What is a Flexible Spending Account and how can it help my nonprofit? [download an informational flyer with rates]
An FSA is a way to save money on day care and health care services as well as over-the-counter items for you and your family. An FSA is basically an account where you contribute money deducted from your salary, before taxes are withheld, incur eligible expenses and get reimbursed. This means your nonprofit pays less in payroll taxes and your employees save as well.
The most common type of flexible spending account, the medical expense FSA (also medical FSA or health FSA), is similar to a health savings account (HSA) or a health reimbursement account (HRA). However, while HSAs and HRAs are almost exclusively used as components of a consumer-driven health care plan, medical FSAs are commonly offered with more traditional health plans as well. In addition, funds in an HSA are not lost when the plan year is over, unlike funds in an FSA. Paper forms or an FSA debit card, also known as a Flexcard, may be used to access the account funds.
NYCON's subsidiary, Council Services Plus, would be happy to answer any questions you have and get you started with an FSA plan today.
Email: Brian Martin or call 1 (877) 501-4277.
Please note: If you are logging in for the first time, please contact Candace Ellis-Shumpis in our office in order to create an online account.
Main Office: 272 Broadway, Albany NY, 12204 | Regional Offices: NYC, Oneonta, Poughkeepsie, Rochester | p. (800) 515-5012 • f. (844) 802-2204 • e. firstname.lastname@example.org