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What Are Account-Based Benefits?

By May 19, 2022Employers
Account-based benefit offerings like the latest suite of YourWay HRA, FSA, and ICHRA plans, are perfect for employers looking to provide employees with all-around better benefits packages. Offered separately, or in addition to traditional healthcare plans, these accounts provide the potential to save more on healthcare entirely, with unique tax advantages, portability, and investment opportunities. Our first-of-its-kind technology allows us to offer, enroll, and manage YourWay account-based plans, taking the administrative burden away from your business.

Traditional health plans all rely on some out-of-pocket expenses from participants, like prescription copays, deductibles, or coinsurance.

Account-based benefit plans, which can be offered in addition to traditional coverage plans or on their own, provide participants with the same type of healthcare coverage a traditional plan does.

The difference?

An account-based benefit plan from OneBridge Benefits comes with a separate account like an HRA, FSA, or ICHRA. These accounts provide their own unique tax advantages, the ability to pay for out-of-pocket expenses participants would pay normally, and the potential to save more on health insurance entirely.

For example, let’s say you enroll in one of the two health insurance plans made available to you by your employer. 

You visit your primary care provider for an annual check-up and are required to pay a $50 copay. Typically, you would use money from your personal bank account to cover that expense, just as you would for groceries or gas.

With an account-based benefit plan, you could pay for copays, prescriptions, and in some cases, even dependent costs like daycare or elder care, with an account that is funded by you, your employer, or both, with pre-tax dollars.

This money gets taken out of your paycheck before taxes do.

With an account-based plan, in-network preventative care is 100% covered by the plan. So the money in your account is saved and can be used to cover out-of-pocket expenses that go towards your deductible throughout your plan year.

Once you reach your deductible, or out-of-pocket maximum, additional health-related expenses incurred are all covered by your plan.

And depending on the accounts you’re enrolled in, unused funds can be saved or rolled over into the following plan year. 

Unlike traditional out-of-pocket payment health plans, account-based plans allow employees to take greater control of their healthcare decisions and dollars. 

Account-based benefit offerings, like the latest suite of YourWay HRA, FSA, and ICHRA plans, are perfect for employers looking to provide employees with more healthcare coverage choices, greater savings flexibility, lower cost plans, and an all-around richer benefits package.

The best part? OneBridge Benefits offers, enrolls, and manages these YourWay account-based plans, and more, with a first-of-its-kind administration platform and mobile app, and a first-class customer support team. 

Want to broaden your benefits offering with an account-based plan?

Contact OneBridge Benefits to learn more about our full suite of account-based benefit plans available to your business, including the YourWay Frontier ICHRA.