Flexible Spending Accounts enable employees to save money before tax to pay for qualified expenses, as defined in the Internal Revenue Code (IRC). Learn more about these flex facts below!
Employees can save on Federal Revenue Taxes, FICA taxes, and State Taxes in most states. Employers can also save money by using the plans since their FICA taxes are cut. The typical employer saves enough money to cover the management of this plan, making it a cost-free benefit for the employer.
There are two kinds of flexible spending accounts (FSA);
Health FSAs provide reimbursement to employees for eligible medical expenses that are not covered through the other sources. They can be paid by the employee and their spouses or qualified IRC Section 152 Dependents. The eligible expenses include co-pays, deductibles, vision, dental, prescriptions, and other medically essential items not insured by the insurance.
Dependent Care FSAs reimburse employees for eligible dependent day care expenses. The expenses must be paid to enable the spouse and employee to work. These expenses are deductible as childcare, babysitter programs after school, and day camps. The cost must be paid for while both the spouse and the employee are employed. Dependent Care Reimbursement applies to the care of children younger than 13 or a dependent spouse or parent who is mentally or physically incapable of taking care of themselves.
Flex Facts offers each participant a debit card to use at the time of service so that the customer doesn’t have to pull cash out of their pockets to wait until they receive reimbursement. A single debit card can be issued and used for an FSA for Medical and Dependent Care FSA and benefits for commuters and a Health Reimbursement Plan if the person has these options.
Employees Receive:
- Web access to transaction histories, including available benefits and the history of claims
- A single debit card that can use at point-of-service for every account (FSA and transit, as well as parking and HRA)
- Rapid and precise daily claim reimbursements
- Access to account information in real-time by phone or via the Internet
- Convenient enrollment process
Employers Receive:
- Tax savings related to participation in the program – particularly eliminating the employer’s share of payroll tax that covers contributions to the pre-tax income designated to the reimbursement account.
- Benefits administration is designed to aid you in ensuring compliance in Section 125 of the Internal Revenue Code
- Plan Documents and SPDs
- An account manager who is dedicated to the client
- Access to the Internet for service and assistance
- Secure access to participant details
- Management reports
Flex facts!!
Flex Facts provides a stored high-value debit card that employees can make use of in the service point to pay the mass transit they are eligible for as well as parking fees. … Individuals who are qualified may be required to pay the full cost of insurance coverage up to 102 percent of the cost of the plan.
What exactly is what is a Flexfacts card?
Flex Facts offers each participant a debit/credit card that can be utilized at the moment of use so that the user doesn’t have to take money into their pocket and wait to be reimbursed.
What can I do to determine my Flexfacts Benefit card balance?
You can check your account details on the Internet all hours of the day on www.flexfacts.com anytime between 8:30 hours and 8:30 pm at EST by calling 877-94 FACTS (877-943-2287).
How do I open the FSA account?
Participants must enroll in the Open Season if they wish to open an account for flexible spending in the following year. To sign up, go to FSAFEDS’s website. FSAFEDS website or contact one 877-FSAFEDS (372-3337). TTY 1-800-952-0450.
What is the Flex card include?
You can use FSA money on prescription drugs in addition to over-the-counter drugs with a prescription from your doctor. … FSAs can be used to pay for the cost of medical equipment such as crutches, bandages, and other supplies, as well as diagnostic devices like blood sugar testing kits.
What is Flex Money?
Flex dollars are typically an electronic currency or part of an employee’s salary structure. Most flex money accounts operate with a declining balance system like the debit card. The person who has a Flex dollar account determines how to spend money; each time the funds are used on the account, it decreases the balance.
What exactly is Flex the fax?
Flex Fax is a more efficient option to securely send and receive faxed documents. … Flex Fax offers the features you would expect of traditional fax devices as well as the versatility, cost benefits, and advanced capabilities of the modern cloud-based service. It’s not the old-fashioned fax machine!
What exactly is a Flex commute?
This benefit lets employees save money before tax time to cut down on the expense of traveling to work and decreasing the FICA obligations for employers. Flex Facts provides a stored high-value debit card that that employees can utilize at entry points to cover their mass transit-related and parking fees.
Who is the person who runs Fsafeds?
The federal government, a third partner provider Sykes Health Plan Services (SHPS), Inc., administers all FSAs. There are three kinds of FSAs offered: Health Care FSA, Limited Expense FSA, and Dependent Care FSA. A list of frequently asked questions is available below and at www.fsafeds.com.
Wrapping Up:
Hope you have a great time reading and learning about these flex facts! Stay tuned for more facts! Until then, do check out NORSTRAT Consulting – Main Purpose, Major Focus, Services!!
