Flexible Spending Account Administration

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Do Not Short Change Your Employees with
Sub-standard Flexible Spending Account
AdministrationChoosing the right company as your
Flexible Spending Account Administration partner
is important. There are many companies bidding
for your business, but not every company offers
all of the benefits your employees deserve and
your company needs. Here are a few of the
important features and benefits you must consider
when choosing your FSA Administration
partner.The Employee Benefits Offered By Top
FSA Administration PackagesFollowing is a short
list of features you should require from any
company seeking to be your Flexible Spending
Account Administration choice.Automatic Claim
SubmissionVisa or MasterCard Debit Card
AvailabilityDirect DepositWeb Access to Account
Balances and StatementsAbility to File Claims
OnlineSuperior Customer ServiceMany companies
offer several of these items, but only the top
FSA providers offer all of them. You can
increase employee satisfaction and adoption of
Flexible Spending Accounts by making sure to
partner with a company who provides all of these
services.A few of the features, specifically
the web access and online services, may not be of
interest to some of your employees. Those same
features will be the deciding factor for others.
The 3 most critical aspects may be Direct
Deposit, Debit Cards, and Superior Customer
Service. Flexible methods of fast payment are
critical, as is the best possible customer
service. When employees cannot receive fast
accurate answers to their questions they will be
asking you.While evaluating FSA offers do not
under estimate the power of fast payments with
multiple methods to receive money. Employees are
very intolerant of waiting weeks to receive a
check in the mail for reimbursement on their
claims. Fast direct deposits or debit cards give
your employees what they really want, speed.
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The Employer Benefits of Selecting the Proper
Flexible Spending Administration CompanyThe
right choice of FSA provider will lead to higher
enrollment in the FSA plan. This increases your
companies FICA tax savings, reduces in-house
labor to track deductions, and removes the burden
of answering hundreds of questions.When you
choose a high quality FSA partner they will do
the presentations, answer questions, and
follow-up with your employees to ensure the
highest enrollment possible. They consult with
your employees to help them maximize their
savings. Employees who start seeing savings on
the bottom line of their paycheck by choosing to
enroll in your Flexible Spending Account package
may even feel like they received a raise or
bonus. Saving money on health care, their
insurance deductibles, insurance premiums,
co-payments, dental care, eye care and even their
glasses or contact lenses will have them
believing this is one of the best benefits your
company has ever offered.The Wrong Flexible
Spending Account Administration Selection Can Be
DisastrousWhen you choose the wrong company to
partner with your life will be filled with
headaches. Employees will be grumbling. You
will be inundated with questions you do not have
time to answer. Your savings will fly out the
window. Take time to carefully research your
partner for Flexible Spending Account
Administration and listen to the praise of your
staff, not the complaints.