A Health Flexible Spending Account (FSA) is a tax-advantaged benefit account that pays for eligible expenses not covered by insurance, such as medical, prescription, dental and vision expenses. This employer-established, tax-advantaged account can be funded by the employee and/or employer to pay for qualified medical expenses with pre-tax dollars. Plus, money deducted from the employee’s paycheck and placed into a Health FSA is not subject to payroll taxes. This can result in substantial payroll tax savings.
Our Health FSA solution allows you to:
- Take advantage of comprehensive, one-stop, compliant Health FSA administration capabilities.
- Offer a full-scope IRC Section 213(d) FSA plan, Limited Purpose FSA, and/or Dependent Care FSA.
- Manage Health FSA eligibility, contributions and schedules with one tool.
There are double tax advantages:
- Contributions are pre-tax and reduce taxable income.
- Withdrawals for eligible expenses are tax-free.
Contact your local sales representative for more information.
Commuter Benefits are accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC) and administered by WEX Health, Inc.