Flexible Spending Accounts (FSAs)
Give employees Flexible Spending Account (FSA) benefits with technology that makes saving and spending healthy simple for healthcare and dependent care expenses.
What are the Benefits of a Flex Spending Account?
- Faster reimbursement of FSA eligible expenses with daily and weekly frequency options
- Easier access to funds with FSA debit cards, integrated carrier claims feeds and direct deposit
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Secure participant web site with online claim submission, real time account information, flexible reporting options and more
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User-friendly mobile app
View More Plan Features
Educational Guidance
- Complimentary review of benefit plan designs and strategies
- On-site or online enrollment meetings with dedicated education specialists
- Pre- and post-enrollment communications and educational materials
- Free HRCI accredited webinars from FlexUNIVERSITY
Plan Options
- FSA Debit Cards – Easy way to pay for Healthcare FSA purchases without having to wait for reimbursement checks!
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Carrier Claims Feeds - Automatic and paperless claims processing via CrossTech or Easy Enrollment
- Secure information transfer between Flex and insurance carriers, third-party administrators and pharmacy benefits managers
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Available to participants of our FSAs that are also enrolled in one of the following health, dental and vision plans:
- Aetna
- Anthem
- Blue Cross and Blue Shield of Illinois, along with many other BCBS plans
- Cigna
- Delta Dental
- Guardian
- Humana
- IHS Health Solutions
- Kaiser Permanente
- MetLife
- Principal
- UnitedHealthcare
- UNUM
- And more! (Check with Flex on current plan availability)
- Flexible reimbursement frequency options including, daily and weekly
- 2 ½ month extended grace period available
- Rollover of up to $500 available for the Healthcare FSA
Personalized Service
- Live one-on-one customer care with dedicated specialists
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Web portal - Integrated real time plan access for all your Flex Plans
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Plan Administrators
- Review account balances and activity
- Make administrative updates
- View payment history and plan details
- Access participant, debit card and funding reports
- Download forms
- And more!
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Participants
- Review account balances and activity
- Submit claims online, upload receipts and view status
- Access payment history and plan information
- Add and update banking information
- Select Email/Text communication alerts to help manage your account
- Download Forms
- And more!
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Plan Administrators
What is a Flex Spending Account (FSA)
A Flexible Spending Account or FSA is a tax-advantaged benefit program established by an employer for their employees. This consumer-driven account allows employees to use pre-tax money for eligible Section 213d healthcare and dependent care expenses. For plan years in 2019, employees may elect up to $2,700 (per participant) for healthcare expenses and $5000 (per household) for dependent care expenses to be placed into an FSA on a pre-tax basis. There are three different types of accounts that can be offered by an employer through this program a Healthcare Flex Spending Account, a Dependent Care Spending Account or a Limited Purpose FSA.
How Does an FSA Work?
The total employee election for an FSA plan is divided by the number of pay periods and deducted on a pre-tax basis from the employee’s paycheck. As a result, the employee’s taxable income is reduced by the election amount and therefore reduces the amount of taxes the employee will have to pay. Employers also save in payroll taxes for every dollar an employee elects, which results in a mutually beneficial program.
What is a Healthcare Flex Spending Account?
Healthcare Flex Spending Accounts (FSAs) allow employees to pre-tax up to $2,700 (per participant) of eligible expenses for plan years in 2019. The FSA plan monies set aside by the employees are then reimbursed to the employee throughout the plan year as the eligible healthcare expenses are incurred, submitted and verified by the benefit administrators. FSA eligible expenses include doctor visit co-pays, prescription co-pays, vision care, dental expenses and more.
Click here to download a complete listing of FSA eligible expenses.
In the case of Healthcare FSAs, another benefit of this program is that all funds are available on day 1 of the plan year. This means employees do not have to wait for these funds to accumulate in their account to submit claims.
How Does a Healthcare FSA Work?
What is a Dependent Care Spending Account?
Dependent Care Spending Accounts allow employees to pre-tax up to $5,000 (per household) of eligible expenses. The expenses must be for the care of dependents claimed on the employee’s federal tax return, who live with the employee and incurred while the employee is at work. Most commonly the account is used to reimburse daycare expenses for children under the age of 13. But, it can also apply for children of any age that are physically or mentally incapable of self-care. In addition, adult daycare for senior citizen dependents is also eligible as long as they are claimed as a dependent on the employee’s federal tax return.
Dependent Care Spending Accounts are funded the same way as a Healthcare FSA, but are reimbursed slightly differently. In order to reimburse FSA eligible expenses, the employee must have the funds available in the account.
How Does a Dependent Care Spending Account FSA Work
What is a Limited Purpose FSA
In cases where an employee has a High-Deductible Health Plan (HDHP) and Health Savings Account (HSA), a Limited Purpose FSA Healthcare may be established. Like a Healthcare FSA, this account allows employees to pre-tax up to $2,700 (per participant) of eligible expenses for 2019 plan years. However, Limited Purpose FSA eligible expenses are “limited” to reimburse dental and vision expenses.
As in the case of Healthcare FSAs, another benefit of the Limited Purpose FSA is that all funds are available on day 1 of the plan year. This means employees do not have to wait for these funds to accumulate in their account to submit claims to the benefits administrators.