Flexible Spending Accounts (FSA)

Flexible Spending Accounts (FSA)

Offering your employees Flexible Spending Account Benefits. FSAs offer many benefits for both employers and employees, including substantial savings on qualified healthcare expenses.

Flexible Spending Accounts (FSA)

What are Flexible Spending Accounts (FSAs)? 

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.  Also, the employer can allow their employees to carry over up to $500 of unused funds at the end of each plan year.  Flexible Spending Accounts may also be funded by the employer, above and beyond the $2,600 employee limit. 

Annual Election 

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. 

Reimbursements

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

  • 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, Contact Us Today.

Related to: Third Party Administrator, TPA, HR Consultant, HR Consulting Firm, Payroll Provider, Payroll Processing, Third Party Benefits Administrator (TPA)

Reviews

Highly impressed with their level of expertise and outstanding customer service.

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!

- Don Senecal

"Extremely Helpful to Our Business"

"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.

- Angela Simino

"Wonderful To Work With"

"Wonderful To Work With"

My go to professional is Des. A wonderful person to work with. We can count on him to handle all of our needs.

- Andrea Blakeslee

"Answers All Of My Questions In A Clear Manner"

"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.

- Kathy Townsend

Extremely Valuable to Myself and Our Company

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.

- Elizabeth Robison

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.

- Jane Surmecewicz

They are a pleasure to work with and we highly recommend their services.

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

Dependable, experienced, and professional, our TPS Group recruiter was an invaluable resource, helping us locate and vet quality talent.

- Tyler R. Vunk

Contact us about Flexible Spending Accounts (FSA)

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