As you might expect from a name that begins with “flexible,” FSAs bring everyone—employees, employers, and anyone involved in managing the plan—a higher degree of control and discretion over their health care budgets. Individuals benefit from an expansive set of qualified expenses that not only include typical things like doctor copays, health insurance deductibles, and most prescriptions—but also can include childcare or eldercare for a dependent parent.
And, they choose how much to contribute to an FSA at the beginning of each plan year and then access these funds throughout the year. All FSA contributions are tax-exempt.
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.