Enhancing Employee Well-being
St. Benefits Agency's Expertise in FSA Plans for Businesses
St. Benefits Agency is your dedicated partner in assisting businesses to find the most suitable Flexible Spending Account (FSA) plans tailored to their unique needs. We understand the importance of offering tax-advantaged benefits to your employees. Our team collaborates closely with you to explore FSA options, whether it’s for healthcare or dependent care expenses, and guide you through the setup and administration process. We ensure that your FSA plans comply with IRS regulations, and we offer expert advice on contribution limits and eligibility criteria. Don’t miss the opportunity to provide your employees with valuable tax savings while enhancing your benefits package. Contact us today to start optimizing your business’s FSA plan, promoting financial wellness for your employees and tax advantages for your company.
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What does health insurance potentially cover?
At St. Benefits, our mission is to find the perfect insurance coverage for your company, one that truly understands and addresses your unique needs. Our comprehensive approach ensures that your employees are well taken care of, encompassing everything from vital medical services, including hospital stays and emergency services, to the finer details like prescription drugs, dental care, and vision care. Some of the coverage includes:Â
- Medical Services
- Prescription Drugs
- Dental Care
- Vision Care
- Mental Health Services
- Wellness and Preventive Care
- Hospital Stays
- Emergency Services
We've got answers
Frequently Asked Questions
1.What is a Flexible Spending Account (FSA)?
An FSA is a tax-advantaged financial account that allows employees to set aside a portion of their pre-tax earnings to pay for qualified medical or dependent care expenses.
2.What are the types of FSAs available for businesses?
There are typically two types: Healthcare FSAs for medical expenses and Dependent Care FSAs for dependent care expenses.
3.Are FSA contributions made with pre-tax dollars?
Yes, contributions to FSAs are made with pre-tax dollars, reducing employees' taxable income.
4.Who is eligible to participate in an FSA plan?
Eligibility can vary, but typically, employees who meet certain criteria set by the employer are eligible to participate.
5.What expenses are eligible for reimbursement under a Healthcare FSA?
Qualified medical expenses often include doctor's visits, prescription medications, dental care, vision care, and certain medical supplies.
6.What expenses are eligible for reimbursement under a Dependent Care FSA?
Eligible expenses usually include daycare, after-school care, summer day camp, and care for certain disabled dependents.
7.Is there a maximum contribution limit for FSAs?
Yes, the IRS sets annual contribution limits for both Healthcare FSAs and Dependent Care FSAs. These limits may change from year to year.
8.What happens to unused FSA funds at the end of the plan year?
Historically, most FSAs operated under a "use-it-or-lose-it" rule, but some now allow for a carryover of up to $570 (as of 2023) into the following plan year or a grace period to spend unused funds.
9.Are FSA contributions portable if an employee changes jobs?
No, FSA contributions are not portable. Funds in an FSA stay with the employer who sponsors the plan.
10.What role does the employer play in administering FSA plans?
Employers are responsible for setting up and administering FSA plans, including compliance with IRS regulations.
11.Can employers contribute to employees' FSAs?
Employers can choose to contribute to employees' FSAs, but they are not required to do so.
12.Can employees have both a Healthcare FSA and a Health Savings Account (HSA)?
Generally, employees cannot have both accounts simultaneously, but some exceptions exist, such as a Limited-Purpose FSA.