Flexible spending accounts (FSAs), can help your employees save on out-of-pocket expenses not covered under most benefit plans. These expenses include deductibles, coinsurance, copays, prescription drugs, eyeglasses, day care services, and privately owned insurance policies.
When you add an FSA plan to your existing benefit package, your employees will be able to set aside portions of their salaries before taxes are calculated. This reduces employees’ taxable income, meaning they will pay less in taxes and end up with more money in their pockets.
The money set aside is automatically deducted from their paychecks and credited to their flexible spending accounts. As employees incur qualified expenses, they simply submit them to UnitedHealthcare and reimbursements are made from the plan.
FSA Services
Our comprehensive FSA services enable you to quickly implement an FSA plan and leave the administrative work to us:
Plan design services
Plan Document, Adoption Resolution and Summary Plan Description
Easy-to-understand instructions for using these materials
Choice of claims process and reimbursement options:
Online submission
Fax
Debit card offering
Direct deposit or mailed check
Medical expense reimbursement account:
Set minimums or maximums
Determination of employee eligibility and adoption of FSA grace period
Enrollment support
Customized enrollment forms
Enroll via e-mail, paper or online
Online forms and instructions
Ability for employees to calculate upcoming plan year elections
What’s in it for Employers and Employees?
As with a Pre-Tax Premium plan, any client can implement an FSA and save money. How much you save depends on your payroll and how much your employees contribute toward their benefits.
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Note: The legal entity under which the company operates can affect individual eligibility. Partners in a partnership or limited liability partnership, members (and spouse of a member) of a limited liability corporation, self-employed individual of a sole proprietorship, and more than 2% shareholders (and family members of shareholders) in a Subchapter S corporation are not eligible to participate in a Section 125 plan.
