle of the road to a high deductible health plan to minimize premiums and by implementing either an HSA or an HRA, you are able to maximize benefits.
Defined narrowly, Consumer Driven Health Care (CDHC) refers to health insurance plans that allow members to use personal Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), or similar medical payment products to pay routine health care expenses directly, while a high-deductible health insurance policy protects them from catastrophic medical expenses. High-deductible policies cost less per month than low-deductible policies, but the user needs to pay more upfront for medical procedures.
A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a qualified High Deductible Health Plan (HDHP). The funds contributed to the account are not subject to federal income tax at the time of deposit. Funds may be used to pay for qualified medical expenses at any time without federal tax liability. Withdrawals for non-medical expenses are treated very similarly to those in an IRA account in that they may provide tax advantages if taken after retirement age, and they incur penalties if taken earlier. These accounts are a component of consumer driven health care. Funds may also be used for other allowable medical or health related items shown on the IRS 213(d) Allowable Expenses table.
Health Reimbursement Arrangements, or (HRAs) are IRS-sanctioned arrangements that allow an employer, as agreed to in the HRA plan document, to reimburse for medical expenses paid by participating employees. HRAs reimburse only those items (copays, coinsurance, deductibles and services) agreed to by the employer which are not covered by the company's selected standard insurance plan (any health insurance plan, not only high-deductible plans).
A Flexible Spending Arrangement (FSA), or Flexible Spending Account, as they are commonly called, is one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer in the United States. An FSA allows an employee to set aside a portion of his or her earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee's pay into an FSA is not subject to payroll taxes, resulting in a substantial payroll tax savings.
A Cafeteria Plan is a type of employee benefits plan offered in the United States pursuant to Section 125 of the IRS Code. Its name comes from the earliest such plans that allowed employees to choose between different types of benefits, similar to a cafeteria. Employees of employers with cafeteria plans may obtain such benefits as health insurance, group-term life insurance, and FSA's through the plan. Though some cafeteria plans offer an explicit choice of cash or benefits, most today are operated through a "salary reduction agreement", which is a payroll deduction in all but name. Deductions under such agreements are often called pre-tax deductions. Salary reduction contributions are not actually or constructively received by the participant. Therefore, those contributions are not considered wages for federal income tax purposes. In addition, those sums generally are not subject to FICA and FUTA.
INDIVIDUAL HEALTH INSURANCE SOLUTIONS
Omega Pacific Insurance Solutions also offers a variety of individual and family plans to suit your needs. As we face this tough econimic downturn, many employers are cutting back or even completely eliminating group health benefits. As this trend continues, more employees are shopping for personal health insurance. Blue Shield offers a variety of affordable plans for you and your family. Whether you are shopping for a health plan based on a budget or by your benefit needs, you are in control of choosing a plan that fits you best. To apply directly to Blue Shield, click on the logo below. Complete the online application and your done.
CLICK HERE TO APPLY.
TEMPORARY OR SHORT TERM HEALTH INSURANCE
Whether you're between jobs or budgeting, you have the option to choose a temporary individual health insurance plan to suit your short term needs. These plans are designed as "Major Medical" plans with no coverages for office or specialist visits, outpatient services including prescription drugs, nor lab & x-ray. Premiums are based on age and is underwritten based on health history of all applicants. Please send us a request at myplan@trustomega.com.