Having suitable employee benefits packages can go a long way to show how much you value your employees. They will help you attract and retain employees and keep them happy and motivated. If you are thinking of a new way to make your employees feel valued, you can do that by setting up Flexible Savings Accounts.
A Flexible Savings Account is a type of savings account in which you can contribute a percentage of your employees’ regular earnings. You can also encourage them to contribute to this account. The purpose of a Flexible Savings Account is to help employees cover any costs relating to medical or dental services that qualify for coverage by the account. Some FSAs also cover medical expenses for the employee’s dependents, including children and a spouse.
Generally, these costs are covered and may include the costs of medical examinations, diagnosis, and treatment. They can take care of the purchase of medical equipment like inhalers or eyeglasses. They can also cover the cost of prescription medications. However, they do not cover expenses such as gym memberships or cosmetic surgeries.
Healthcare costs are undoubtedly high, and you can help your employees cushion these costs. Our experts can assist you by setting up and managing your company’s FSAs to ensure a smooth operation. We can make your employee benefits packages more attractive by using FSAs to help them save money when spending on healthcare services.