Flexible Spending Accounts
A flexible spending account (FSA) is an arrangement set up by an employer to allow their employee to set aside a portion of their regular earnings for the purpose of covering the cost of eligible medical, dental and vision care expenses not covered by their insurance plan.
What are the benefits of an FSA? The employee decides how much they want to contribute, and they are not taxed on the money contributed to their FSA. The one caveat is that the money in an FSA must be used by the end of the plan year, although the employer can allow a grace period of two-and-a-half-months. The employee can also carry over up to $500 to their next plan year.
Administrative Services for Flexible Spending Accounts
Burnham & Flower enhances the effectiveness of our clients’ Human Resource Departments by providing administrative services for FSAs. Our in-house third-party administration (TPA) division handles all aspects of customer and compliance services.
Our in-house services include, but are not limited to, a premier enrollment/administration system, an employee portal and mobile app, streamlined EOB retrieval, and paperless claims submissions. Detailed claims information is also made available to employers and employees.
If you are based in the state of Michigan, contact Jack Schmitz at email@example.com or 800.748.0554 for more information, and if you are based in the state of Ohio, contact Tracy Ames at firstname.lastname@example.org or 800.748.0554.