Protect Your Health, Secure Your Future

A Health Savings Account (HSA) is a tax-advantaged savings account designed to help individuals with high-deductible health plans (HDHPs) save for medical expenses. Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses like doctor visits, prescriptions, and surgeries. HSAs are owned by the individual, and funds roll over year to year, unlike flexible spending accounts (FSAs). Additionally, the account can be used for non-medical expenses after age 65, though withdrawals for such purposes are taxable. HSAs provide a flexible, long-term savings option for healthcare costs.

A Health Maintenance Organization (HMO) is a type of health insurance plan that provides coverage through a network of healthcare providers and facilities. With an HMO, members are required to select a primary care physician (PCP) who coordinates their care and provides referrals to specialists within the network. HMOs typically have lower premiums and out-of-pocket costs but offer less flexibility, as coverage is generally limited to in-network providers. Out-of-network care is usually not covered except in emergencies. HMOs focus on preventive care and cost management, making them a popular choice for individuals seeking affordable, coordinated healthcare.

A Point of Service (POS) plan is a type of health insurance that combines features of Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs). With a POS plan, members are required to choose a primary care physician (PCP) who manages their care and provides referrals to specialists. While the plan offers lower costs for in-network care, it also provides the flexibility to seek out-of-network care, although at higher out-of-pocket costs. Members can decide at the point of service whether to stay within the network or go out-of-network, making POS plans a flexible option for healthcare coverage.Yes, Triangle Tax and Insurance can handle all aspects of payroll processing, including calculating and filing payroll taxes, issuing paychecks, and maintaining payroll records. We can customize our payroll services to meet the unique needs of your business.

A Preferred Provider Organization (PPO) is a type of health insurance plan that offers flexibility in choosing healthcare providers. PPO members can visit any doctor or specialist without a referral and have access to a network of preferred providers for lower out-of-pocket costs. However, unlike Health Maintenance Organization (HMO) plans, PPOs also cover out-of-network care, though at a higher cost. PPOs tend to have higher premiums but provide more freedom for members to see specialists and receive care without requiring approval from a primary care physician, making them a popular choice for those seeking flexible healthcare options.

A Health Reimbursement Arrangement (HRA) is an employer-funded account that reimburses employees for qualified medical expenses, such as co-pays, prescriptions, and health insurance premiums. Unlike Health Savings Accounts (HSAs), only employers can contribute to an HRA, and the funds are not portable if an employee leaves the company. HRAs are tax-advantaged, meaning both employer contributions and employee reimbursements are tax-free. The employer sets the terms, including contribution limits and what expenses are covered. HRAs are typically used to supplement health insurance plans, helping employees manage out-of-pocket healthcare costs. Unused funds may or may not roll over, depending on the plan.

A Medical Savings Account (MSA) is a tax-advantaged account designed for individuals with high-deductible health plans (HDHPs) to save for medical expenses. There are two types: the Archer MSA, primarily for self-employed individuals and small businesses, and the Medicare MSA, for people enrolled in Medicare. Contributions to an MSA are tax-deductible, and the funds grow tax-free. Withdrawals for qualified medical expenses are also tax-free, but non-medical withdrawals are subject to taxes and penalties. Unlike flexible spending accounts (FSAs), MSAs allow funds to roll over year to year, providing a long-term way to manage healthcare costs.

Medicaid is a joint federal and state program that provides free or low-cost healthcare coverage to eligible low-income individuals and families. It covers a wide range of services, including doctor visits, hospital stays, long-term care, and prescription medications. Eligibility is based on income, household size, and other factors, such as age, disability, or pregnancy. Each state administers its own Medicaid program within federal guidelines, so benefits and coverage can vary. Medicaid plays a crucial role in providing access to healthcare for vulnerable populations, including children, the elderly, and individuals with disabilities or chronic health conditions.