{"id":365,"date":"2019-05-29T08:01:31","date_gmt":"2019-05-29T08:01:31","guid":{"rendered":"http:\/\/cdhp.sourceitmarketing.com\/wordpress\/?p=365"},"modified":"2019-05-29T08:01:31","modified_gmt":"2019-05-29T08:01:31","slug":"the-financial-benefits-of-fsas-for-employers","status":"publish","type":"post","link":"https:\/\/www.flexiblebenefit.com\/cdhp\/the-financial-benefits-of-fsas-for-employers\/","title":{"rendered":"The Financial Benefits of FSAs for Employers"},"content":{"rendered":"<p>To offer an FSA, or not to offer an FSA, that is the question. Let\u2019s just cut right to the chase.&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Flexible Spending Accounts (FSAs) are a great way for employees to save on taxes for medical and dependent care<br \/>\n        expenses, but employers also receive financial benefits by offering an FSA.&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>While there\u2019s an approximate cost to employers of $5\/employee\/month (or $60\/employee\/year) to outsource the<br \/>\n        administration of an FSA, there\u2019s also a tax savings employers receive. Employers avoid a 7.65% payroll tax<br \/>\n        (i.e. Medicare and Social Security tax) on the amounts employees contribute to an FSA.&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>The average employee contribution to a Health FSA is around $1,350\/year, and the average contribution to a<br \/>\n        Dependent Care FSA is around $3,200\/year. We can calculate the annual tax savings as follows:&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Health FSA Tax Savings<\/strong>: $1,350 x .0765 = <strong>$103<\/strong> (rounded to nearest dollar)\n        <\/li>\n<li><strong>Dependent Care FSA Tax Saving<\/strong>s: = $3,200 x .0765 = <strong>$245<\/strong> (rounded to<br \/>\n            nearest dollar)<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>This means the employer \u201cprofits\u201d $43\/year on the average Health FSA participant and $185\/year on the average<br \/>\n        Dependent Care FSA participant.&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>It\u2019s hard to make an argument against offering an FSA. How many benefits are there that actually make an<br \/>\n        employer money? We know at least one that does!<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>To offer an FSA, or not to offer an FSA, that is the question. Let\u2019s just cut right to the chase. <\/p>\n<p>Flexible Spending Accounts (FSAs) are a great way for employees to save on taxes for medical and dependent care expenses, but employers also receive financial benefits by offering an FSA. <\/p>\n","protected":false},"author":1,"featured_media":298,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Financial Benefits of FSAs for Employers - Flexible Benefit Service LLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.flexiblebenefit.com\/cdhp\/the-financial-benefits-of-fsas-for-employers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Financial Benefits of FSAs for Employers - Flexible Benefit Service LLC\" \/>\n<meta property=\"og:description\" content=\"To offer an FSA, or not to offer an FSA, that is the question. 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