We are a Third Part Administrator of Flexible Spending Accounts, a federally mandated benefit, which simply means the IRS and federal government set the rules and parameters of the plans. We work with companies to ensure their plan’s compliance so they may offer this fantastic benefit to their employees.
A flexible spending account is not an “employee insurance plan”. Flexible spending accounts are designed to be utilized by every employee of an organization, from the lowest hourly employee up to the CEO, the real beauty of the flexible spending account is that it is a real and valuable benefit to the employees making the least amount of money in an organization.
Why? Well it is simple really; the employees who make less are also most likely the employees with the least disposable income, meaning they are also the ones least likely to be able to afford necessary healthcare items for themselves and their families. Things such as glasses, prescriptions and checkup visits to the doctor get sidelined to pay for other household expenses.
For many families, they feel there is just no other option for them; but there is. By establishing a Flexible Spending Account you will empower your employees to have options when it comes to their out of pocket medical expenses. Plus, simply by establishing the Premium Flexible Spending Account, you will automatically save the employee and your organization money on the employee’s portion of their Group Health Plan, by allowing it to now be a pre-tax benefit; you have now effectively given your employees a raise, and saved your organization money in the process.