Administrative Services

ProSource Financial’s Administrative Services can streamline your internal processes and procedures to maximize your efficiency so you can focus on building your core business without the expense of additional full-time staff. Our goal is to help you improve your return on investment and organizational efficiency. Samples include full web-based Human Resources Support including legislative updates, COBRA Administration, Flexible Spending Account (FSA) Administration, HIPAA Compliance Services, Health Reimbursement Arrangement (HRA) Administration, Health Savings Account (HSA) Administration and Medicare Part D Compliance. Let us put our expertise to work for you.

Human Resources Support

Employers are increasingly looking for better, more efficient ways to communicate benefits information to their employees, and the challenges for human resource professionals continue to mount. As the employee benefits landscape continues its evolution, newer, more effective ways of communicating complicated benefits information are becoming available.

ProSource Financial is pleased to bring you the solution to your HR and benefits communication challenges: HRconnection. It is the most powerful HR communication system available anywhere, and features more ways to educate and empower your employees than any other site of its kind. This system helps employers manage company information in one secure and convenient location that employees can view from any computer with Internet access. It lets employees reach a comprehensive resource for HR and benefits information any time of the day or night. By answering most questions that would normally be directed to the HR department, HRconnection allows HR personnel to function more efficiently. Just some of the things you can do with HRconnection include:

  • Change the site’s color and appearance; upload your corporate logo and identity
  • Set up corporate divisions; display different information for different divisions or locations
  • Set up, update and customize all areas of the site, including menus, benefit plan items, message board, proprietary links, communication campaigns and more
  • Attach multiple network directories and SPDs to a single benefit plan
  • Upload forms, contact lists, and employee handbooks
  • Review site statistics that monitor activity
  • Set up separate division for Spanish-speaking employees
  • And much more!

HRconnection’s unique design lets ProSource assist you in building a system that suits your company’s specific needs, and makes ongoing modifications and upgrades simple. It will continue to grow with your needs.

This valuable HR support tool is provided to all ProSource clients at no cost. For more information, contact your ProSource representative today.

COBRA Administration

COBRA is a law that requires organizations with 20 or more employees to offer continuation of group health benefits to employees and covered dependents when experiencing a “qualifying event”. An individual is covered under COBRA if, on the day before a ”qualifying event” occurs that triggers coverage, he or she is enrolled in an employer’s group health plan as an employee or a dependent. The length of time beneficiaries can continue plan coverage under COBRA generally ranges from 18 months (for employees) up to 36 months (for dependents).

Non-compliance with COBRA laws can cost your company thousands of dollars in penalties. We will make sure you are in compliance and keep you that way. We focus on complete compliance and quality service, so you can concentrate on the success of your business. We give you piece of mind in knowing you are in compliance with all applicable COBRA legislation. Let us provide you with this valuable administrative service with 100% transfer of liability. Contact your ProSource Representative for more details.

Flexible Spending Account (FSA) Administration

Flexible Spending Accounts are Section 125 Cafeteria Plans, also known as FSAs. Flexible Spending Accounts are a simple and convenient solution for paying out-of-pocket health and dependent care expenses with pre-tax dollars. These accounts can be funded by the employee, employer or both. Flexible Spending Accounts provide tax savings for both the employer and the employee. Employers save on FICA and FUTA taxes, and employees will increase their take home pay and save on taxes. This is a win – win situation for employers and employees. There is also an FSA Debit Card available as an optional feature. Employees can use the card to pay for eligible expenses. Flexible Spending Accounts save your company money and provide great benefits for your employees.

Increase morale and retention by helping your employees pay for out-of-pocket medical and dependent care expenses with pre-tax dollars. Let us educate you and your employees about how Flexible Spending Accounts work, set one up for your business and arrange to have all the administration performed on your behalf. Contact your ProSource Representative for more details.

HIPAA Compliance Service

HIPAA stands for The Health Insurance Portability and Accountability Act of 1996.

The Privacy Rule aspect of HIPAA creates national standards regarding Protected Health Information (PHI), which is defined as any information that could tie a specific health condition to a specific patient or health care consumer. This could include name, address and Social Security number in connection with any reference to a particular treatment or condition. The Privacy Rules govern how entities covered under HIPAA, such as your health plan, use and share PHI. The rules also include provisions to help individuals understand and control how their health information is used. ProSource Financial is compliant with the HIPAA Privacy Rule enacted to protect the confidentiality of individual's Protected Health Information (PHI), and can provide the necessary guidance to assist you in complying with this legislation. Contact your ProSource Representative for more information.

Health Reimbursement Arrangement (HRA) Administration

Health Reimbursement Arrangements (HRAs) are the best news in health care benefits in many years. They can help you take control of your health insurance premiums. Health Reimbursement Arrangements fall under Section 105 of the IRS Code. HRAs are employer-funded medical expense plans that are typically coupled with a high deductible health plan. Basically, the way it works is that you select a high deductible health plan and save 20%-50%. From those savings, you establish an HRA for each covered employee, which provides coverage for the higher out-of-pocket expenses. This will make the higher deductible seamless to your employees. You do not have to pre-fund the account. You can make deposits as employees submit claims. Therefore, the less your employees spend, the more your company saves. Let us educate you on how Health Reimbursement Arrangements work, set one up for your business and arrange to have all the administration performed on your behalf. Contact your ProSource Representative for more details.

Health Savings Account (HSA) Administration

Health Savings Accounts (HSAs) are tax-exempt health accounts established exclusively for the purpose of paying qualified medical expenses of an individual who is covered under a high deductible health plan. HSA provide first dollar coverage for preventative care, deductibles and out-of-pocket expenses and allows you to enjoy unique tax benefits and affordable health premiums without risking your protection. HSAs are “triple-tax-free” – employer and employee contributions, earnings and withdrawals (when used to pay qualified medical expenses) are exempt from federal taxes. The HSA is owned by the individual, and current legislation provides that funds used to pay for the following are tax-free and penalty-free:

  • Qualified medical expenses as defined under Section 213 of the IRS code
  • COBRA premiums
  • Qualified Long Term Care insurance premiums and related expenses
  • Health insurance premiums for individuals receiving unemployment compensation
  • Medicare and retiree health insurance premiums (but not Medicare Supplement premiums)

You only withdraw your funds when you need them, and the funds can be invested in a variety of mutual funds as account balances grow. Let us educate you on how Health Savings Accounts work, set them up for your business and arrange to have all the administration performed on your behalf. Contact your ProSource Representative for more details.

Medicare Part D Compliance

Medicare Part D, the prescription drug plan for Medicare recipients, was put into effect in January of 2006. This new law has created a number of responsibilities for employers with group health plans that provide prescription drug benefits. Employers must comply with certain requirements as mandated by the Centers for Medicare & Medicaid Services (CMS). Some, but not all, of the requirements include:

  • The group health plan’s prescription drug benefit must be determined to be “creditable coverage” or “non-creditable” coverage.
  • Medicare-eligible members enrolled in the employer’s group health plan must be sent an annual notice explaining if the prescription drug plan is creditable or not.
  • The employer must notify the CMS annually and verify the creditable or non-creditable status of the group’s prescription drug program.
  • Medicare-eligible members must be sent a new notice confirming the creditable or non-creditable status of the plan whenever the group’s prescription drug program is changed.

We provide guidance and assistance to our clients in implementing these compliance requirements, including access to resources to determine the creditable status of their prescription drug plans and providing customized sample letters to communicate to their employees. Contact your ProSource representative for more information on this valuable service.