FSAs are an important part of a comprehensive employee benefits offering in recruiting and retaining employees. Your employees will appreciate the ability to use pretax dollars to fund eligible health care related expenses not covered by a health plans.
Establishing an FSA will help you save payroll and FICA tax savings, write off administrative costs as a normal business expense and help your workforce save money. Despite the benefits of an FSA, there’s a lot of record keeping involved in FSA administration. It takes a lot of staff time to review submitted, paid and denied claims, issue reimbursements and perform necessary discrimination testing.
Highlighted benefits of FSA Administration
- Dedicated account manager
- Section 125 Cafeteria Plan documents
- Online employee enrollment
- Online nondiscrimination test
- Debit cards
- Online reimbursement request form
- Two-day claim review
- Online employer reports
- Client and participant website and call center support
- Certified Flexible Compensation (CFC) experts on staff
- Direct deposit