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COVID-19 Developments: BASIC is committed to providing our clients and their employees with the very best service possible during this difficult period. We encourage Employers and Participants to take advantage of our e-technology options. Employers and Broker Partners, stay up-to-date with the latest COVID-19 news by checking out our BASIC Blog.

FSA
Administration

Nationally recognized FSA administrator specializing in technology and service

FSA Administration features that benefit you:

Employer saves 7.65% on every employee dollar contribution

Medical FSA, Limited Purpose FSA, and Dependent Care FSA

No additional fee debit card

Daily claims processing

Guaranteed compliance

Plan documents, SPD, and Non-discrimination testing

FSAs fall under IRS regulations but not all FSAs are created equal. BASIC provides superior responsiveness for clients and participants. Our innovative technology provides the best experience for employees while taking advantage of this money saving benefit.

Flex Accounts just got even more flexible!

Over-the-counter (OTC) medications and menstrual products are now FSA-eligible with the enactment of the CARES Act.

OTC medicine such as pain relief, allergy pills, cough, cold, flu, and stomach remedies
Menstrual products including tampons, pads, liners, sponges, and cups

Mobile App Technology

Snap and Go

Snap a picture of the receipt, upload it into the app and you’re done!
Reimbursements are made by direct deposit or check

Account Management

Check balances and transactions
Submit claim details

BASIC FSA makes the most of your employer sponsored benefit plan

Electronic files (EDI) for enrollment
Ongoing eligibility management
Payroll deductions
Online access to plan activity for you and your employees

Pricing is based on participation, giving the same advantage to any size group
A mature BASIC Flex plan can yield more dollars in tax savings than the fees spent to administer the plan

We’re happy to help

Dedicated FSA account managers
Average hold time is fewer than 30 seconds
Our customer service representatives are readily available for participant questions on eligible expenses

What is an FSA?

Flexible Spending Accounts (FSA) are part of the IRS Section 125, also known as cafeteria plan. FSAs are an employer sponsored benefit that allows employees to set aside money on a pre-tax basis for qualified medical and/or child care expenses. Learn more about FSA regulations in our Section 125 FSA white paper.

The IRS regulates what services or purchases are eligible under Section 125. Each benefit under Section 125 has maximum contribution limits and guidelines for when elections can change. Current IRS limits can be found at our Regulations Page.

Medical FSA:

Insurance deductible
Co-payments and coinsurance
Prescriptions
Dental or vision expenses
Over-the-counter medicine*
Menstrual products including tampons, pads, liners, and cups*

* Eligible under the CARES Act of 2020

Dependent Care:

FSAs can also be established to pay for certain expenses to care for dependents while the legal guardian is at work. While this most commonly means child care, for children under the age of 13, it can also be used for a dependent of any age who are physically or mentally incapable of self-care.
Unlike a medical FSA, dependent care is a pay as you go account. Learn more about Dependent Care FSA at our blog.

Premium Only Plan (POP):

POP Plans allow employees to pay for their employer’s sponsored health plan premiums before taxes. Regulations require a legal plan document to offer this benefit.

Limited Purpose FSA:

Limited Purpose FSAs were designed to work in-conjunction with Health Savings Accounts (HSA). Participants who elect a Limited Purpose FSA can pay for dental and vision expenses with pre-tax funds. This plan helps employees save money while retaining their HSA eligibility. Learn more about BASIC HSA.

Give your employees the ability to leverage pre-tax savings, request an FSA proposal today!