Flexible Spending Account (FSA) administration
As a benefit to employees, employers can offer two kinds of Flexible Spending Accounts (FSAs) — healthcare FSAs and dependent care FSAs. Both of these accounts were created by Internal Revenue Code §125. FSAs allow employees to set aside money on a pre-tax basis to pay for eligible healthcare and dependent care expenses. Employers who offer FSAs may experience a reduction in employer and FICA taxes. Employees who participate in FSAs reduce their taxable wages, which in turn puts more money back into their paychecks.
Other plans that employers can offer also deliver a pre-tax benefit: premium contribution plans and commuter expense reimbursement accounts.
BenefitHelp Solutions for administration
With so many intricate policies, guidelines and regulations, benefits administration is best left to the experts. BenefitHelp Solutions, an ODS subsidiary, offers several third-party administrative products to make benefit administration easy. Contact a BenefitHelp Solutions marketing representative for a proposal or visit the website for more information.
Learn more about these BenefitHelp Solutions services:
Log in to Benefit Tracker
Check benefits and eligibility
Log in to Benefit Tracker
Check benefits and eligibility
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