Oklahoma Benefits Broker
HIPAA – The Health Insurance Portability and Accountability Act of 1996 (HIPAA) places certain requirements on group health plan sponsors and insurers in the areas of portability and privacy/security.
FMLA – The Family and Medical Leave Act of 1993 (FMLA) provides certain employees with up to 12 work weeks of unpaid, job-protected leave a year, and requires group health benefits to be maintained during the leave as if the employees continued work instead of taking leave. HR managers often name FMLA issues as their top headache.
ERISA – The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that governs employee health and pension plans in the private industry. By establishing standards and requirements with which the plan sponsors must comply, ERISA strives to protect the participants of those plans.
COBRA – The Consolidated Omnibus Budget Reconciliation Act (COBRA) was passed in 1986 to provide certain former employees, retirees, spouses, former spouses and dependent children the right to temporary continuation of health coverage at group rates.
CHILD SUPPORT ENFORCEMENT – We help with the completion of support orders and coverage verification
Medicare Part D – Group health plans and individual health insurance policies that offer prescription drug coverage to Medicare-eligible individuals.
Flexible Spending Arrangement (FSA) – A Flexible Spending Arrangement (FSA) is typically funded by pre-tax employee contributions through a Section 125 Cafeteria Plan.
Cafeteria Plans – An Internal Revenue Code Section 125 Cafeteria Plan is a method of allowing employees to pay for qualified benefits on a pre-tax basis. A very basic Cafeteria Plan is a premium only plan, enabling employees to pay for health insurance premiums before tax.
Form 5500 – Certain employee benefit plans subject to ERISA are required to file an annual report with the federal government. The Form 5500 and its related schedules satisfy that requirement.
Reimbursement Accounts – The following arrangements are available in a group environment to reimburse employees and dependents for qualified medical expenses.
Health Savings Account (HSA) – A Health Savings Account (HSA) can be funded by either employer or employee contributions, or even both.
Health Reimbursement Arrangement (HRA) – A Health Reimbursement Arrangement (HRA) is funded completely by employer contributions. An HRA may not be funded directly or indirectly by employee contributions.
Retirement Plans – Employer-sponsored retirement plans are becoming a necessity for any employer seeking a competitive advantage when hiring prospective employees.
401(k) – 401(k) plans can be offered by companies of all sizes, and can be customized to include a variety of employer contributions.
403(b) – A 403(b) plan are similar to 401(k) plan, with the exception of who is able to participate in the plan. 403(b) plans are designed for employees of public schools, employees of certain tax-exempt organizations, and certain ministers.
Vanguard Benefits Group will navigate through the ever-changing world of state and federal mandates and provide you with the necessary details to make sure your plans continue to be compliant. Let us be your local benefits broker.
