In the Spotlight...

Flexible Spending Accounts (FSAs), contain benefits for both employers and employees.

Advantages to an Employer:

• Save on payroll taxes - Employers will save on every dollar their employees redirect into the FSA.
• Cushion premium increases and cost shifting – An FSA can lessen the impact of these changes to an employee’s paycheck.
• Cut your retirement plan expense - Since profit sharing, 401K and pension plan contributions are based on employee’s taxable salaries, the employer’s retirement expenses may be reduced.

Advantages to an Employee:
The money directed by an employee into an FSA is not taxed, so they will save on:

• Federal Income Tax
• State and Local Tax (where applicable)
• Social Security Tax (assuming their salary is below the maximum social security wage base)
• Tax free money for qualified medical expenses not covered by their insurance.

Benefit Specialists of NY’s in-house Flexible Spending Account program has features that set us apart from others administrators:

• Weekly reimbursements by check or direct deposit
• Personal service and commitment by a local, dedicated staff
• Employee Web access to their account balance, forms and information
• Easy claims submission
• Proven claims accuracy, helping you better control your money

Please call (315) 470-1930 to schedule an appointment with an account representative to discuss how an FSA can save you and your employees’ money.

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