Flexible Spending Accounts

Empower your employees to take control of their healthcare expenses with Flexible Spending Accounts (FSAs), commonly known as cafeteria plans.

These innovative financial tools allow employees to set aside pre-tax dollars to cover a wide range of medical and dependent care costs. With the rising expenses of healthcare and childcare, integrating an FSA into your employee benefits package not only fosters financial wellness but also boosts retention and satisfaction among your workforce.

Key Features of Flexible Spending Accounts

  • Pre-Tax Savings: Employees can contribute pre-tax dollars, reducing their taxable income and maximizing their take-home pay.
  • Out-of-Pocket Medical Expenses: FSAs can be used for a variety of qualified expenses that aren’t covered by insurance (for example: office co-payments, prescriptions, over-the-counter medications).
  • Dependent Care FSA: An attractive benefit for employees who pay for child-care or long-term care for their parents.
  • Medical Insurance Premiums: Group life insurance premiums that employers do not reimburse may be an eligible expense
  • Easy Contributions: Employees authorize employers to deduct a fixed amount or percentage from their before-tax income, simplifying the contribution process and ensuring consistent savings.
  • Tax Advantages for Employers: Contributions made by employees are exempt from federal income taxes and payroll taxes, providing significant cost savings for businesses.
  • Increased Employee Satisfaction: Offering an FSA demonstrates your commitment to your employees' financial and health well-being, helping to improve job satisfaction and loyalty.
Contact a business banking representative at (866) 236-8744 or stop by any location to get started.

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