Why Offer FLEX Accounts (FSAs & HRA’s) to Employees?
Ø Health Flexible Spending Accounts allow employees to set aside tax-free dollars (no State, Federal, or FICA taxes—an average 28% savings) to pay for:
v Health and dental plan co-payments and co-insurance, as well as other uninsured expenses;
v Rx co-payments and costs for many over-the-counter meds and supplies;
v Uninsured vision care expenses.
Ø Dependent Care Assistance Programs (DCAPs) allow participants to set aside tax-free dollars to pay for the care of children or adults.
Employers also save the 7.65% payroll taxes on these pre-tax payroll deductions.
Ø HRA’s (health reimbursement accounts) allow employers to offer limited tax-free reimbursements towards health, dental, vision, or Rx costs. Frequently used to take advantage of cost savings by self-insuring added plan deductibles or co-pays, since only a portion of plan participants will actually utilize those portions of the plan from year to year. Also allows employers to choose between allow funds to carry-forward or not from year to year.
Why Choose Jaeger & Flynn Assoc., Inc. (JFA) as your flex plan administrator?
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