Flexible Spending Account Overview
Help Your Employees Save Money on Everyday Healthcare Expenses:
Help your employees save money on out-of-pocket, routine medical expenses. An FSA allows employees to set aside pre-tax dollars from their paycheck for eligible healthcare expenses. Participation decreases their taxable income, and in turn, decreases your costly FICA tax burden.
Perks of the Plan:
• Decreases cost of eligible expenses and increases tax savings for employees.
• Decreases payroll taxes without incurring additional costs for the employer.
• Multiple payment options—debit card, online portal, mobile application, email, fax, and mail.
• Customize setup—ability to allow rollover or grace period provision for unused contributions.
• Account types—Health Care, Dependent Care, Commuter, Limited-Purpose and Tuition Reimbursement.