Why provide a Flexible Spending Account?
A Flexible Spending Account (FSA) is the most popular flexible benefit plan. It allows employees to set aside pretax salary to pay for health care and dependent care expenses. They're easy to establish, to administer and to use with an FSA debit card. Accounts are fully funded by the employee through payroll deduction, offering you a reduction in payroll tax.
Employer benefits
BB&T provides the following services through SHDR, a division of BB&T:
- Plan design and enrollment assistance
- Benefit communication, including participant video
- Claims payment and administration
- Compliance and government filings
- Online account management
Employee benefits
- Save up to 40% on eligible out-of-pocket health care and dependent care costs
- Fewer claims to file with FSA debit card
- Auto-substantiation of eligible expenses at participating merchants
- Online account management
Online account access
Plan sponsors and participants have 24/7 access to account information and educational material online.
Employer access
- Enroll new participants
- Update employee addresses and other personal information
- View consolidated accounts
- Generate reports
- Find answers to common employee questions
Employee access
- Check balance and personal information
- Submit claims and check claims status
- Review lists of eligible expenses
- Find participating pharmacies and other merchants
- Get answers to common questions
- Use tools and calculators
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Related services
COBRA Administration
Remove the strain on internal resources by using COBRA benefits for former employees.
Flexible Benefit Plans
Offer enhanced benefits to your employees while saving on operational costs.
Health Reimbursement Arrangement
Reduce premium and utilization costs with an account that allows employees to pay out-of-pocket health care costs tax free.
Health Savings Account
Allow employees to pay for current and future medical expenses tax free with a portable account funded by the employer or the employee.
Branch Banking and Trust Company, Member FDIC.
Branch Banking and Trust Company is now Truist Bank. Learn more.
BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing. Our friendly teammates at your local SunTrust branches will be happy to walk you through their respective products. You can also learn more by contacting them at 800-SUNTRUST or SunTrust.com.