The Average Health Insurance Deductible is $1,200
One way employers can minimize the impact of increased “out-of-pocket” expenses is to offer a Flexible Spending Account.
The Benefits
- A Flexible Spending Account (FSA) can help pay for the high cost of health care & day care.
- Members set aside a portion of income pre-tax for use on qualified expenses.
- As eligible expenses are incurred, payments are made with tax-free withdrawals.
Types of Flexible Spending Accounts
- Medical Flexible Spending Account – to help pay for medical, dental and vision out-of-pocket expenses.
- Dependent Care Flexible Spending Account – to help pay for employment-related day care expenses for a dependent.
Key Features
- Online account access 24/7
- Online claims detail histories and status
- Debit cards
- Daily claims processing of non-debit card claims
- Weekly claims reimbursements of non-debit card claims
- Employee online FSA education module
- Multiple employer account funding options
- Toll-Free customer service for administrators
- Toll-Free customer service for employees & qualified beneficiaries
