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Flexible Spending Account (FSA) - Agents/Brokers
Help your clients start saving for their future medical expenses today with a Flexible Spending Account from Blue Healthcare Bank
A Flexible Spending Account (FSA) provides your clients with options to offer their employees. The flexibility of an FSA allows employees to reduce taxable income and pay certain eligible medical, dependent care and/or transportation and parking expenses with pre-tax dollars.
With our FSA your clients can offer a variety of different services to their employees.
A Healthcare Flexible Spending Account gives employees the ability to set aside pre-tax funds annually to pay for qualified healthcare expenses such as medical, dental and vision costs not covered by insurance.
A Dependent Care Reimbursement Account allows employees to set aside pre-tax funds to be used to pay qualified dependent care, such as child care, elder care, etc.
Pre-tax dollars can be set aside in a Transportation and Parking Reimbursement Account for use by an employee to pay for work-related parking, transit passes and van pooling. The employee will designate an amount to be deducted from their gross income prior to any Federal, state and FICA calculations.
Blue Healthcare Bank offers the Blue Healthcare Bank debit card to pay for eligible medical expenses with funds from an employee’s FSA at any point-of-service location. The debit card gives an employee easy access to their funds at their own convenience, without filing paperwork or waiting for reimbursement.
Advantages of an FSA with Blue Healthcare Bank:
- Employees will save tax dollars by reducing their taxable income.
- Your client’s total payroll will be reduced by a significant savings on FICA taxes.
- Both your client and the employee will save valuable time.
- The Blue Healthcare Bank debit card provides the capability of immediate verification of fund availability in the employee’s account and determines that the expense is from a qualified merchant code. This option is determined by the employer-based specific plan.
- When not using the debit card, employees may pay for qualified expenses by simply submitting a reimbursement request with proof of payment.
- Employees can free up their personal cash flow by paying for eligible expenses with their debit card rather than using their own funds and waiting for reimbursement.
- Funds deposited into an FSA by direct deposit are available for
the employee’s use immediately.
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