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Babcock & Helliwell is dedicated to creating a professional partnership with clients in designing an employee benefit package that reflect the company’s philosophy, effectively manages corporate resources, and attracts and retains quality employees.

The core of any employee benefit package is health insurance. Yet this also is one of the largest company expenses, second only to payroll, and is increasing annually at three to four times the rate of inflation. That’s why more and more companies are adopting new, more economically efficient Consumer Driven Health Plans.

Health Reimbursement Accounts (HRA) help companies manage costs by combining a high deductible health plan with pay-as-you-go expenses for more frequently used services. In addition, HRAs empower employees by involving them in health care decisions and educate them on the real costs associated with obtaining heath care services.

• An HRA is owned and funded by the company at an annual pre-selected, tax-deductible amount.
• A separate account is set up for each employee and is funded at a fraction of the total amount in the corporate HRA.
• Discounted fees-for-service are negotiated between health care providers and insurance companies. These discounted fees are debited from the company’s HRA account when employees or dependents use the services.
• Since employees and dependents use the money in an HRA account to pay for deductible health care expenses, they have no co-payments.

Health Savings Accounts (HSA) are individually owned tax-deductible savings accounts coupled with an IRS qualifying high deductible health plan.

• An HSA is owned by the employee. It can be funded by both the employer and the employee at limits set by the IRS and indexed annually.
• Funds can be used to pay for the deductible expenses of the high-deductible health plan or costs that qualify under Internal Revenue Code section 213d.
• Unused funds continue to grow tax-deferred and may be invested in a variety of investment choices.
• The funds are portable and remain with an employee throughout his/her working life.

In addition to Consumer Driven Health Plans, we offer:

• Group Life
• Group Long Term Disability
• Group Dental and Vision
• Voluntary plans, including Cancer, Accident, Legal, etc.

Babcock & Helliwell can help you select the plan that best fits your company's specific goals. We’ll educate your employees on the plan and provide daily management. Call us today to learn more.