Products & Services FSA Administration
Flexible Spending Accounts (FSA) Administration PDF Print E-mail
Flexible Spending accounts are designed to allow employees to set aside money, on a pre-taxed basis in order to pay for their out of pocket medical, dental, vision, or dependent care expenses. This account is normally funded by the employee only but the plan does allow for employer contributions. This account is similar to an HSA or HRA, the main differences with this type of account are that it is not portable and all funds must be used by the end of the plan year or the contributed money is forfeited back to the employer. Administration of these plans will be very similar to both HSA and HRA accounts. Administration of a Flexible Spending Account includes:
  • Plan Document Preparation / Amendment for filing with Department Of Labor
  • Corporate Resolution Adopting / Amending Plan
  • Discrimination Testing (both initial and interim year)
  • Custom Forms
  • Computer Setup, Eligibility Entry
  • Flexible Spending Claims Payment
  • Recordkeeping and Reporting
  • Signature-Ready Form 5500 Preparation, if needed
  • Accounting Functions as Required by the Plan
  • Continued Administrative Support for Employer and Employees
  • 24 Hour Account Info Access via the internet
 
Health Saving Accounts (HSA) Administration

Effective January 2004, Congress passed legislation for HSAs for individuals participating in high deductible health insurance plans. This account is designed to allow individuals to contribute either the amount of the health plans annual deductible or up to $2850 (2007, $2900 - 2008). This account can be used similar to an FSA or HRA to reimburse individuals for unreimbursed health plan costs. The main differences with this type of account are that both the employer and the employee can contribute to this account, and that the account is portable for the employee. Administration of these plans will be very similar to both FSA and HRA accounts.
 
Health Reimbursement Arrangements (HRA) Administration

 

  • Expert plan design, including Summary Plan Description
  • Coordination with other benefits, including high deductible plans and FSAs
  • Critical nondiscrimination testing
  • Claims processing & monthly reimbursement
  • Year-to-date reports to employer
  • 24/7 web-based participant account information
  • IRS Form 5500 preparation, if needed
 
Flexible Spending Accounts (FSA) Administration

 

  • Plan Document Preparation / Amendment for filing with Department Of Labor
  • Corporate Resolution Adopting / Amending Plan
  • Discrimination Testing (both initial and interim year)
  • Custom Forms
  • Computer Setup, Eligibility Entry
  • Flexible Spending Claims Payment
  • Recordkeeping and Reporting
  • Signature-Ready Form 5500 Preparation, if needed
  • Accounting Functions as Required by the Plan
  • Continued Administrative Support for Employer and Employees
  • 24 Hour Account Info Access via the internet

 
 
Joomla Templates by Joomlashack