FSA for Employers
"Benefits Connection has simplified my job beyond expectations."
- Sally, medical industry client
The Flexible Spending Account (FSA) is an increasingly popular Voluntary Benefit available for you to offer to your employees as part of your Cafeteria Plan. FSAs allow your employees to set aside a certain amount in pre-tax dollars to use for either healthcare costs (Healthcare FSA) or for dependent care costs (DCAP FSA).
You save because you aren’t paying payroll taxes (FICA and Federal Unemployment Tax) and worker’s compensation premiums on the money your employees set aside.
Employees see immediate tax savings by paying for such items as unreimbursed medical, vision, dental and child/dependent care expenses on a pre-tax basis (no Social Security tax, no Federal Income tax, and no state and local tax (in most states).
Contributing to their FSA is a cost-effective way for your employees to reduce their taxable income and save money on health care essentials, reducing their financial stress and allowing them to focus better on their jobs. Benefits Connection makes both types of plans available for your employees.
Your employees will usually use their DCAP for child care while they are at work, but is also appropriate as adult day care for physically or mentally incapable older dependents or for seniors living with your employee, such as a parent or grandparent.
As an added bonus, our ShopFSA page is full of FSA-eligible items at discounted prices!
When you offer your employees the FSA through Benefits Connection, you may do so without worry about the time, effort, and expense of administrating those plans. With our free FSA Administration, your HR professionals can continue their work unimpeded by extra tasks and paperwork.
Benefits Connection provides turn-key administration of your Flexible Spending Accounts, from the initial planning and implementation, through processing claims, providing monthly reports, and answering your and your employee’s questions.
We offer a complete FSA Administration package. Services include (but are not limited to):
- Setup and Administration of Plans
- Monthly Administration
- Government-Mandated Compliance
- Reimbursement Processing
- Banking & Funding
- Claims Processing
- Debit Card
- Payroll Contribution Reconciliation
- Reports & Statements Data Maintenance
- Audit Trails
- Toll-free phone number for Human Resources staff and Participants
- Web access 24/7