A healthcare flexible spending account (FSA) is a smart and easy way for employees to save money while protecting themselves from the high cost of medical bills. Because FSAs are set up as a tax-advantaged account, participants can save up to 40% on thousands of eligible everyday expenses*. The best part for employers? Since contributions are taken out pre-tax, the taxable incomes of those that participate are reduced -- providing employers with a tax-saving opportunity equal to that of the tax on the employee’s payroll deduction.
Additionally, FSA accounts allow employers to enhance their benefits package by offering an appealing, money-savings solution, helping you recruit and retain highly-talented employees.
* Eligible expenses include those related to medical, dental and vision that are not covered or previously reimbursed by an insurance plan. We have provided a comprehensive list here, and participants can also shop eligible expenses online through the FSA Store here.
When an employer partners with Ameriflex, they will receive:
Protection from year-end plan loss through the FSA Guarantee® -- a promise no other vendor comes close to
Dedicated Client Experience Team to guide them through the implementation process
Dedicated Client Experience Specialist to serve as an advocate for duration of plan, regardless of group size
Real-time reporting capabilities
Easy-to-use online enrollment tool
Divisional reporting capabilities
Electronic data transfer capabilities (EDI)
Connection to their current HRIS or other enrollment system at no additional charge
Support for multiple tax-advantaged accounts (making us your one-stop-shop for any savings or spending account offerings)
Optional administration of $500 rollover
Discrimination testing and compliance support included at no additional charge
Open enrollment support to help educate your employees
What is the FSA Guarantee®?
Many employers can be intimidated by the thought of their employee’s FSA elections being available to use on their card on day one of the plan year, before any payroll deductions have occurred. Let us put that fear at ease, because we’ve introduced the FSA Guarantee® for all FSA plans to ensure your costs are reduced.
In the event that total annual claims exceed total annual employee contributions, employers have the option to file a claim to recoup the amount of the net aggregate plan year loss.
Happy employees = a happy employer. That’s why we provide the following perks for all employees who enroll in an FSA plan:
MyAmeriflex Card for employees and qualified dependents (free replacement for lost or stolen cards!)
If an employee participates in multiple plan accounts, a single MyAmeriflex card for all savings/spending accounts
Customizable messaging alerts (including balance reminders) via email or text
Limited substantiation requests (only 20% of transactions require any documentation -- we automate at least 80%)
Access to highly-trained Participant Services Team via phone, email, and online chat
Online claims submission available 24/7 by logging into MyAmeriflex or through our mobile app
Instant access to our eligible expense list
Exclusive promotions and discounts on FSA-eligible items through FSA Store partnership
Identity theft and restoration protection included at no additional charge for all Mastercard cardholders
24/7 balance info via IVR, the mobile app or by logging into MyAmeriflex
Express claim form for dependent care accounts, eliminating the hassle of repeated manual claims submissions
Access to past plan year information and our FSA Calculator so they can plan for future plan years
Here's an example of just how much an employer can save by implementing an FSA plan. To calculate your specific savings, try out our FSA Employer Savings Calculator!
This scenario assumes the following:
Number of Eligible Employees: 50
Average Salary Per Employee: $50,000/year
Average Premium Paid Per Employee: $900/year
Average FSA Contribution: $2,000/year
Percent Expected to Enroll in FSA: 20%
Quickly and conveniently pay for eligible expenses, without the hassle of filing a manual claim. With the MyAmeriflex Card, participants can access their FSA funds instantly when they swipe their card at eligible merchants. In most cases, this eliminates the hassle of having to verify the eligibility of an expense later on.
Convenience and award winning customer-service – right at your fingertips! With the MyAmeriflex Mobile App, participants can access their account from anywhere. Check balances, file a claim, or check on the status of a reimbursement, all from their mobile phone.
Account management just got easier. By logging into MyAmeriflex, participants can gain access to resources aimed at helping them maximize the value of their FSA plan. In addition to managing all aspects of their accounts, they can also access interactive how-to’s, spending calculators, and more.
Let us show you how. Learn more about our products and services today.