Flexible Spending Accounts (FSA) in Harrison, NY
Offering your employees Flexible Spending Account Benefits. FSAs offer many benefits for both employers and employees, including substantial savings on qualified healthcare expenses.
What are Flexible Spending Accounts in Harrison, NY
FSAs in Harrison, NY
Also created under Section 125 of the Internal Revenue Code, a Flexible Spending Account helps fill the coverage gap left by out-of-pocket expenses like deductibles, coinsurance, office co-payments, prescriptions, and dental and vision care. Up to $2,600 of these expenses may be payroll deducted on a pre-tax basis annually, resulting in significant tax savings for the employee and the employer. Flexible Spending Accounts may also be funded by the employer, above and beyond the $2,600 employee limit.
Once enrolled, employees can only change their elections within 30 days of a Qualified Event. A Qualified Event may include marriage, divorce, birth, adoption, death or loss of coverage. Changes must be consistent with the change in family status. Employees should carefully estimate the amount needed to cover their expenses. Flexible Spending Accounts are subject to the "Use it or Lose ir rule, which states that pre-tax plan elections must be used within the plan year or they will be forfeited.
Most employers take advantage of the convienience of electronic reimbursement made available through the use of the MySource Debit Card as an alternative to traditional methods of filing claims. The MySource Debit card can be used at qualifying merchant locations wherever MasterCard is accepted - from physician and dental offices to pharmacies and vision service locations. The MySource Debit card allows employees to pay for expenses at the point of service, providing them with instant acccess to their account, without having to complete claim forms.
Manual paper claim processing is also available to employees for when Service Provider debit card processing is not available.
Flexible Spending Accounts
List of FSA Services offered by TPS Group to Businesses in Harrison, NY
- Preparation and generation of Discrimination test and results.
- Preparation and generation of Employee Coverage Report for payroll purposes.
- Preparation of Administration Guide with status change matrix, claim forms, enrollment forms and all necessary forms. Preparation of Service Agreement.
- Data Entry of all Salary Reduction Agreements.
- Opening of individual debit card accounts.
- Preparation of introduction letter to participant with instructions about the MySource debit card.
- Preparation and distribution of employee verification statement.
- Review and processing of the Salary Reduction Agreements of all new participants.
- Processing of deletions/terminations of employees.
- Processing of all family status changes.
- Processing of all plan changes, when applicable.
- Processing of FSA manual reimbursement claims.
- Disbursing of reimbursement claim checks, when applicable.
- Preparation of monthly account balance report for employer, as well as a cash status report.
For more information about FSAs or any other Benefit Programs offered by TPS Group for your business in or around Harrison, NY, Contact Us Today.
Related to: Third Party Administrator in Harrison, NY, TPA in Harrison, NY, HR Consultant in Harrison, NY, HR Consulting Firm in Harrison, NY, Payroll Provider in Harrison, NY, Payroll Processing in Harrison, NY, Third Party Benefits Administrator (TPA) in Harrison, NY
Further Reading: Flexible Spending Accounts (FSA)
U.S. Department of Labor (DOL)
- Federal wage and hour law
- Exempt and non-exempt employee status
- Compliance assistance
- Independent contractor rules for DOL
U.S. Bureau of Labor Statistics (BLS)
Labor statistics & wage data
Internal Revenue Service (IRS)
- Federal tax laws, rules and forms
- Businesses and individuals
- Independent contractor rules for IRS
Employee Benefits Security Administration
Benefit plan compliance and assistance (health and retirement) COBRA HIPPA
Affordable Care Act Exchange Notices
Affordable Care Act Information and Health Insurance Marketplace
We look forward to working with TPS Group next year
As another year ends, I want to express my sincere gratitude and appreciation to you and TPS Group for assigning us Krista Blier. Krista provides exceptional customer service and has been a major asset to me and Lynch, Traub, Keefe & Errante, P.C. She is extremely knowledgeable and always accessible. Always on top of the RMD’s, giving me an explanation on form 5500-SF to present to Mr. Keefe & keeping us updated with any account changes as well as specifics. It is a relief knowing I have full faith in Krista and can turn a blind eye to our account. I cannot tell you how many vendors/brokers I have to stay on top of and babysit to make sure our deadlines are met and to perform their job duties. Krista is a pleasure to work with and we look forward to working with her and TPS Group next year.
- Michael Panela
Highly impressed with their level of expertise and outstanding customer service.
I highly recommend TPS Group and their quality third-party administration for our 403(b) plan. During our long relationship with TPS Group, we have never failed to be impressed with their level of expertise and outstanding customer service. They keep their promises and it’s easy to work with them. Having our own rep Lauren McNabb is a plus!
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"Extremely Helpful to Our Business"
Malinda deserves special recognition. She is prompt, courteous, and professional. We find her to be extremely helpful to our business.
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My go to professional is Des. A wonderful person to work with. We can count on him to handle all of our needs.
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"Answers All Of My Questions In A Clear Manner"
Our case administrator, Susan, has been absolutely wonderful and is a joy to work with. She is very knowledgeable, patient, answers all of my questions in a clear manner, and is professional.
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Extremely Valuable to Myself and Our Company
Kathleen has helped me gather info and understand text so many times and is extremely valuable to myself and our company.
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Very Responsive And Clear To Requests And Questions
Our service representative, Carol, is outstanding and very responsive and clear to requests and questions. Very professional yet pleasant.
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They are a pleasure to work with and we highly recommend their services.
For many years we’ve relied on TPS Group’s extensive knowledge and industry expertise to keep us in compliance with state and federal regulations as well as changes in the law. Their attention to detail is just what we need to keep our business operations running smoothly. They are a pleasure to work with and we highly recommend their services.
- Dan Neal
TPS filled in the gaps within our small HR department
Working with Kim and her talented team helped us fill in the gaps within our small HR department. I strongly recommend TPS for HR tasks that don’t warrant hiring a full-time team. Thanks again Kim!
- Jake F
Knowledge and Expertise
Excellent customer service can be hard to find, but not with TPS Group! I know when I do business with Phil Coco, I can expect a quick response. I rely on his knowledge and expertise, and highly recommend TPS Group for their pension services.
- Mark Catullo
Dependable, experienced, and professional
Dependable, experienced, and professional, our TPS Group recruiter was an invaluable resource, helping us locate and vet quality talent.
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