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What is a Flexible Spending Account?
A Flexible Spending Account (FSA) allows employees to set aside pretax dollars to
pay for qualified expenses such as health care, dependent care, and transportation expenses. In addition to providing flexibility in meeting unexpected costs, an FSA also saves individuals money by reducing their taxable income. But Flexible Spending Accounts are not just beneficial for employees. Employers can also benefit greatly
from the savings they gain. Money deducted from an employee's pay into an FSA is
not subject to payroll taxes or Workers’ Compensation calculations, resulting
in a substantial savings.
FSA Administration Services
EmCentrix offers FSA administration services that integrate with our HRIMS, providing complete connection of your information. The benefit of EmCentrix’s FSA administration is not limited to the tax savings your company will enjoy.
With our services, you’ll save time as well. The days of entering data into
multiple systems are over.
EmCentrix’s online Flex Plan modules provide integrated online delivery, enrollment, and administration for these popular employee benefit plans. The module connects to Medi Bank and the Debit Master Card for real time claims payment, reporting of account usage, and account balances.
Our standard Cafeteria Plan administration services include:
Image not found. An internet‐based platform to administer Flexible Spending Accounts.
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Online enrollment forms, claim forms, change in status forms, related IRS publications, and master copies of the plan documents.
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The ability to process completed enrollment forms by setting up employee accounts in the Cafeteria Plan claims processing system.
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Cafeteria Plan, Health Saving Account, and Dependent Care Assistance plan documents ready for review and execution.
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Claims processing services for the Flexible Spending Accounts established
under the Cafeteria Plan, including direct deposit service for claims.
Image not found. MasterCard Debit Card for claims, issued to each participant.
Image not found. Employee confirmation statements, provided after online enrollment.
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A monthly account activity report, year‐to‐date reports, and an annual forfeitures report for employers.
Image not found. A annual signature‐ready IRS Form 5500 for the Cafeteria Plan.
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Nondiscrimination testing annually, after receipt of completed enrollment forms upon the close of open enrollment.
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EmCentrix’s HRMS is not necessarily a “what you see is what you get” product. It is a highly flexible solution that can be tailored to your needs. Our experienced developers can modify the
system in countless ways; we can create new custom functions, reports, screens, exports, and integrations to make the system uniquely suited to your company’s needs. Our goal is to develop
your ideas and visions.
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