Flexible Spending Accounts (FSAs)
Many employers choose to expand their Section 125 flexible benefit plan by
incorporating an FSA, allowing employees to set aside pre-tax dollars to be used
for eligible expenses. Contributions to the benefit account help offset taxable income,
resulting in savings for employers and employees. When implementing an FSA, employers
save an average of 10 percent on related expenses.
FBA offers a variety of FSA programs to suit your employees’ needs. The types of FSAs that
can be offered to participants include a Healthcare FSA, Dependent Care FSA, Limited FSA,
and Adoption Assistance Account.
This is a pre-tax benefit account that can be used to pay for eligible medical, dental, and vision care expenses that are not covered by health insurance plans. Some of the reimbursable expenses under this type of FSA include: dental fees, diabetic supplies, eligible over-the-counter medications, eye exams, orthodontic treatments, and physician copays.
Dependent Care FSA
This is a pre-tax benefit account that can be used to pay for eligible dependent care services. This account is a smart, simple way to save money while taking care of your loved ones. Some of the reimbursable expenses under this type of FSA include: before and after school care, daycare for disabled or elderly dependents, licensed day care centers, private preschool, summer day camp, and qualified babysitters or nannies.
This type of account can only reimburse participants for eligible dental and vision care expenses such as dentures, eye glasses, lasik eye surgery and more. A Limited FSA is available for HSA participants.
Adoption Assistance Account
Reasonable and necessary adoption fees, court costs, and other expenses can be reimbursed under an FSA program.
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