The Benefits of an FSA

What health and savings benefits do you offer your employees? Nowadays, it’s common for employers to assist their employees with their medical expenses. If you don’t do it already, FSAs are a great place to start!

Flexible spending accounts (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. There are a few different types of FSAs: medical, dependent care, and limited purpose. A medical FSA covers the insurance deductible, co-payments and coinsurance, prescriptions, and dental or vision expenses. A dependent care FSA covers certain expenses to care for dependents while the legal guardian is at work. This often means childcare, but it can also be used for dependents of any age who are physically or mentally incapable of self-care. The limited purpose FSA is meant to be used in conjunction with a health savings account (HSA); it can be used to cover dental and vision expenses with pre-tax funds, while still allowing the user to retain their HSA eligibility.

 

BASIC Flex can help you make the most of your employer sponsored benefit plan. Pricing is based on participation, so no matter the size of your business you have the same advantage. A mature BASIC Flex plan can yield more dollars in tax savings than the fees spent to administer the plan.

Our service keeps you compliant and gives you the freedom to focus on running your business. Account holders can oversee their account using our powerful mobile application. With the app, you can submit claims by taking photos of your receipts, and review balances, transactions, and claim details. We’re experts in compliance – we’ll make sure you never have any noncompliance issues to deal with. If you ever have questions about your service you can contact your dedicated industry certified account representative; you’ll be working with the same person every time you need assistance.

BASIC was one of the first third party administrators in the country to offer FSA services. We began offering outsourced FSA services in 1994 and our service has continued to be unparalleled ever since! We want you to enjoy your work, and relieving the burden of benefits administration is one of the ways we can help. Request a proposal today!

Click the link here to request a BASIC FSA proposal today!

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