The most popular flexible benefit plan, flexible spending accounts (FSA) allow employees to set aside pretax salary to pay for health care and dependent care expenses. Accounts are not portable and year-end balances are forfeited to the employer.
An FSA allows you to provide a highly valued employee benefit at little or no cost. Employees fund their accounts through payroll deduction, offering you a reduction in payroll tax. BB&T provides the following services through SHDR, a division of BB&T:
As a pretax benefit, an FSA allows employees to save up to 40% on eligible out-of-pocket health care and dependent care costs. Eligible expenses are easily paid using a prepaid FSA debit card. Online account access makes plan management simple.
Plans sponsors and participants have 24/7 access to account information and educational material online.