Flexible Spending Accounts and Dependent Care Account Programs (collectively “FSA”) are a common benefit offered by employers that allow participants to set aside funds on a pre-tax basis, to be used to cover unreimbursed and uncovered medical expenses and eligible dependent care expenses. These arrangements are advantageous for both the sponsoring employer and the participating employees. Trest offers an FSA solution that enables employers to implement these arrangements, as part of the employer’s overall employee benefits program, without the need to be involved in complicated administration.
FSAs reduce payroll taxes for every dollar the employee contributes to the arrangement, which allows the employer to save on FICA taxes. These arrangements also enhance employee benefits packages, help attract and retain motivated employees, and increase employee satisfaction. For employees, participation in an FSA reduces income tax because pre-tax payroll contributions result in lower taxable salary. Individuals also save on the cost of eligible health and dependent care expenses because the expenses are paid with pre-tax dollars. Trest’s FSA solution takes the administrative burden out of offering a reimbursement program. We manage all aspects of administration and work closely with employers to ensure complete satisfaction, including seamless implementation, accurate ongoing administration, and dependable compliance.
Through our FSA solution, our professionals prepare the plan documents, summary plan description, enrollment forms and other required documentation. Trest handles enrollment, election changes and claims, and provides prompt reimbursement. We also provide a 24-hour customer care center. Our FSA solution is serviced by experienced administrators, with the support of our employee benefits lawyers and other professionals, which makes us the perfect choice to service your FSA needs.