Navigate the Benefit Landscape YourWay
YourWay Compass enriches your existing traditional group health plan with added in-service or post-separation benefits.
Ensure your employees are well-equipped on their healthcare journey with YourWay Compass. Powered by OneBridge Benefits, Compass is a Health Reimbursement Arrangement (HRA) health plan funded with tax-free employer contributions. Employees can use Compass funds to pay for out-of-pocket healthcare costs incurred by themselves, spouses and qualified dependents. What’s more, YourWay Compass is a portable benefit that allows unused HRA funds to travel with an employee and cover healthcare costs after employment.
For public sector employers, YourWay Compass is an effective tool that can help in reducing or even eliminating your administrative burden as well as Other Post-Employment Benefits (OPEB) liability. Compass can also assist in collective bargaining negotiations as employers and employees can benefit from tax-free, in-service HRA contributions in lieu of taxable salary increases.
Head YourWay with Compass
YourWay Compass was designed by OneBridge as a Funded HRA that allows participants to pay for out-of-pocket health-related expenses today and save for retirement tomorrow—all with pre-tax funds contributed by their employer. Unlike YourWay Frontier, Compass is tied to a traditional group health plan. Pre-tax Compass funds can be used to pay for other out-of-pocket expenses such as copays and prescriptions with unused funds able to be saved for healthcare expenses during retirement.
Your Guide to Greater Group Health
Unlike YourWay Frontier, Compass is tied to a traditional group health plan. Pre-tax Compass funds can be used to pay for other out-of-pocket expenses such as copays and prescriptions. Any unused funds can be saved and invested on behalf of the employee.
These dollars can be accessed anytime for qualified healthcare expenses:
Mandatory annual leave cashouts. (e.g., Employer redirects value of annual leave, sick leave, vacation, personal, other PTO.)
Mandatory employer contributions. (e.g., Exchange taxable wages such as future COLA or pay increase for tax-free HRA.)
Unused monthly benefit dollars provided by the employer. (Only when benefit dollars are available solely for nontaxable benefits.)
Employer discretionary contributions.
All contributions are held in a tax-exempt trust, offering the employers and employees a payroll FICA tax savings of up to 7.65%. Employees also benefit from no federal income tax implication. In addition, employer contributions carry over year to year and can be invested in a suite of low-expense investment options to grow tax-free. Unlike retirement plans, there are no tax consequences on HRA account withdrawals so long as those funds are used to pay for qualified healthcare expenses and/or premiums.
Employer Contributions Are
the Way of the Future
With the costs of healthcare increasing year over year, it becomes increasingly difficult for employers and employees to find creative ways to combat rising costs. Employers find it more difficult to build benefit plans with perceived value relative to the continuous rise in premiums and lack of flexibility. All YourWay plans from OneBridge, including Compass, are designed to help employers create more competitive benefit packages to win the war for talent. Employers are using arrangements like HRAs to help employees offset the never-ending rise in the cost of health insurance.
Explore YourWay with OneBridge
Every new day brings a new change to the health benefits landscape. OneBridge Benefits makes navigating those changes easy through YourWay Compass. Get more out of your group health plan offering, combat the rising costs of healthcare, and provide employees with a new way to pay for health expenses today and save for tomorrow.