Flexible Spending Accounts
Flexible spending accounts (FSAs) offer tax advantages to both employers and employees. Employees benefit by using pre-tax income to pay eligible medical and dependent care expenses. Employers lower their FICA taxes because participation reduces employees’ taxable income base. These savings can offset the cost of administering the FSA program.
Integrated, Streamlined Administration through BlueSaversm health account programs
Independence Administrators simplifies program implementation and management for you by providing a single-source solution for health plan and FSA administration, as well as online self-service for access to health accounts and information.
Independence Administrators’ BlueSaver health account administration services feature:
- medical, dependent care, transit, and parking account administration;
- integrated administration of the health plan with the medical reimbursement account;
- consolidated member Explanation of Benefits (EOB) statement for the health plan and FSA — if offered, health reimbursement arrangement (HRA) account activity is also included;
- optional debit card that gives members immediate access to available health account funds to pay for eligible expenses at the point of service or sale;
- direct deposit for faster reimbursements and streamlined record keeping.
Optional Debit Card
Employers can offer the optional Independence Administrators debit card. Independence Administrators works with plan sponsors to tailor eligible debit card expenses which are programmed into online controls in the card system. Members simply present their BlueSaver Visa® debit card at the point of sale for instant access to their available account funds for eligible expenses. Authorized purchases are automatically deducted from the appropriate health account, according to rules established by the plan sponsor. The Independence Administrators debit card is accepted nationwide by thousands of health care providers including doctors, pharmacies, and other eligible vendors.