Flexible Spending Accounts

Fact: The Average Health Insurance Deductible is $1200

One way employers can minimize the impact of increased “out-of-pocket” expenses is to offer a FSA.

The Benefits

  • A Flexible Spending Account (FSA) can help pay for the high cost of health care & day care.
  • Members set aside a portion of income pre-tax for use on qualified expenses.
  • As eligible expenses are incurred, payments are made with tax-free withdrawals.

Types of Flexible Spending Accounts

  • Medical Flexible Spending Account –  to help pay for medical, dental and vision out-of-pocket expenses.
  • Dependent Care Flexible Spending Account– to help pay for employment-related day care expenses for a dependent.

Key Features

  • Online account access 24/7
  • Online claims detail histories and status
  • Debit cards
  • Daily claims processing of non-debit card claims
  • Weekly claims reimbursements of non-debit card claims
  • Employee online FSA education module
  • Multiple employer account funding options
  • Toll-Free customer service for administrators
  • Toll-Free customer service for employees & qualified beneficiaries