Benefit Solutions, Inc.1210 Sycamore Sq. Dr, Suite 200 Midlothian, Virginia 23113
Phone Number:(804)
379-0909
Fax:(804) 379-5898
How we can help you
Benefit Solutions knows how to set-up and
administer flexible benefit plans from beginning to end. We are experts at
every phase of completion. Whether your company is adopting a new plan, or they
have a plan and we are taking over the provider services, we will be there to do
it for you. The company's involvement is kept to a bare minimum.
Plan Document Development
The employer must first adopt a flexible benefit
plan along with a completed plan document meeting all IRS and Department of
Labor criteria. Benefit Solutions has the knowledge and ability to customize a
plan document for companies to simply review and adopt.
Enrollment
Benefit Solutions will design an employee
marketing program to fit their needs. Group presentations, flyers, individual
meetings and personalized tax savings summaries can all be part of a successful
program to ensure that all employees understand fully their options. We will be
available to answer questions and provide the information employees need to make
an educated decision concerning how much they should contribute during the next
plan year. One of our objectives is to get the most participation possible.
The more participation, the more money everyone saves.
Payroll Setup
Once the plan is set up, Benefit Solutions will
work with the company payroll department to begin pre-tax deductions for each
employee beginning with the first pay period of the plan year. For the
premium-conversion portion of the plan, the company automatically starts taking
health insurance out of employees pay pre-tax giving them immediate savings.
For the Medical and Dependent Care Reimbursement
portions of the plan, an authorization form must be completed designating how
much the employee wants to put in either of these plans. Then the annual amount
requested by the employee is divided by the number of pay periods in the plan
year and deducted equally each pay period from the employees pay - again
pre-tax. Then the employer sends that money, along with a detailed listing to
Benefit Solutions. We account for that money by employee.
Employees can only make changes during the year if there
is a change in status. See
ChangeOfStatus.com
to determine what changes are allowed.
Claim Processing
As employees incur medical and dependent care,
they send their reimbursement requests along with a copy of the receipt to
Benefit Solutions. We then review the claim to determine compliance with
federal regulations and reimburse employees out of their account for those
expenses. Reimbursements can be made via check or they can be deposited
directly in the employees bank account - THEY CHOOSE.
Reporting
Employee's receive quarterly statements through
the year to let them know their Flexible Spending Account balances. In
addition, they will be able to access their account balances 24 hours a day
along with their most recent activity on this site. For the employer, we will
provide various management reports quarterly detailing employee account status
throughout the year. At year end, we will do all company reporting and complete
the required IRS 5500 forms if required.
Re-enrollment
When the plan year is nearly over, we will provide
the same topnotch service to make sure all employees are re-enrolled and start
the new year. Employees will then have an opportunity to revise their
contribution amounts for the next plan year. The re-enrollment process can
include group and individual meetings with new employees and, when necessary,
with existing plan participants. We want to be your spokesperson for these
exciting flexible benefit plan opportunities.