Finding the Right FSA Administration Provider is Essential
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 co-pays, health insurance deductibles, and most prescriptions, as well as childcare or eldercare for a dependent parent.
Employers benefit from providing affordable health care options for their employees, and plan providers benefit from having a means to cover expenses.
Many benefits consultants and specialists recommend FSA administration to employers in transitioning from traditional plans to more consumer-directed models.
Easy Plan Design, Easy FSA Administration
Our FSA Administration solution includes a payment card to access funds, an online portal for account management, mobile account access, speedy and accurate claims processing, superior customer service, and valuable health education and decision-support tools help employees make more informed choices.
How Optum Financial Benefits Employers
Expert, dedicated account support from a team of seasoned industry professionals
- Proven implementation methodology and 100% implementation satisfaction rates
Easy account management, full transparency, and customizable online reporting tools
Communications geared to ease implementation, boost enrollment, and increase employee satisfaction
Optum Financial has simplified the FSA process with a very well organized program and helpful customer service representatives.
How Optum Financial Benefits Employees
24/7, U.S.-based customer service and superior claims processing, resulting in high satisfaction rates
Increased health and dependent care savings – and take-home pay – through automatic payroll deductions
The ease of a debit card integrated with an online portal and mobile account access
Decision support tools that provide the means to make well-informed health care choices and fully understand IRS FSA Rules.
A Superior Experience Comes Standard
ClaimsAlly — Claims Made Easy
Optum Financial offers exclusive FSA technology, ClaimsAlly, to expedite the claims process. This technology – automated, hands-free, and seamless to both employers and employees – streamlines transactions, optimizes claims feeds (when applicable), and drastically reduces documentation requests and card suspensions.
The results of this optimization: increased auto-substantiation rates and a decrease in overall claims handling time.
All of this adds up to expedited reimbursements, improved FSA participant satisfaction, and a reduction in administration burdens for your company.
Best of all, there’s no additional charge for your business or your employees.
Based on the results of our pilot program with a large national defense & security research organization
Get Help Educating Employees
Communication is an integral aspect of benefits enrollment, but it can be complicated and time-consuming. That’s why we created 360° Connect.
This strategic program is designed to simplify things for employers, help employees make more informed decisions, and drive FSA enrollment through customized communication services.
We work with HR teams to determine the most effective communication strategy for their organizations based on their feedback and employee utilization data.
That performance has resulted in hundreds of thousands in additional tax savings to both employers and employees.
29% increase based on the results of our pilot program with a large national defense & security research organization
Tailored FSA Plans
As a Flexible Spending Account Plan Provider, ConnectYourCare understands “flexibility” like no one else.
Because one size doesn’t fit all business needs, we offer multiple FSA options:
- The Health Care FSA covers all IRS-approved expenses, including deductibles, co-pays, prescription drugs, select dental and vision care expenses, and many other items.
- A Limited Purpose FSA is combined with a health reimbursement arrangement (HRA) or health savings account (HSA) and covers vision and dental expenses only.
- A Dependent Care Assistance Program covers your employees’ dependent care expenses while they work.
Maximize flexibility for employees and increase FSA Health Care Plan enrollment by allowing them to carry over up to $550 of unused account balances to the next plan year. Or you can offer a grace period of up to two and a half months in the new plan year in which the prior year’s balance may be used.
Featured Resources & Articles
of benefits stakeholders indicated Employee Customer Service was “Very Important” when evaluating health account vendors for their organizations — making it the most important factor
Our Latest Resources
Our Latest Blog Posts
HSA and FSA Eligible Expenses for Mom, Baby, and Parents-to-be
Parenting and motherhood are some of the greatest joys in life, but it does require some financial planning! Thankfully, HSAs and FSAs exist to help parents offset the cost of medical expenses for their kids and themselves, and there is a long list of items and services that are eligible for every stage of childrearing. Check out all the eligible items in this post.
COVID-19 Personal Protective Equipment (PPE) Now Eligible for FSA, HSA, and HRA Reimbursement
On March 26 the Internal Revenue Service (IRS) released IRS Announcement 2021-7, which states that personal protective equipment such as masks, hand sanitizer, and sanitizing wipes that are purchased “for the primary purpose of preventing the spread of COVID-19” (COVID-19 PPE) are qualified medical expenses under Section 213(d) of the Code.
Building Harmonious Partnerships with the Help of Health Reimbursement Arrangements
A healthy partnership is not just between two organizations with similar goals who mutually benefit—but a relationship between employer and employee. When it comes to maintaining this relationship, one of the keys to a harmonious partnership revolves around the benefits the employer provides the employee. This article explores how HRAs can make for a healthier, happier union between employer and employee.