It’s good to be flexible.
Flexible Spending Accounts (FSAs) allow employees to pay for qualifying benefits on a pre-tax basis, benefiting both their medical coverage and their budgets. Yet most small companies choose not to offer such a plan due to the expense of administration.
CoStaff has you covered.
We offer the following FSA plans:
- Health Premium, which provides for pre-tax deductions to cover health, dental vision and other insurance premiums
- Medical Savings, offering a pre-tax savings account to pay for deductibles, co-pays, prescriptions and other IRS-approved expenses not covered by insurance
- Dependent Care Reimbursement Account, so employees can set aside pre-tax dollars to pay for daycare, babysitting, nanny services, preschool and elderly care.
By setting aside a predetermined amount from each paycheck, the employee avoids paying tax on money used for these expenses. They pay them out-of-pocket then are reimbursed by their employers, who manage the account and reap significant tax savings themselves.
But CoStaff takes care of everything, including explaining the details to you and your team, setting up the appropriate accounts, and administering enrollment and participation.