Employers today are facing tough decisions about healthcare and the rising expense. Plan designs are changing and additional costs are being shifted to the employee. As a result, Flexible Spending Accounts, Health Reimbursement Accounts (HRAs) and Health Savings Accounts (HSAs) are more popular today than ever.
A Flexible Spending Account (FSA) is an account established by an employer that allows its employees to set aside a portion of each paycheck to pay for out-of-pocket healthcare expenses on a pre-tax basis. The employee avoids paying federal income tax, state payroll tax and FICA on any money placed in an FSA. Funds in an FSA can be used for expenses such as copays, deductibles, eyeglasses, LASIK surgery, orthodontics, prescription drugs, certain over-the-counter medications and much more.
In addition to saving the employee money on taxes, the employer avoids the FICA match (7.65%) on any of the funds the employee is placing in their FSA. In many cases, this savings more than pays the administration fees for the plan!
Why Choose our FSA / HRA / HSA Administration Services?
- Experienced, well-trained staff
- Commitment to provide personal customer service to participants
- Not a call-center environment for participants needing help
- Flexibility in our approach to problem-solving and meeting the customer’s needs
- Affordable rates
- Hands-on enrollment process
- mbi debit card for all participants
What sets us apart?
We offer leading edge technology and resources including the mbi debit card with 24/7 Internet access for employers and participants. Plan documents and materials are created and maintained using SungardCorbel, a leading provider of benefit plan documents.
We help you educate and enroll your employees through on-site meetings and informative custom enrollment materials. After the enrollment process is over, our trained benefit professionals provide personal service and claims processing. Because we are not a huge call center, we can give special attention to each caller and to each issue.
Unlike other vendors, there are no minimum participation requirements. We cherish the small clients as well as the large!
For more information, please contact The Employers Association at (704)522-8011 or email firstname.lastname@example.org.
Flexible Spending Account Clients click here.