Flexible Spending Accounts

What is a Flex Plan?

Flexible Spending Arrangements (FSA), also known as Flexible Benefit Accounts (FBA), Section 125 Plans, Cafeteria Plans or simply Flex Plans, are one of the most dramatic developments in employee benefit plan design to be implemented by Employers.

With a Flex Plan, an employer arranges for the establishment of individual employee accounts of pre-tax dollars. Employees decide on the amount of money they wish to contribute to the account, and that amount is taken out of their pay on a pre-tax basis. Employees utilize this account throughout the year, as needed, to cover a variety of eligible expenses not covered by benefit plans, such as

• Out of pocket medical expenses,
• Group life and health premiums, and
• Dependent care assistance.

Payroll deductions for Flex Plan Contributions are not subject to Federal Taxes, Social Security or Medicare, and State Taxes.  This allows employees to pay for expenses they already have with tax free dollars. 

Plan Administration Services

Frates Benefit Administrators offers Flex Plan administration services through its partnership with Bennie Card Central.  Bennie Card allows employees to access their Flex Account funds while at the Pharmacy, Doctor’s office, Hospital or any health care provider that accepts debit cards.

As your Administrator, FBA assists in every aspect of:

• Plan Design                                                             
• Summary Plan Description                                      
• On-Site Enrollments
• Enrollment and Educational Materials
• Eligibility records
• Account Reporting to Employees
• Flex Plan claim processing
• Employer Reporting                     
• Assistance with the generation of information required each year by the IRS and Department of Labor
• Allow our Benefit Specialists to guide help you stay abreast of the ever changing regulations that affect your HSA, FSA or HRA plans.

Contact Us At 866-304-5628 For More Information