Health Care Flexible Spending Account (FSA)

A health care flexible spending account (FSA) is a tax-advantaged account allowing employees to set aside pre-tax money to help pay for qualified medical expenses.
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Advanced Benefit Strategies

Advanced Benefit Strategies

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1 eligible

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5,000

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The Health Care Reimbursement Account is a fringe benefit plan, which is authorized under the IRS code Section 125. It is a tax reduction plan, not an insurance plan. The Health Care Reimbursement... Show More
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Benefit Allocation Systems, LLC

Benefit Allocation Systems, LLC

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20 eligible

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200,000

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The Best FSA & HRA Administration!

Make your employees very happy with simplified claims submission and timely & accurate claims processing. Plus, give them the ease of a debit card... Show More
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EMPOWER

EMPOWER

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Founded

1996

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About EMPOWER

Human Touch Service for Your Group!

In 2023, EMPOWER celebrated its 25th anniversary administering FSAs, HRAs, HSAs, Cobra, and Commuter and Lifestyle Benefits accounts for employers in the Midwest and throughout the nation. EMPOWER combines the advanced technology of the Nation’s largest administrators with the Human Touch of exceptional service.

With EMPOWER, you’ll contact your Personal Account Manager with any issues, not an anonymous email ticket system. This means you and your HR team will get the answers you need in minutes, not days.

In annual surveys, EMPOWER consistently... Show More
BASIC

BASIC

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Founded

1989

Employees

397

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Not Provided

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About BASIC

As one of the first third-party administrators of Flexible Spending Accounts in the nation, BASIC is a Technology Driven HR Compliance Company focused on delivering administrative and technology solutions to assist Human Resource Departments throughout the United States. Show More
Employee Benefits Corporation (EBC)

Employee Benefits Corporation (EBC)

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Min. Group Size

-

Lives Serviced

315,000

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There are two types of health care FSAs: a standard health FSA and a limited health FSA. With both health care FSAs, participants choose how much pre-tax money you would like to contribute... Show More
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HSA Bank, a division of Webster Bank, N.A.

HSA Bank, a division of Webster Bank, N.A.

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Founded

1997

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625

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About HSA Bank, a division of Webster Bank, N.A.

Since 1997, HSA Bank has been leading the way to a healthy financial future for our clients and members. HSA Bank uses technology and innovation to simplify the health account experience while offering reliable and responsive support to our business partners and members. This commitment to leadership has propelled us to become one of the nation's largest providers of Health Savings Accounts (HSAs) with $10.8 billion in assets under administration. We also offer Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs) and Commuter Benefits (Mass Transit & Parking).

Headquartered in Wisconsin, HSA Bank is a division... Show More
TASC

TASC

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Founded

1975

Employees

734

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About TASC

TASC (Total Administrative Services Corporation) is an award-winning nationwide administrator of tax-advantaged health benefits plans offering comprehensive services for Clients, Participants, and Providers and serving companies ranging in size from one employee to thousands!

New product development, innovative tools, and outstanding, transparent service keep TASC’s service offerings at the forefront of third-party benefits administration.

TASC prides itself on helping business owners and their employees improve their bottom line, bringing them peace of mind, and providing them with fast and accessible service.

AgriPlan and BizPlan (Section 105 HRA) are products that... Show More
elevate.inc

elevate.inc

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Founded

2021

Employees

20

Funding Summary

15M Series A

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About elevate.inc

Elevate strives to offer the industry’s most intuitive, configurable, and automated administration platform for employers, their employees and their dependents, to maximize the advantages of consumer directed benefits. Currently, the consumer-directed benefits market poses problems for benefits providers, employers and their employees. Today's platforms are antiquated and impersonal, and often confusing for employees to understand. Elevate’s cutting-edge benefit administration technology simplifies systems, boosts efficiency and cuts costs for providers.
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Alight Solutions

Alight Solutions

3.9 (14)
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Founded

1994

Employees

19,000

Funding Summary

2.5M Series A

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About Alight Solutions

Alight Solutions became a publicly traded company, listed on NYSE under the ticker symbol ALIT, in July 2021. Alight was established in June 2017, after a divestiture from Aon Corporation of their benefits administration, HR business process outsourcing, and related consumer experience businesses. Alight builds on its 25+ years of HR expertise gained from the history of our legacy organizations, Aon and Hewitt Associates. Show More
ThrivePass

ThrivePass

4.7 (50)
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Min. Group Size

1 eligible

Lives Serviced

45,000

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SUMMARY OF ADMINISTRATIVE SERVICES
• Nation Leading Auto-Substantiation Technology: With a 90% plus auto-adjudication rate, you can expect less than 1 out of every 10 claims submitted will require follow-up documentation or... Show More
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MyChoice Accounts by Businessolver

MyChoice Accounts by Businessolver

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1,000 eligible

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-

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At Businessolver, we know that a Flexible Spending Account (FSA) shouldn’t just be flexible in name. We built our MyChoice Accounts solution to support your unique FSA attributes, allowing you to deliver a... Show More
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Benepass

Benepass

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300 eligible

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-

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Why Benepass FSA
Modernize the employee experience. Employees can easily access and manage their FSAs/DCFSAs through a web app and mobile app. They receive a virtual FSA card in our app along... Show More
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Forma

Forma

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250 eligible

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-

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Putting flexibility back into FSAs
Take advantage of IRS-approved pre-tax spending without the headaches, support needs, and legacy software. Forma’s platform helps inject the flexibility into FSAs that’s been missing.
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BBP Admin

BBP Admin

5.0 (1)
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Min. Group Size

-

Lives Serviced

185,000

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A healthcare FSA is a flexible spending account that allows employees to set aside pre-tax dollars for eligible medical, dental, and vision expenses for them self and their dependents, even if they are... Show More
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Lively

Lively

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Founded

August 2016

Employees

109

Funding Summary

80M

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About Lively

Lively is the modern HSA experience built for those seeking stability in the ever-shifting and uncertain healthcare landscape. Lively is committed to helping every HSA maximize its potential through intuitive design, accessible support, and ongoing education. Show More
Davevic

Davevic

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Founded

1988

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12

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About Davevic

Davevic is your one stop shop for all administrative services that coincide with your clients benefit plans. We bring together the best technology, combined with comprehensive knowledge of the industry to get you the right solution at the right price.
From our office we ensure compliance with meticulous record keeping, and employ a friendly and familiar staff with no outsourcing or call centers. Our goal is to provide flexible solutions, spectacular customer service, and to simplify administration for all parties involved.
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Flores Associates

Flores Associates

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Founded

1986

Employees

107

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Not Provided

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About Flores Associates

Flores is a leading national administrator of tax-advantaged consumer based reimbursement plans such as health and dependent care spending accounts (FSAs), health reimbursement arrangements (HRAs), health savings accounts (HSAs) and qualified transportation expenses (QTEs). Additionally, Flores handles COBRA administration and billing services for employers. In 2018, we introduced our newest benefit solution, life.balanced. Lifestyle Reimbursement Accounts (LBAs), an affordable post-tax reimbursement option for the culture-driven employer. Headquartered in Charlotte, NC, Flores has emerged as the leader in this field through the use of innovative technology, dedicated professionals, and an uncompromising commitment to superior service.

We are... Show More
HealthEquity, Inc.

HealthEquity, Inc.

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Founded

2002

Employees

3,688

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Not Provided

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About HealthEquity, Inc.

HealthEquity connects health and wealth, delivering health savings account (HSA) and other consumer driven health solutions in partnership with over 54,682 employers and more than 200 health plans, retirement plan recordkeepers, and benefits administrators nationwide. HealthEquity members have access to its end-to-end platform and remarkable “purple” service to become consumers of healthcare while building health and retirement savings for tomorrow. HealthEquity is the custodian for $23.2 billion in assets for 8.2 million HSA members nationwide. For more information, visit www.HealthEquity.com. Show More
American Benefits Group

American Benefits Group

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Founded

1987

Employees

50

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About American Benefits Group

From our founding in 1987 as one of the nation’s first flexible benefits administrators, American Benefits Group has evolved as one on the leading national solution providers of pre tax consumer reimbursement account based benefits (FSA, HSA, HRA, Commuter) as well as COBRA and Direct Billing services. Our seamless reimbursement management process maximizes value and efficiency, and our customer service trademarks are lightning fast processing, accurate and personalized responses to questions, along with dedicated and certified account management and participant support specialists.

Renowned for our exceptional service delivery and flawless execution, ABG has been recognized repeatedly by... Show More
Burnham & Flower - AP

Burnham & Flower - AP

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Founded

Jan-06

Employees

6

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About Burnham & Flower - AP

Guiding your benefits: Our administration professionals provide expert services for HRA, HSA, FSA, COBRA, Lifestyle Benefits and Parking and Transit benefit plans along with innovative resources to help your employees manage their consumer directed health care accounts. Multipurpose debit card: A single debit card is leveraged for all benefit account spending. Next Generation Member Portal and Mobile App: Powerful self-service capabilities plus education and decision support tools. Get real-time balances and transactions, submit claims, access plan details, account alerts, and much more. Employee Engagement Tools: Real-time administration platform automatically sends event-triggered alerts and notifications via text and email that keep... Show More

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Frequently Asked Questions

What Is a Health Care Flexible Spending Account?

A healthcare flexible spending account (FSA) is an employer-offered benefit that allows employees to set aside pre-tax dollars from their paychecks to pay for eligible medical expenses not covered by their insurance. These expenses include copayments, deductibles, prescription drugs, insulin, and medical devices. Typically, FSA funds must be used within the plan year since they don’t roll over.

How Does a Health Care Flexible Spending Account Work?

Employees determine the amount they want to contribute from their salary to their pre-tax FSA within limits established by their employer. Then, they can use these funds throughout the year to cover qualified medical expenses.

How To Use a Health Care Flexible Spending Account?

There are three methods of accessing FSA funds. Employees can use an FSA-issued debit card to pay for their eligible medical expenses, submit receipts for reimbursement, or pay providers directly via an online portal. Employees should consult their employer or FSA provider to determine available options.

Do Health Care Flexible Spending Accounts Rollover?

Traditionally, FSAs did not allow funds to roll over at the end of the year, but recent regulations allow for more flexibility. However, employers must set a plan for healthcare flexible spending accounts to roll over. Otherwise, this won’t automatically happen, and any remaining funds will be forfeited from employees’ accounts at the end of the year.

How Does a Healthcare Flexible Spending Account Benefit a Company?

Healthcare FSAs have many advantages for employers, from better benefits to cost savings. Their direct advantage is reducing payroll taxes by allowing workers to cover eligible expenses with pre-tax dollars, lowering the company’s overall tax burden and creating cost savings. At the same time, offering healthcare flexible spending accounts enhances the company’s benefits package, potentially increasing employee satisfaction and retention and creating a more productive workforce.

Why Is a Flexible Healthcare Spending Account Good for The Company?

A flexible healthcare spending account is advantageous for companies because it helps attract and retain talent by offering tax advantages to employees and enabling them to manage healthcare costs effectively.

Is A Health Care Flexible Spending Account Worth It?

Although the answer is case-specific, for many employees and their employees, a healthcare flexible spending account can be worth it due to tax savings on healthcare expenses. It allows for predictable budgeting and can cover a wide range of medical costs not typically covered by insurance.

Are Health Care Flexible Spending Accounts Tax Deductible?

Contributions to a healthcare FSA use pre-tax dollars, making FSA contributions not tax-deductible. In other words, employees cannot claim a tax deduction for their contributions because the funds were not taxed initially.

What Qualifies as an FSA Expense?

Because FSAs are tax-advantaged, they are more strictly regulated by the IRS and have a narrower range of eligible expenses. FSA funds can be used for medical costs like prescriptions, doctor appointments, dental and vision care, and some over-the-counter items. Dependent care FSAs cover costs for daycare, preschool, and elder care.

What is Considered FSA Eligible?

Eligible expenses include medical services like doctor visits, dental and vision care, prescription medications, and certain over-the-counter drugs. Dependent care expenses include daycare and elder care services.

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