Flexible Spending Accounts and Health Reimbursement Accounts
Employer-sponsored flexible spending accounts (FSA's or also referred to as Section 125 Flex Plans) are benefit plan arrangements that allow employees to pay for certain healthcare or dependent care expenses on a pretax basis. This is a simple way to reduce an employer and employee tax liability while providing quality benefits to employees.
Health reimbursement accounts (HRA's) can be customized plans that assist employers in providing specific tax free benefits to their employees. Goldleaf Partners is experienced in consulting with employers and/or brokers to help custom design programs to fit each organizations business goals and objectives.
Even though a FSA's and HRA's can be simple to offer, they do come with necessary administrative requirements. Goldleaf Partners keeps this simple for you with our administrative expertise, practical customized approach to business solutions, and local support.
Benefits of Offering a FSA and HRA:
- Reduces the employers tax liability on FICA and FUTA taxes
- FSA's Increases participants take home pay by reducing their federal, state and FICA tax liability
- FSA's Offers participants pre-tax reimbursement for qualified health insurance costs
- HRA's offer employer tax free benefits for specific employee expenses
Advantages of Using Goldleaf Partners Services
- Knowledgeable staff ready to help you and your participants
- On-line access to real-time account information allowing participants to check balances 24/7
- On-line claim processing and timely reimbursement(s)
- Flex card transactions which provide auto adjudication of the majority of expenses
- ACH options available to participants to receive claim reimbursements
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