Flexible Spending Accounts
Flexible Spending Accounts (FSA's) For Your Employees
A Flexible Spending Account (FSA) works like a Healthcare Spending Account (HSA) but has added benefits. In addition to paying for medical expenses, a FSA can be used to pay for childcare or adult daycare, managed in separate accounts. Like an HSA, it is a tax-free deduction from an employee’s gross earnings to be used toward medical expenses. Employees manage their own accounts and can gain rewards by efficiently managing their healthcare and daycare expenses. Copia can help you pick the right FSA to complement your healthcare benefits package by matching you with the right provider. Let us find you the perfect fit for your company’s needs.
Copia can help you select the right FSA's for your company's employees. Advantages of FSAs include:
- Tax-free contributions and earnings - Employees do not pay federal taxes on contributions or earnings, as long as the money is used for qualified health care expenses.
- Portability - Funds belong to the employee, which gives employees an incentive to spend their healthcare dollars cost-efficiently. Account holders are responsible for managing their funds in the best way possible.
- Flexibility in plan choice - An FSA can cover out-of-pocket costs for any health plan - they are not limited to high deductible plans. Employees who opt out of the employer's health plan can still sign up for an FSA.
- Covers expenses not covered by traditional insurance - Any service or product purchased in order to treat or mitigate an imminent or current medical condition is eligible - as long as that expense is not reimbursed by insurance or other means. For families struggling with the challenges associated with chronic illness, dependent care, or if they are working single parents, FSA accounts can be a lifeline.
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