What you need to know about FSA
As one of the tax-advantaged financial accounts that can be set up through a cafeteria plan of a U.S. employer, a Flexible Spending Account (FSA) allows an employee to set aside part of their earnings to pay for qualified expenses. Most commonly, these expenses are medical, but they are often for dependent care or other expenses. With an FSA, the money deducted from the employee’s paycheck that is put into an FSA is not subject to payroll taxes.
B3PA helps you to fight the quickly increasing health insurance costs while adding depth to your employee benefits packages with a worry-free FSA solution.
Costs skyrocket for healthcare and insurance costs. As they do, so does your need to offer cost-saving, consumer-driven healthcare account solutions that will help you and your employees to contain costs and increase the focus on wellness. Both employees and employers can benefit from FSAs. Employees have additional pocket money and employers lower FICA contributions received as a tax benefit by reducing payroll taxes.
Great Benefits Offered by FSAs
- Employees can enjoy federal tax deductions on contributions. Withdrawals for any qualified expense are tax-free.
- FSAs can easily be stacked with HRA and HSA plans. They can also be customized to meet your unique needs and managed using one, integrated portal.
At B3PA, delivering user-friendly solutions, backed by the highest levels of service, is our number one priority. Our Software-as-a-Service solution is designed to give you the functionality, reliability, and integration you need to offer worry-free, consumer-driven healthcare accounts to your employees. We ensure support with the highest levels of IT expertise and regular additions of the latest productivity-enhancing features.
High consumer and employer satisfaction can be expected with our FSA solution’s easy-to-use forms, reports, and secure, self-service portals.
Your ONE-STOP solution for worry-free, consumer-driven healthcare accounts.
Fight rising health insurance costs, provide greater flexibility and depth to your benefits packages, and promote healthy lifestyles through offering our cutting-edge solution to your employees.
Our FSA Solution Can Help You to:
- Save money with lower insurance premiums for employees with high deductible health plans (HDHPs).
- Free some of your Human Resources staff’s time with our centralized portal. This portal provides role-based access to help you answer employee questions, access reports, and increase efficiency with self-service capabilities.
- Save administrative time with an FSA solution that accepts plan changes from payroll systems.
- Offer flexible benefit options with the ability to stack FSA plans with HRA and HSA plans, provide an employer contribution amount and dependent care options, customize eligible expenses, and adjust plan rules for those enrolled with a loss of eligibility. All of this is easily managed through one employer portal.
- Increase employee satisfaction. By offering the option for an FSA, provide your employees with significant tax savings, easy payment, and claims processes and customizable grace periods or overs.
Our FSA Solution Can Help Your Employees:
- Take advantage of significant tax savings with pre-tax deductible contributions and tax-free reimbursements.
- Easily access the funds by using the card at the point of sale, or request to have funds directly deposited to a pre-designated bank account.
- Enjoy the benefits of our card. For example, multi-purse access to all accounts from one benefits card and industry-leading auto-substantiation rates using IIAS approved substantiation methods.
- Have secure access to accounts via the user-friendly consumer portal (available 24/7/365).
- File claims with ease online or via the mobile app with our system. The system will automatically account for eligibility, plan rules, and availability of funds.
- Stay in-the-know on balances and required actions with automated email alerts and messages on the home page of the portal.
- Use one-click answers to resolve benefits questions quickly.
- Use the mobile app to manage FSAs on the go.
- Budget for expenses using our dashboard with an interactive graph that provides personalized insights to healthcare spending trends.
- Link insurance plans to the FSA and automatically bring healthcare claims and EOB data into the dashboard for payment.
Turn to B3PA when you need to work with the best in order to provide trusted and reliable consumer-driven healthcare plans to your valued employees. Our solution will help you:
- Stay on top of the rising cost of health insurance by offering FSAs and high-deductible insurance plans.
- Advocate healthy lifestyles and increase focus on wellness.
- Offer value-add information to your employees with automatically delivered monthly reports.
- Free up your Human Resources team’s time with our easy-to-use plans and self-service portals.
- Stay cutting-edge by offering solutions that meet employees’ everchanging needs.