FSA’s are tax-free accounts that are made available to employees through their employer in what is known as a Section 125 Plan. FSA’s allow employees to set aside some of their earnings before taxed to pay for such things as:
- Out-of-Pocket Health Care Expenses (Deductibles, Co-Pays, Dental or Vision expenses for an employee and their dependents)
- Dependent Care Expenses (Licensed Childcare or Eldercare)
- Transit Plans
- Health Reimbursement Arrangements (HRA) – Plans that are part of an employer’s health insurance offering that pay for certain first dollar expenses.
- Health Savings Accounts (HSA) – Employers that offer HSA plans provide employees the ability to take amounts up to $8,000 annually (in 2019) out of their paycheck pre-tax. These dollars are placed into a savings account and can be used for all unreimbursed healthcare-related expenses.
- Group Health Insurance Premiums – All employee deductions that pay for their health insurance coverage enjoy the same pre-tax savings.
GNSA’s FSA partners provide web and mobile service and debit cards to make managing your accounts and reimbursements easy. GNSA can also help you manage enrollment on your FSA plan, increasing employee and employer savings even more.
Contact us today to see how an FSA can be incorporated into your employee benefit plans!
