Tools to improve the financial health of your employees.
Flexible Spending Accounts, commonly called FSAs, allow participants to pay
out-of-pocket medical, dental, vision and work-related day care
expenses with tax-free income. By avoiding federal and FICA taxes
(and in most cases, state and local income taxes, if applicable), most
participants can save between 22.65% and more than 40% on these expenses.
Employers save too, by avoiding matching FICA contributions and some
other payroll taxes. In many cases, the savings can offset the
administrative costs. This means you can provide your employees with
a highly-appreciated benefit at little or no cost.
There are two accounts. The Health Care FSA covers medical, dental,
and vision expenses that are not paid by any insurance plans. The
Dependent Care FSA covers day care expenses for qualified dependents
that is necessary for the employee (and spouse, if married) to work.
When should you provide FSAs?
Flexible Spending Accounts are appropriate if:
Your medical plan design has the potential for high out-of-pocket expenses
You are increasing deductibles or copayments
You do not offer a dental or vision plan
You have dental or vision plans but they require high out-of-pocket expenses
You have a number of employees with day care expenses
What if we are a small employer?
The BenefitsWorkshop offers a number of unique options that make these plans affordable
even if you have ten or fewer employees.
How can I order a proposal?
Simply click the button below and complete the form. You should receive your proposal within 48 hours.
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BenefitsWorkshop services are provided by JAG Enterprises, LLC.