YourWay Compass enriches your existing traditional group health plan with added in-service or post-separation benefits.
Ensure your employees are well-equipped on their healthcare journey with YourWay Compass. Powered by OneBridge Benefits, Compass is a Health Reimbursement Arrangement (HRA) health plan funded with tax-free employer contributions. Employees can use Compass funds to pay for out-of-pocket healthcare costs incurred by themselves, spouses and qualified dependents. What’s more, YourWay Compass is a portable benefit that allows unused HRA funds to travel with an employee and cover healthcare costs after employment.
For public sector employers, YourWay Compass is an effective tool that can help in reducing or even eliminating your administrative burden as well as post-employment benefit obligations. Compass can also assist in collective bargaining negotiations as employers and employees can benefit from tax-free, in-service HRA contributions in lieu of taxable salary increases. Compass can also provide a tax-free alternative for employees entitled to PTO cashouts.
Head YourWay with Compass
YourWay Compass was designed by OneBridge as a Funded HRA that allows participants to pay for out-of-pocket health-related expenses today and save for retirement tomorrow—all with pre-tax funds contributed by their employer. There is no contribution limit associated with Compass. Unused funds can be accumulated and, in some cases, invested on behalf of the employee with unused amounts accessible at any time for qualified healthcare expenses.
Your Guide to Greater Group Health
Unlike YourWay Frontier, Compass is tied to a traditional group health plan. Pre-tax Compass funds can be used to cover out-of-pocket medical expenses such as copays, deductibles, and other excluded expenses such as dental, vision, and orthodontia, etc. Any unused funds will be saved and, in some cases, invested on behalf of the employee to be used anytime for qualified healthcare expenses.
Contributions into YourWay Compass are held in trust and can be funded from a variety of sources, including:
Mandatory annual leave cashouts (e.g., Employer redirects value of annual leave, sick leave, vacation, personal, other PTO).
Mandatory employee contributions (e.g., Exchange taxable wages such as future COLA or pay increase for tax-free HRA).
Unused monthly benefit dollars provided by the employer. (Only when benefit dollars are available solely for nontaxable benefits.)
Funds reallocated from other terminated benefit offerings, such as parking or cell phone allowances.
Direct employer contributions.
Contributions offer employers and employees a payroll FICA tax savings of up to 7.65%. Employees also benefit from no federal income tax implication. In addition, unused balances carry over year to year and, in some cases, can be invested similarly to a 401k. Unlike retirement plans, there are no tax consequences on HRA account withdrawals so long as those funds are used to pay for qualified healthcare expenses or premiums.
Employer HRA Contributions Are
the Way of the Future
With the costs of healthcare increasing year over year, it becomes increasingly difficult for employers and employees to find creative ways to combat rising costs. Employers find it more difficult to build benefit plans with perceived value relative to the continuous rise in premiums and lack of flexibility. All YourWay plans from OneBridge, including YourWay Compass, help employers create competitive benefit packages in an effort to attract and retain top talent to their organization. Employers are using arrangements like HRAs to help employees offset the never-ending rise in the cost of health insurance.
Explore YourWay with OneBridge
Every new day brings a change to the health benefits landscape. OneBridge makes navigating those changes easy through YourWay Compass. Get more out of your group health plan offering, combat the rising costs of healthcare, and provide employees with more ways to pay for health expenses today and save for tomorrow.