What Is A Flexible Spending Account (FSA)?
A flexible spending account (FSA) is a financial account that employees can contribute pre-tax dollars to pay for medical, dental, vision, and dependent care expenses. The funding for this account is deducted from each employee’s paycheck and is not taxed. Employers are allowed to contribute to FSA accounts, although they are not required to, and most plans only involve funding directly from each employee into their own account.
About Flexible Spending Account Administration
eBen’s partners simplify the flexible spending account administration for clients. With the online portal system, your employees can enroll for their FSA program without complications. If you have additional employer-sponsored benefits for your employees, they will be able to enroll and manage their benefits all through an easy and convenient online portal.
Dependent Care Account
A dependent care account, also called a dependent care FSA, is a tax-free (FSA) account that employees can use to pay for dependent care services. This includes but is not limited to: preschool, after school programs, summer day camps, and daycare services. Our partners can assist you in both choosing a Dependent Care FSA program as well as integrating your existing accounts within the portal.
Debit Card Transactions
An FSA debit card is the card your employees use to access money in their accounts. Flexible spending account administration allows your employees to manage their balance and other important information easily in their online portal.
Premium Only Plan / Cafeteria Plan
A premium-only plan (POP) allows your employees to pay their portion of the premiums for eligible employer sponsored benefits on a before-tax basis. eBen’s partners can assist your company with premium-only plans as well as other types of cafeteria plans related to section 125 of the internal revenue code. An IRS Section 125 Plan must be in place for any before-tax deductions from payroll.
Start Or Transfer Your Flexible Spending Account
If you have not offered your employees an FSA and would like to do so, or currently have an FSA plan, but want more from your administrative services, then contact eBen today. We can help you find the right FSA arrangement and implement a system that meets your needs and maximizes your company’s (and employees’) benefit.