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Spending Accounts
Flexible Spending Accounts (FSA)
Healthcare FSA and Dependent Care FSA
Healthcare and Dependent Care FSAs allow participants to set aside money on a pre-tax basis to pay for qualifying healthcare and dependent care expenses. Offering an FSA plan provides considerable advantages for both employers and employees. It’s a win-win opportunity.
Employer Advantage:
- Reduced employer payroll taxes (including Social Security and Medicare)
- Increased employee satisfaction, attraction and retention
Employee Advantage:
- Increased take-home pay by using pre-tax dollars for healthcare and dependent care expenses
- Reduced taxes
Employees contribute a portion of each paycheck to their elected FSA (healthcare and/or dependent care) and as eligible expenses are incurred, employees are reimbursed with available FSA funds upon the submission of receipt-supported claims. Employees are, in essence, reimbursing themselves for eligible healthcare and dependent care expenses with nontaxable dollars.
The tax savings realized by employers offering FSA plans often covers the entire cost of FSA administration. By outsourcing your FSA program to Acclaim Benefits, you can provide a sought-after benefit to employees at a minimal cost.
Our FSA staff is certified through HRcertification for cafeteria plan administration.
FSA Service Features
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FSA DefinedAn FSA (also known as a Section 125 Cafeteria Plan) allows participants to set aside money on an annual pre-tax basis to pay for qualifying healthcare and dependent care expenses incurred within the plan year. |