Flexible Spending Accounts

Help employees save on eligible health and dependent care expenses.

A flexible spending account (FSA) is a benefit that offers money-saving, tax-advantaged funds for participants to use on their everyday health and dependent care expenses. Employers choose from health care, limited health, and/or dependent care FSA options.

FSA Product Sheet

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FSA Options

When choosing to offer an FSA, employers can offer one or more of the following account types:

  • Health Care FSA | Pay for eligible medical, vision, and dental expenses that are not covered by another health plan, including prescriptions and over-the-counter medications and products.
  • Limited Health FSA | Pay for eligible vision and dental expenses that are not covered by another health plan.
  • Dependent Care FSA | Pay for eligible dependent care expenses for children or other eligible dependents.

FSA Options

When choosing to offer an FSA, employers can offer one or more of the following account types:

  • Health Care FSA | Pay for eligible medical, vision, and dental expenses that are not covered by another health plan, including prescriptions and over-the-counter medications and products.
  • Limited Health FSA | Pay for eligible vision and dental expenses that are not covered by another health plan.
  • Dependent Care FSA | Pay for eligible dependent care expenses for children or other eligible dependents.

Plan Design Options

Customize your plan to fit your benefits offering.

  • Rollover is a popular plan option that allows up to a specified amount of unused funds to roll from one plan year to the next. Rollover is not available for dependent care FSAs.
  • Grace Period gives an additional period of time to incur claims after the end of the plan year when rollover is not offered.
  • Runout allows extra time after the end of the plan year to submit claims for eligible expenses incurred during the plan year.

Plan Compatibility

Participants can maximize their savings by pairing their FSA with a health savings account (HSA) and/or limited health reimbursement arrangement (HRA).

With our auto-convert feature, participants that are currently enrolled in a standard health FSA and also enroll in an HSA will automatically have the funds in their standard health FSA converted to a limited health FSA to maintain HSA-eligibility.

Plan Compatibility

Participants can maximize their savings by pairing their FSA with a health savings account (HSA) and/or limited health reimbursement arrangement (HRA).

With our auto-convert feature, participants that are currently enrolled in a standard health FSA and also enroll in an HSA will automatically have the funds in their standard health FSA converted to a limited health FSA to maintain HSA-eligibility.

Benefits Card

The Benefits Card allows participants pay for eligible expenses directly from their health care FSA or limited health FSA rather than needing to submit a claim and wait for reimbursement.

The Benefits Card uses smart technology so that eligible EBC account-based products are loaded onto the Benefits Card. Participants no longer have to juggle multiple cards simply to access their benefit funds.

Benefits Card management is available online and through the mobile app, EBC Mobile. Primary cardholders can also add their Benefits Card to their digital wallet and use wherever Apple Pay, Samsung Pay, and Google Pay are accepted.

Compliance Support

All FSAs have the following compliance support included in their plan:

  • Nondiscrimination testing at the end of the plan year, including all 9 required tests for FSAs and cafeteria plans
  • Cafeteria Plan Document and Summary Plan Description
  • Annual Form 5500 filing (if required)

Compliance Support

All FSAs have the following compliance support included in their plan:

  • Nondiscrimination testing at the end of the plan year, including all 9 required tests for FSAs and cafeteria plans
  • Cafeteria Plan Document and Summary Plan Description
  • Annual Form 5500 filing (if required)

FSA Product Sheet

Download a copy to share or print.

See how we’re different.

Learn why brokers, employers, and participants love Employee Benefits Corporation.

Contact Our Sales Team

Connect with us by phone at
(800) 346-2126 or by email at sales@ebcflex.com

v

Request a Quote

Want pricing? Give us a little info and we’ll get started.