LHC partners is a certified representative of the market leading provider of innovative healthcare and financial technology solutions named Lighthouse 1.It is a Software-as-a-Service solution offering you a complete, integrated platform for administering Health Savings Accounts, Health Reimbursement Accounts, Flexible Spending Accounts and other consumer-driven healthcare accounts, as well as providing a debit card solution.
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Flexible Spending Accounts (FSAs)
Flexible Spending Accounts (FSA) – is one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer in the United States. An FSA allows an employee to set aside a portion of his or her earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee’s pay into an FSA is not subject to payroll taxes, resulting in a substantial payroll tax savings. |
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Health Reimbursement Accounts (HRA)
Health Reimbursement Accounts (HRA) – Employer-funded plans that reimburse employees for incurred medical expenses that are not covered by the company’s standard insurance plan. Because the employer funds the plan, any distributions are considered tax deductible (to the employer). Reimbursement dollars received by the employee are generally tax free. |
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Health Savings Accounts (HSA)
Health Savings Account (HSA) – is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High Deductible Health Plan (HDHP). The funds contributed to the account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), funds roll over and accumulate year over year if not spent. HSAs are owned by the individual, which differentiates them from the company-owned Health Reimbursement Arrangement (HRA) that is an alternate tax-deductible source of funds paired with HDHPs. Funds may be used to pay for qualified medical expenses at any time without federal tax liability. |
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Transit Plans
Transit Plans – allows employers to offer employees the opportunity to set aside a portion of their salary to pay for certain transportation expenses. The employee will not be taxed on amounts set aside and used for qualified expenses (that is, pre-tax dollars are used to pay the commuting expenses). |
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Voluntary Employees’ Beneficiary Association (VEBA)
Voluntary Employees’ Beneficiary Association (VEBA) – is one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer in the United States. |
With nearly 2 million consumers using Lighthouse1 OnDemand� to manage their consumer-driven healthcare accounts, Lighthouse1 is the nation's largest on-demand healthcare solution.
