Flexible Spending Accounts (FSAs) bring a higher degree of control and discretion over health care and dependent care budgets for employees, employers, and anyone involved in managing the plan. Employees benefit from tax savings for an expansive set of qualified expenses that include typical things like doctor copays, health insurance deductibles, and most prescriptions, as well as childcare or eldercare for a dependent parent—while employers benefit from providing affordable health care options for their employees and plan providers from having a means to cover expenses.
FSA contributions must be chosen at the beginning of each plan year—up to the regulatory limit or a value set by the employer— and must accessed throughout the plan year, unless a rollover is in place. FSAs may be used in conjunction with other health plans. Many benefits consultants and specialists recommend FSAs to employers as a great tool for transitioning from traditional plans to more consumer directed models.
FSAs can be a great way for employers to execute a staged implementation of consumer directed health care. Key advantages of working with ConnectYourCare include:
Fast, convenient, and secure management for FSA expenses (reimbursement and recordkeeping) from any web browser or mobile device. ConnectYourCare processes reimbursement within a few days—with no minimum transaction amounts.
Our 24/7, U.S.-based customer service operation has earned outstanding satisfaction rates from employers and participants alike.
A Payment Card, sometimes called an “FSA Payment Card,” allows you to quickly and easily access FSA funds. It functions like a credit card, with funds deducted directly from the Flexible Spending Account.