What is a Flex Plan?
A Flex Plan allows a participant to set aside dollars each year from their paycheck to pay for qualified health and dependent care expenses through a Section 125 Cafeteria Account. These dollars are deducted from wages before any income or social security taxes are paid. By using this tax savings plan, participants will notice an increase in take home pay and have access to a reimbursement account throughout the year to pay for qualified expenses. Employers will not have to pay FICA or FUTA taxes on dollars run through the plan. Additionally, employers have the option of adding on a defined contribution plan set-up and an online enrollment tool
Elected Benefits in a Flex Plan
- Health Flexible Spending Accounts (Health FSA) allow participants to set aside dollars for qualified out-of-pocket health care expenses, up to a maximum contribution amount set by the employer. Funds are available on day 1 of the plan year and can be used to pay eligible expenses for the employee, spouse and dependents.
- Dependent Care Assistance Program (DCAP) allows participants to set aside dollars for children (under age 13) or adult day care so that the participant may work. The IRS sets the annual maximum contribution amount for the DCAP account.
- Health Savings Account (HSA) and Limited Health Flexible Spending Accounts (Health LFSA) can be combined with a DCAP.
Our Administration Services
Any administrator can propose a plan, but we take our administration the extra mile for you and your employees by providing superior customer service. Advantage Administrators provides the following services for our Flex Plans.
- Documents – SPD, Plan Document, and required notices and forms
- On-Site Employee Education and Participant Enrollment
- On-line Enrollment Platform
- Plan Extensions – 90 Day Run-Out Period with optional Grace Period and $500 FSA Rollover
- Debit Cards
- Mobile App for Apple or Android
- Claims Administration
-Claims submission via Mobile App, Online Portal, E-mail, Fax, Mail
-Reimbursements processed daily
-Reimbursement by Direct Deposit, Check, or Debit Card
-E-Mail and text notices of account activity and monthly statements
- Employee Account Access
-Available 24/7/365 via Online Portal
-Available 24/7/365 via Mobile App
-Customer Care Department Open Mon-Fri 8:00-5:00
- Discrimination and Compliance Testing and Form 5500 if required
- Plan Amendments
-Required by Law – Free of Charge
-Employer Requested – Nominal Fee
- Legal and Legislative Issues
-Special Memos, Seminars and Roundtables as required