Flexible Spending Accounts
A Flexible Spending Account (FSA) is often the backbone of a company’s employee
benefit plan. Why? FSAs are easy to set up, easy to use and they save money. Both
employers and employees save on out-of-pocket costs for health care and dependent
day care by using pre-tax dollars to pay for them.
Expenses like deductibles, co-insurance, co-pays, prescription drugs, eyeglasses,
day care services and privately owned insurance policies can quickly add up. FSAs
help your employees save on these expenses.
Here’s how it works:
- Employees set aside a portion of their salary before taxes are paid
- This
money is automatically deducted from the paycheck and held in the employee’s FSA
-
As expenses for qualified items are incurred, employees submit them to ProcessWorks
via claims and receive reimbursement from their FSA
- Employers save money on
payroll tax as a result of the FSA deductions
- How much money is saved depends
on the number of employees participating in the FSA as well as the amount of their contributions
Any company can include an FSA in their benefit package. However, there are some
requirements on who can participate in an FSA.
Successful administration of an FSA takes the right people, the right technology
and the right processes.
ProcessWorks Provides
Experienced People hard at work delivering exceptional service.
- Reputable certifications
- Dedicated account managers
- Numerous leadership
positions in national industry organizations
Advanced Technology is one of the most dignified attributes of
ProcessWorks. The following allow ProcessWorks to function to its fullest without
hesitation.
- Proprietary software systems, sophisticated Web based services
- eClaims ensuring same day processing and secure
- Reliable EFT capabilities
- FSA Savings Calculator & Expense Estimator
Proven Processes are our core business and behind everything we
do. Monitored daily for efficiency and accuracy, our processes receive any improvements
needed to ensure total customer satisfaction.
- Communication tools
- Advanced administration services
- Comprehensive funding options
- Ongoing regular compliance that supports all client needs on an individual basis
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