Tools that help your employees manage their benefits.
Our Health Flexible Spending Account Services provided by Cowell James Forge Insurance Group.
Healthcare can be expensive. That is why it is so important that you have a quality employee benefits package so that you can look after your team when they need it the most. If you want to find out more about FSA providers, then take a look below.
How Can Flexible Spending Account Providers Help You?
Flexible spending account providers can help you by enhancing the employee benefits package you have. This is done with a flexible spending account, which can help your employees to save money on their healthcare bills.
One of the main benefits that you’ll get with a flexible spending account is that all of the funds that are contributed can be deducted before you pay taxes. Any contributions can reduce how much tax you are liable for. The IRS does limit how much you can contribute to this per year. If you look at FSA accounts, you’ll see that the annual contribution limit stands at around $2,750.
If you are married, then your spouse can put the same amount through their employer. Employers can choose to contribute to the FSA as well, but this is a choice. If you do then you will not be taxed on any employer contributions. Want to find out more about getting a health flexible spending account? Keep reading!
Reimbursing Medical Payments
The funds that come from the FSA can easily be used to reimburse any payments for medical care. This can include diagnosing, curing, mitigating, and preventing disease. Expenses for surgery, if it’s for cosmetic purposes, are not reimbursable. Qualified medical expenses for FSA owners or their spouses and dependents are covered too. Medical equipment purchases, that may include crutches and bandages are also covered. OTC drugs can also be reimbursed with FSA funds.
Helping Employees to Avoid Financial Problems
Even though health insurance can be a fantastic way for you to help employees deal with their expenses, high bills can still provide your employees with a lot of financial challenges. This increases the chances of them not seeking the treatment they need. This could lead to them experiencing even worse health issues in the future, and sometimes, it can leave them unable to work at all. This is the last thing that you need as an employer, so it’s vital that you work with them to ensure that they have the support they need through things like FSA programs.
What Contributions are Available?
Any contributions made by the employer can be paid as a lump sum. This usually happens at the start of the year and it is available to the employer, even if they happen to leave their position. The employee starts to pay their contributions to the year and this is done through multiple installments. If you need some more help with this, then our team can easily advise you on the options that are available so that you can rest assured knowing you are taking out the right options for you and your team.
Taking out an FSA
If you are thinking about incorporating an FSA because you want to make sure that your team is protected, it’ll benefit you greatly and be very cost-effective for your company too. FSAs give employees tangible ways to try and reduce their out-of-pocket expenses and on top of this, it also helps their dependents.
If you are not quite sure which benefits are right for your company or ensure that you take out the right FSA, contact our team today! We will work with you to ensure that you get the advice and guidance you need. We can also help to simplify the process so that you know exactly what benefits you’re getting and what happens if your employees were to require medical support. Our team is standing by, waiting to help!
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