Flexible Benefits

Flexible Benefits

Enhance Your Benefits and Save on Costs

Flexible benefit plans include tax-favored accounts which provide savings for you and your employees. Employees use their accounts to pay for eligible health care and other expenses tax-free,* at a savings of up to 40% off normal costs.** When plans are funded through payroll deduction, you save 7.65% on payroll tax for every dollar contributed.

Get Expert Advice and the Right Price

Our expert consultants work closely with your company to tailor a solution that is right for your needs and your budget and that is compliant with government regulations. We work with companies of all sizes in diverse industries and offer a full range of products and services including COBRA and Premium Billing Services.

PLAN DESCRIPTIONS

  • Flexible Spending
    Account
  • Health Savings
    Account
  • Health Reimbursement
    Arrangement
  • COBRA
  • Premium Billing
Plan Design

One of the most popular flexible benefit plans, a Flexible Spending Account allows employees to set aside pre-tax money from their paychecks to pay for eligible out-of-pocket costs. SHDR offers a Medical FSA to pay for eligible health care costs and a Dependent Care FSA to pay for eligible child and elder care expenses.

An FSA plan is fully funded by the employee but may be perceived as a bonus, allowing you to enhance your benefit package at little or no cost. When employees fund their accounts through payroll deduction, you also see a reduction in payroll tax.

  • Account is fully funded by employee
  • Account is not portable if employee switches jobs or retires
  • Year-end balance is forfeited to employer — "use it or lose it" provision
  • Benefit Access Visa® Debit Card provides easy access to funds for employee
  • Online account management allows employees to check benefits, file claims, and email customer support
Plan Administration

SHDR makes FSA plan administration easy to ensure optimum enrollment and reduce strain on your internal resources. An SHDR representative will be assigned to large companies and may be able to attend open enrollment events to answer employee questions.

  • Enrollment, education and communication materials
  • Online account management
  • Electronic payroll deduction
  • Direct deposit of claims reimbursements
  • Reduced claims paperwork with Benefit Access Visa® Debit Card
  • Auto substantiation of eligible expenses option with Debit Card
Contact Us

For more information and answers to your questions, please contact SHDR by phone at
800-930-2441, or by email.

Plan Design

A Health Savings Account (HSA) is an interest bearing, tax-favored savings account that allows eligible employees to pay for current and future medical expenses tax free. Your contributions to employee accounts are tax deductible. Additionally, employee contributions to their own accounts through payroll deduction reduce employer payroll tax.

Calculate Employer Savings »

The IRS requires an HSA to be linked to a qualified high-deductible health plan (HDHP). HDHPs have lower premiums than traditional plans, helping you to reduce your costs. Additionally, this plan puts spending control in the hands of your employees, encouraging them to be conscientious consumers. Over time, you could also see a reduction in your utilization costs.

  • Account is funded by employer and/or employee
  • Account fully portable — employee owns account
  • Year end balance is rolled over and earns interest
  • Excess balance can be invested in mutual funds††
  • Benefit Access Visa® Debit Card allows easy access to funds for employees
  • Employees can access accounts online or at any BB&T branch
  • Online account management allows employees to check balances, pay medical expenses, and email customer support
  • Monthly statement is provided for HSA
  • Quarterly statements is provided with mutual fund option
Plan Administration

SHDR makes HSA plan administration easy to ensure optimum enrollment and reduce strain on your internal resources. An SHDR representative will be assigned to large companies and may be able to attend open enrollment events to answer employee questions.

  • Enrollment, education and communication materials
  • Streamlined electronic enrollment process
  • Electronic payroll deduction option for employees
  • No reimbursement administration for employers

For assistance selecting an IRS-qualified HDHP to link to employee accounts, contact a BB&T Insurance Services agent.

Contact Us

For more information and answers to your questions, please contact SHDR by phone at
800-930-2441, or by email.

Plan Design

A Health Reimbursement Arrangement (HRA) is a tax-favored account which provides tax-free reimbursement to employees for eligible out-of-pocket health care costs and which provides certain tax deductions for employers.

You may choose to offer an HRA in conjunction with a high-deductible health plan (HDHP) or as a stand-alone account. Shifting a portion of your health care spending from a traditional health plan to a HRA and HDHP combination may reduce your premium and utilization costs, while still allowing you to provide rich benefits.

  • Account is fully funded by employer
  • Employer specifies which IRS-eligible expenses to cover
  • Employer can choose to roll over year-end balances
  • Account is not portable if employee switches jobs or retires
  • Benefit Access Visa® Debit Card provides convenient access to funds for employees
  • Online account management allows employees to check benefits, file claims and email customer support
Plan Administration

SHDR makes HRA plan administration easy to ensure optimum enrollment and reduce strain on your internal resources. An SHDR representative will be assigned to large companies and may be able to attend open enrollment events to answer employee questions.

  • Enrollment, education and communication materials
  • Online account management
  • Direct deposit of claims reimbursements
  • Reduced claims paperwork with Benefit Access Visa® Debit Card
  • Auto substantiation of eligible expenses option with Debit Card

For assistance selecting an IRS-qualified HDHP to link to employee accounts, contact a BB&T Insurance Services agent.

Contact Us

For more information and answers to your questions, please contact SHDR by phone at
800-930-2441, or by email.

SHDR COBRA administration provides:

  • Full COBRA lifecycle administration
  • Custodial cash management
  • Posted and adjusted client or carrier remittance
  • Member self-service portals
  • Client, client division and broker self-service portals
  • USERRA continuation administration
  • HIPAA compliance administration
  • State continuation and mini-COBRA administration
  • Insurance carrier management
  • Eligibility management and reporting (HIPAA 834 Support)
  • Full import and export functionality
  • Fully customizable letter/notice system
Contact Us

For more information and answers to your questions, please contact SHDR by phone at
800-930-2441, or by email.

Premium Billing Administration Services from SHDR is designed to reduce your benefits administration burden by assuming the day-to-day management of benefit plan premium billing responsibilities. SHDR uses a state-of-the art system to accurately and efficiently complete all processes.

  • Management of multiple plans with multiple carriers
  • Communication of enrollment changes to carriers
  • Monthly reporting to employers
  • Collection and remittance of premiums by secured lockbox
  • Flexible invoicing — consolidated group or individual billing