FSA Administration
Flexible Spending Accounts (FSAs) complement a benefit plan by allowing employees to save money tax-free on various out of pocket expenses.
Although this benefit requires more explanation and communication than traditional benefits, once the mechanics of flexible spending accounts are understood, employees appreciate the financial benefits of participation as well as the total value of their benefits package. It is critical that FSA Administration is managed by an administrator that can make this benefit both easy to understand and easy to use.
Our FSA Administration services include:
- Reduced internal administration expenses
- Transferred liability for all services rendered (We carry $1 million worth of errors and omissions coverage)
- Decreased employment costs as FICA tax responsibilities are reduced
- Administration performed in full compliance with all current IRS regulations
- Consistent, unbiased administration
- Accurate administration -- only legitimate claims are processed
- Daily claims processing with client specific reimbursement distribution schedules
- Reimbursements via check, direct deposit, or debit card
- Flexible, thorough reporting available electronically on our website
- Ongoing access to our expertise in plan administration
- A dedicated Account manager that will deal with all aspects of the account
- Online access to account balance, claim status, and payment history
- Responsive, toll-free customer service for employees and staff
CPI-HR has developed a reputation for providing quality educational tools that help drive up participation in the FSA plan. Once enrolled, our responsive customer service team and fast claim reimbursements make this benefit essential to participants. Most importantly, all qualified FSAs are heavily regulated and we can make the usage and benefit of FSAs clear for both the employer and participant.
