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Tools to improve the financial health of your employees.

Flexible Spending Account Plans (FSA)
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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