COLDWATER, Mich., Aug. 7, 2017 /PRNewswire/ -- Infinisource Benefit Services is a leading provider of flexible spending accounts (FSA) for employers. Benefits are a critical part of recruitment and employee satisfaction. It is important for employers to offer a wide range of benefits that will appeal to their employees and recruits. An FSA isn't new to the market but it does lead the way when it comes to tax savings on qualified expenses.
There are three main types of FSAs: health, limited purpose, and dependent care. A health FSA allows reimbursement for qualifying out-of-pocket medical expenses. A limited purpose FSA works along with a qualified high-deductible health plan and health savings account. As the name suggests, it only allows reimbursement for specific expenses, such as vision, dental, preventive care, and medical expenses incurred after meeting the minimum deductible. A dependent care FSA allows for reimbursement of eligible dependent care expenses incurred while the individual is at work or school.
Using an FSA helps employers save on payroll taxes while increasing take-home pay for employees. Some employees shy away from using an FSA because of the previous "use it or lose it" rule. Several years ago, the IRS permitted two options that eliminated the stress of having to use all of the funds within the FSA by December 31. The carryover rule allows FSA holders to carry over up to $500 to the next plan year. The grace period rule allows FSA holders to continue to submit claims for services through the end of the first quarter of the following plan year.
FSA participants might not realize how many items are on the list of qualified expenses. Necessities like sunscreen, eyeglasses and contact lenses, hearing aids and batteries, and smoking cessation programs are all deemed eligible by the IRS. View a full list of eligible expenses on the Infinisource Benefit Services Resource Center.
When offering an FSA, employers can also bundle additional offerings from Infinisource Benefit Services, including COBRA, HSA, HRA, Transit & Parking, and myHRcounsel. Other benefits of using an Infinisource FSA include access to comprehensive resource center for employers and a Participant Support Center for employees, along with documentation and record-keeping kept on behalf of the employer.
"We are a leader when it comes to FSA administration," said Jody Oliver, President and CEO of Infinisource Benefit Services. "In today's changing marketplace, it's more critical than ever to offer customizable benefits that appeal to employees and recruits. An FSA from Infinisource helps employees save on qualified expenses, while the tax savings for the employer are more than enough to cover the cost of the plan."
About Infinisource Benefit Services
Infinisource Benefit Services has been a leader in the COBRA and benefits administration industry since it started in 1986. Over the past 30 years, Infinisource Benefit Services has grown and expanded to include administration for COBRA, Flexible Spending Accounts, Health Savings Accounts and Health Reimbursement Arrangements. Over 10,000,000 COBRA notices have been generated without a single adverse judgment or penalty. Infinisource Benefit Services has also processed more than 7,500,000 FSA/HRA claims and that number continues to grow. With 30 years of experience comes a unique understanding of employers' needs and how to best provide for those needs. For more information, visit www.infinisource.com.
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