What is a Flexible Spending Account?
A flexible spending account (FSA) is a plan designed to help your employees manage the rising costs of health care by allowing them to set aside money to pay for out-of-pocket medical expenses. You can think of it as a personal savings account just for health care expenses.
Funds are set aside on a pre-tax basis - this means as long as the money is used for qualified medical expenses, the employee won't pay income taxes on it.
Increase Take-Home Pay
Paying fewer taxes means your employees keep more of the money they make. In the example, Jane estimates she will spend $2,400 on medical expenses for herself next year. By setting aside a portion of her income pre-tax, Jane could save approximately $600 per year on her medical expenses.
How Does it Work?
Participating in a Surency AdvantagePlus FSA is easy.
1. Once your employees have enrolled and set an annual election
amount, that amount will be automatically deducted from their paycheck
in equal increments throughout the year before they pay federal, state
and FICA taxes on the designated amount.
2. When an employee is ready to use the money in his/her FSA for a qualified medical expense, he/she will just swipe their Surency AdvantagePlus Benefits Card.
Types of FSAs Offered:
- Health Care
- Dependent Care
- Vision Only
- Dental Only
- Vision & Dental Only
We understand your employees may be hesitant to set aside funds pre-tax to use at a later date for approved expenses. We've mapped out every aspect of the consumer experience down to the smallest detail to ensure your employees understand the benefit - guaranteeing a positive experience for both employees and employer.
Take a peek at some of our employee communications. View a list of qualified medical expenses or use our Election Worksheet to estimate health care costs.
Visit our Frequently Asked Questions page for answers.
Want to Learn More?
Contact our Sales and Marketing team at 316.264.8413 or email firstname.lastname@example.org.
The savings amounts in the example above are provided by Surency for illustrative purposes only. You may save more or less based on your own tax situation. Some states do not recognize these tax exclusions for this program. No part of this website is tax, financial or legal advice. You should consult your own legal and tax advisers regarding your personal situation and whether this is the right program for you.