We offer Flexible Spending and Dependent Care Accounts also known as a Cafeteria Plan, a Section 125 Plan, or FSA Plan, flexible spending accounts allow employees to contribute an annual amount of their salary, on a pre-tax basis, to pay for insurance premiums and certain out-of-pocket medical and dependent care expenses.
There are three components of a flexible Spending Account.
Premium Conversion
The dollars employees contribute toward the cost of their health care premiums is deducted from their gross pay on a pre-tax basis. This includes:
- Medical Insurance
- Vision Care
- Dental Insurance
- Specific Disease Coverage
- Intensive Care and Hospital Reimbursement Policies
- Accidental Death and Dismemberment
- Medicare Supplement Plans
Dependent Care Spending Accounts
Employees elect an annual dollar amount to be withheld from their salary and the employee is reimbursed for certain types of services for qualified dependents.
Qualified dependents could include:
- Children
- Parents
- Spouse
Health Care Spending Accounts
Employees elect an annual dollar amount to be withheld from their salary on a pre-tax basis, and the employee is reimbursed for certain qualified expenses.
Some of the qualified expenses are:
- Dental Treatment
- Eye Exams, Glasses, Contacts
- Office Visit/Pharmacy co-pays
- Prescribed and certain over-the-counter medicines.
