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Flexible Spending Accounts (FSAs)

Flexible Spending Accounts - At A Glance

An FSA Plan allows your employees to pay for qualified medical and dependent care expenses on a pre-tax basis. Most employers find that the FICA contribution savings will cover the administrative costs! We offer a full-service plan to satisfy the needs of your work environment.  

We feel that one of the most important details of the plan is the transitioning and implementation of administrative services. With our years of experience as a leader in the industry, we are confident we can offer a smooth and timely implementation of your FSA administration services.  During this transition, we will partner with your benefits team to develop a custom implementation plan to meet the unique needs of your plan design. 

Health Care FSA
With the Health Care FSA, participants can pay for out-of-pocket health care expenses that are incurred during the Plan Year as an active participant.  If you offer a high-deductible medical plan  with a Health Savings Account ("HSA"),  you may wish to offer the Limited Purpose Health Care FSA ("Limited FSA").  This plan is used to reimburse dental, vision and preventive health care expenses.  Our team can work with you to design the plan, develop a communication strategy and engage your employees

Dependent Care FSA
Dependent Care, also called "Day Care", FSAs allow employees to set aside pre-tax dollars to pay for eligible dependent care  expenses.  Contributions offset taxable income, resulting in a tax savings for both the employee and employer group

Limited Health Care FSA
When offering a high-deductible health care plan with Health Savings Accounts, consider enhancing your benefit program with the Limited Purpose Health Care FSA.  Exclusively designed for dental and vision expenses, this limited FSA offers additional avenue for tax-savings for your employees, and encourages participation.  

FBA Benefits Debit Card
Our Flexible Benefit Debit card is a multi-purpose card; multiple flexible accounts can be stored on one card, utilizing the best of today's technology.  Participants can access their account funds for their FSAs, as well as HRAs or HSAs, if offered by your company, all on one card, when services are provided by FBA.

Some of the features included in our administrative services:

  • Customized account set up, enrollment, educational flyers and communication materials
  • Education and Training for employee and benefits staff
  • Conducting open enrollment sessions with participants on site
  • Online enrollment and claims submission via our web portal
  • Secure site for providing notifications, posting/receiving reports and short term storage of these documents
  • Partnership with FSAStore.com
  • Dedicated Account Manager
  • Accepting and importing electronic files for Open Enrollment elections and Ongoing changes
  • Ensuring plan compliance

 

Limited FSA available for HSA participants