Save on healthcare costs by contributing pre-tax earnings to a Healthcare Flexible Spending Account (FSA).
A Healthcare Flexible Spending Account (FSA) is designed to allow employees to set aside pre-tax dollars to pay for IRS-eligible related expenses such as medical, vision, dental, and other out-of-pocket expenses.
Depending on how the FSA plan is set up, you may be able to carry over unused funds to the following plan year.
The bottom line: FSAs save employees money. The contributions employees make to an FSA are deducted from their paycheck on a pre-tax basis – before federal income, social security, and most state taxes.
The end result of FSA contributions is a lower taxable income, and a tax-advantaged vehicle to pay for out-of-pocket healthcare expenses.
The Difference Card can be funded with the employer’s Difference Card Account funds AND employee FSA dollars- all on one card! The Difference Card is programmed to know which account to take money from when swiped at the point of service.
Plus, the entire annual contribution amount is available immediately at the beginning of the plan year to pay for eligible health care expenses!
When employees use their Difference Card to make a qualified purchase, the amount is automatically deducted from the available balance in the account. This means no paper claim forms and receipts to submit! The Difference Card helps to eliminate the manual paperwork often associated with Healthcare FSAs.
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