Flexible Spending Accounts

Setup an FSA and Help Your Employees Reap the Rewards

Flexible Spending Accounts

or FSAs for short, allow employees to set aside part of their wages on a pretax basis to pay for specific out-of-pocket costs. Not only does this type of spending account help employees save for medical, childcare, and other approved expenses that insurance doesn’t pay for, but it also lowers their annual taxable wages.

Take a look at the eligible expenses available to all members.

The savings are instant when members use their Flyte Benefits Card!

Flyte Debit Card Employee Benefits

“[example] We are absolutely delighted with our experience with Flyte HCM. We can’t recommend your company often enough to other employers. Your customer service and organizational culture are rare and special. Your team members are smart and engaged. They are tech-savvy with the interface and answer all of our questions handily. Thank you for being a critical part of our firm’s dream team.”

JayeLynne M., Current Client

WHAT ARE THE DIFFERENT TYPES OF FSA?

Many believe an FSA is for Dental and Vision only, but it does so much more…

  • Health FSA
  • Dependent Care FSA
  • Limited Scope FSA
  • Commuter FSA
  • Cafeteria FSA
  • Premium Pretax Only Plan
Healthcare FSA

Healthcare FSA

  • Covers qualified medical, dental, and vision expenses for you, your spouse, and your dependents including office visits, prescription copays, prescription eyeglasses, contact lenses, Orthodontics, chiropractic care and more.
  • $3,200 annually per household as of January 1st, 2024.

Limited Scope FSA

  • A supplemental FSA when an employee is already contributing to a Health Savings Account (HSA).
  • Covers dental and vision expenses only; health expenses are excluded
  • $3,200 annually per household as of January 1st, 2024.
Limited Scope FSA
Dependent Care FSA

Dependent Care FSA

  • Covers expenses such as daycare, before and after school care, nursery school, preschool, summer day camp, elder care, disabled dependent and/or spouse care.
  • $5000 annually per household

Commuter FSA

  • Covers parking, mass transit fees and commuter highway vehicle (vanpool) costs for the purpose of traveling from home to the workplace.
Commuter FSA
Cafeteria Style FSA

Cafeteria Style FSA

Healthcare Flexible Spending Accounts (FSA) are healthcare accounts that allow you to use tax-free money to pay for eligible medical expenses.  Setting aside money annually toward these expenses assists in lowering your taxable income through a payroll deduction.  You will have access to the full elected annual amount on day one of your plan year.

Premium Only Pretax

Allows employers to pay for qualified transit and parking expenses with tax-free funds.  Examples of qualified reimbursements for a transportation account include transit passes, vouchers, fare cards, tokens, or vouchers for mass transits.

Premium Only Pretax FSA

COBRA • MEC • HSA • Pretax • HRA • HR • ICHRA • QSEHRA

Hiring An Administrator

Employers hire any firm they choose to mange their FSA, or they can right to choose to manage it themselves in-house

Plan Design and Compliance

Flyte HCM supports companies in their administration of plans and simplifies the process. Flyte is the administrative partner that advises on QSEHRA plan design, produces the documents, and adjudicates the eligible medical expenses and premiums so clients can give their full attention to the businesses they run.

Enrollment

Flyte HCM supports companies in their administration of plans and simplifies the process. Flyte is the administrative partner that advises on QSEHRA plan design, produces the documents, and adjudicates the eligible medical expenses and premiums so clients can give their full attention to the businesses they run.

Claims

Flyte HCM supports companies in their administration of plans and simplifies the process. Flyte is the administrative partner that advises on QSEHRA plan design, produces the documents, and adjudicates the eligible medical expenses and premiums so clients can give their full attention to the businesses they run.

Reimbursement

Flyte HCM supports companies in their administration of plans and simplifies the process. Flyte is the administrative partner that advises on QSEHRA plan design, produces the documents, and adjudicates the eligible medical expenses and premiums so clients can give their full attention to the businesses they run.

Using Flexible Spending Accounts

When an eligible expense occurs, it’s easy to submit a claim through your Flyte Health Account Manager or through the Flyte HCM Benefits mobile app. A picture of your receipt is all you need to get reimbursed.

Administered by the Experts

As a trusted partner and leading expert in delivering modern employee benefits, Flyte HCM works side by side with businesses of all sizes. Along with helping administer Flexible Spending Accounts, we also provide other strategic employee benefits, including:

Frequently Asked Flexible Spending Account Questions

Flyte HCM provides benefit and claim administration services for your Flexible Spending Accounts. Email Flyte at memberservices@flytehcm.com or call 952.746.0000.

Employers have the option to allow Health FSAs to rollover up to $640 per plan year. Employers are not required to offer the rollover and could limit the amount to less than $640.

Funds will be available as they’re deducted during payroll and contributed to the plan.

Expenses that are eligible for reimbursement are determined by IRS Code Section 213(d). Coverage varies by plan, but a few examples of ineligible expenses include:

  • Insurance premiums
  • Health maintenance fees
  • Cosmetic surgery
  • Personal use healthcare items
  • Exercise programs for general health
  • Expenses that have been previously reimbursed.

Ready to get started with your FSA?

Services

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ICHRA anytime!

Did you know you can setup an ICHRA the 1st of any month?

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