Flexible spending accounts (FSA)
Understanding how FSAs work for employers and employees
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, qualifying prescription and over-the-counter medications, 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 UnitedHealthcare Benefit Services 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 legal requirements on who can participate in an FSA.
Successful administration of an FSA takes the right people, the right technology and the right processes.
UnitedHealthcare provides experienced people hard at work delivering exceptional service
- Reputable certifications
- Numerous leadership positions in national industry organizations
Advanced technology is one of the most dignified attributes of UnitedHealthcare. The following allow UnitedHealthcare to function to its fullest without hesitation.
- Proprietary software systems, sophisticated Web based services
- eClaims ensuring same day processing and security
- 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
Administer your FSA online at uhcservices.com
Contact your UnitedHealthcare representative for FSA administration services.