Flexible spending accounts (FSAs) are a great way to offer your employees more benefits without the high costs normally associated with employee benefits. In fact, you may be able to add an FSA plan at little or no cost to your organization.
With an FSA plan, your employees set aside a portion of their salary on a pre-tax basis and then use those funds to pay for eligible FSA expenses. This process means they pay less in taxes while lowering your FICA contributions so your organization saves, too. With enough participation, you can save enough money to cover the cost of offering the plan.
Type of FSA Plans
CONEXIS offers several plan options to meet your needs:
- Health FSA. This account can be used to pay for eligible FSA expenses like co-pays and deductibles, prescription drugs, dental and vision care expenses, and hundreds of other items.
- Limited-purpose Health FSA. This is the perfect plan for employees that also participate in a health reimbursement arrangement (HRA) or health savings account (HSA). The account can be used to pay for eligible dental and vision expenses without jeopardizing the employee’s eligibility for an HRA or HSA.
- Dependent Care FSA. This account can be used to pay for eligible child care expenses, as well as care for a family member who is incapable of self-care and lives with the employee.
The Advantages of a Health FSA Carryover
Offering a health FSA with a carryover feature is even better for many reasons:
- Higher employee participation rates – employees are more likely to enroll with less risk of losing money.
- Greater tax savings for your company – the financial benefit of higher participation and greater employee contributions.
- More flexibility and choice for employees – they choose how and when to use their health FSA funds.
To find out why a carryover works for FSA rookies, veteran participants, and even skeptical employees, download our carryover flyer.
Simple to Implement, Easy to Use
CONEXIS makes implementing an FSA plan easy. Our sales and implementation teams will answer all of your questions and eliminate any confusion to ensure that your plan meets your goals and encourages maximum participation from your employees.
Participating is Easier than Ever
The CONEXIS Elite Visa® Benefit Card makes paying out of pocket and waiting for a reimbursement check a thing of the past. And with recent advances in card technology, using the Elite Benefit Card is the easiest way for participants to use their health FSA funds.
Our proprietary card and processing system provide exciting features that make using the Elite Benefit Card a breeze, including:
- Real-time electronic notification of card transactions and updates
- A comprehensive monthly statement that reflects all card activity, including transactions that require further action
- Our exclusive online repayment feature allows participants to resolve transactions and instantly reactivate their card
- Extensive employee communication and online enrollment tools to support your enrollment efforts
- 24/7 Web access to real-time account information for employers and participants
- Quick claims processing and payment for traditional claims
- Multiple funding options available to meet any employer’s needs
- Comprehensive nondiscrimination testing options are available to ensure your plan meets all requirements