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 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.
2018 FSA Maximum Contribution Limit: $2,650
How Does It Work?
Participating in a Surency Flex FSA is easy.
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.
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 Flex Benefits Card.
Surency Flex plans help employers control rising health care costs while enabling employees to still take control of their health care expenses. Surency has flexible and easy-to-use products and has a proven track record of excellent account administration and seamlessly transitioning clients mid-year and who have complex and varied plans.