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| Flexible Benefit Administration (Section 125) | |
GISC offers companies the opportunity to gain the advantages of a flexible benefit plan without the cost of additional staff or systems. We can help you comply with the complicated regulations and set-up of Flexible Spending Accounts and Pre-Tax Premium Plans. When you have installed a flexible benefit plan under Chapter 125 of the IRS code, your employees can opt to withhold portions of their paycheck to be used to cover certain expenses including: dependent care services, medical expense reimbursement, and accident and health contributions. These redirected funds are withheld from employees' paychecks and are not subject to most taxes. These funds are reimbursed or paid out as claims are submitted with pretax dollars. Our systems can handle all withholding and reimbursement procedures and verify the tax deductibility of employee claims. |
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Go to The Benny Card website |
| Cobra Administration | |
The fulfillment of your company's obligations under COBRA is a complicated, risky exercise. Errors or delays in notifying COBRA beneficiaries could mean daily sanctions of $100.00 dollars per employee, per day of noncompliance up to $2,000,000 dollars. A beneficiary can file complaints or sue for medical expenses occurring as much as three years after termination! GISC's system keeps track of your employees. When you notify us that an employee has been terminated or is deceased, we immediately begin the notification process. Letters are mailed to the ex-employee and/or spouses and dependents. If they elect to continue coverage, we bill them monthly and receive the premium in our office. Our computer system assures compliance with deadlines, time constraints and monitors premium payments. If they decline coverage or never respond, there is proof of compliance on file. |
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