Enhance your healthcare and financial savings experience by investing in the Flexible Spending Account. Especially popular for the tax advantages that come with the FSA, making medical assistance accessible and affordable.
Managed Health plan offers a myriad of additional benefits to your company and employees without interfering with your original plan.
Understand The FSA Plan and How it Benefits Human Resources
Create FSA accounts for your employees and help them set aside a portion of their income before taxes. The key benefit? This pre-tax contribution will help them cover a wide range of eligible healthcare expenses.
Increase employees’ motivation by allocating more resources toward their healthcare needs without increasing financial burdens.
Comprehensive Coverage for Your Healthcare Needs
FSA plan opens the door to an extensive list of eligible medical expenses, expanding the range of healthcare services available to you, like:
- Prescription medications
- Medical procedures
- Essential medical equipment
- Over-the-counter medicines
- Co-pays
- Deductibles
- Co-insurance
Experience a broader safety net for your healthcare expenses!
Types of Flexible Spending Accounts You Can Invest In
At Managed Health, we help your employees choose the most suitable plan according to their needs and lifestyle
Healthcare
From everyday prescriptions to significant medical procedures such as surgeries, FSA covers it all.
Dependent Care
Tailored for those who care for dependents, like child daycare and elderly care, providing much-needed support.
Limited Purpose
Often paired with Health Savings Accounts (HSAs), limited-purpose FSAs focus on designated expenses like vision and dental care.
The Working of Flexible Spending Account Plan
Streamline your healthcare spending and lower all-over tax liability with the simplified and straightforward FSA Plan:
Contribution Decision
Determine the amount you wish to contribute for the upcoming year. This decision is typically made during your employer’s open enrollment period.
Pre-Tax Contributions
Decided contribution funds are deducted directly from your salary. These contributions are deducted before taxes are applied.
Accessing Your FSA Funds
With your FSA contributions in place, you gain access to a pool of funds reserved for eligible healthcare expenses.
Expense Coverage
When you incur an eligible healthcare expense, use your FSA funds with
- Reimbursement Method: Simply submit a claim form along with the receipt for the eligible expense to your FSA administrator and get prompt reimbursement.
FSA Debit Card: Some FSA plans provide a convenient FSA debit card. Pay directly with this card at the point of service.
Frequently Asked Questions
Having both an HSA (Health Savings Account) and an FSA is perfectly fine, but first, you need to understand how they interact.
- If you have an HSA, you can typically have a limited-purpose FSA for dental and vision expenses.
- Having a standard FSA alongside an HSA can be more complicated and might have restrictions.
Book a consultation with our team or your FSA benefits provider for more guidance.
At Managed Health, our care plan seamlessly integrates with your Flexible Spending Account (FSA), simplifying the management of your pre-tax healthcare contributions. We offer
- expert guidance and a range of tailored FSA options to meet your specific needs.
- educational resources that help you understand how FSAs work and how to maximize their benefits
- convenient reimbursement methods for assessing FSA funds hassle-free.
Collaborate with Managed Health and enhance employee well-being, reduce tax liability, and contribute to overall job satisfaction.
This affordability makes high-quality healthcare accessible to a broader range of individuals and families. We ensure there are no hidden fees or surprise costs. Any services or treatments outside the DPC model that may involve separate costs, will be discussed in advance.
Additionally, Managed Health Care Plans are perfectly compatible with health savings accounts (HSAs) or flexible spending accounts (FSAs) to cover DPC costs, further enhancing affordability.
Yes, of course! You can use your FSA funds to cover eligible healthcare expenses for your spouse and dependents. Enroll for the Dependent FSA to get benefits for your loved one.
Submitting a reimbursement claim on your FSA is not complicated. Just provide a completed claim form along with supporting documentation such as receipts or an Explanation of Benefits (EOB) from your health insurance provider. Always keep copies of your documentation for your records.
Generally, elective cosmetic procedures and non-prescription items like vitamins are not eligible expenses under most FSAs. They are intended for qualified medical expenses. Check with your FSA administrator for specific guidelines on eligible expenses.