Is an FSA right for your business?
Using a Flexible Spending Account (FSA) is a great way to stretch benefit dollars for employees. There are two major types of FSAs:
H E A L T H C A R E F S A -allows reimbursement of qualifying out-of-pocket medical expenses including copays, coinsurance, and deductibles for medical, dental or vision; prescriptions; and now covers most over-the-counter medications.
D E P E ND E N T DA Y C A R E F S A -allows reimbursement of dependent daycare expenses (such as daycare) incurred by eligible dependents.
Our FSA can help YOU:
• Save as much as 7.65% of employee pre-tax contributions as a result of decreased Social Security and Medicare wages. These savings usually equal or exceed any design and administration costs.
• Free up Human Resources staff with a centralized portal that provides access to help you answer employee questions, access reports and increase efficiency with self-service capabilities.
• Offer flexible benefit options with the ability to stack FSA plans with HRAs and HSAs - all managed through a single employer portal.
Our FSA can help your EMPLOYEES:
• Enjoy significant tax savings (20-45%) with pre-tax deductible contributions and tax-free reimbursements used for qualified expenses.
• Quickly and easily access funds using the HG Advantage Card at point of sale, or request to have funds directly deposited to a pre-designated bank account.
• Enjoy the benefits of our HG Advantage Card such as access to all accounts from one card and industry-leading auto-substantiation rates using IIAS approved substantiation methods.
• Enjoy secure access to accounts using a convenient employee portal available 24/7/365 or mobile app.