Flexible Spending Account Administration

Employers can offer two kinds of flexible spending accounts (FSA) – Healthcare and Dependent Care Flexible Spending Accounts. Both of these accounts were created by Internal Revenue Code § 125. Flexible Spending Accounts allow employees to set aside money on a pre-tax basis to pay for eligible healthcare and dependent care expenses. Employers who offer Flexible Spending Accounts may experience a reduction in employer and FICA taxes. Employees who participate in Flexible Spending Account reduce their taxable wages, which in turn puts more money back into their paycheck.

Other plans that employers can offer to their employees with a pre-tax benefit are a Premium Contribution Plan and a Commuter Expense Reimbursement Account.

Third Party Administration

BenefitHelp Solutions LogoBenefitHelp Solutions, one of the ODS Companies, offers several third party administrative products to make benefit administration easy. With so many intricate policies, guidelines and regulations, benefits administration should be left to the experts. Contact the for a proposal today or visit their website for more information.

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