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Flexible Spending Account
At MedCost Benefit Services, we believe that a seamless, efficient
Flexible
Spending Account
A Flexible Spending Account (FSA) is an account set up by an employer
that allows an employee to put aside pre-tax dollars via payroll deduction to cover eligible medical, dental, vision, and dependent care expenses
that are not reimbursed by the health plan.
Flexible Spending Account
(x)
We administer two types of FSAs, one for health care and the other for dependent care, and you can have both types of accounts at once. Strict IRS regulations apply to the administration of either type of FSA, and mistakes are costly. We handle all the details of FSA administration for our clients with the highest levels of accuracy and efficiency.
MedCost has partnered with Metavante to provide a debit card for employees participating in a health care flexible spending account.* Metavante has the most widely used, nationally accepted benefits debit card for health care spending accounts, with nearly 3 million cards in the market. The debit card can be used to immediately access designated funds for approved health care expenses. Cardholders have secure, 24-hour access to account status, transaction detail, and plan balance information through the Member portal of our Web site. If your company offers the flex debit card and you want to know more, click here for a list of frequently asked questions (FAQs).
For clients who prefer not to offer the debit card solution, our sophisticated technology allows us to integrate health care FSAs with your employee health plan so that employees never have to file a claim for deductibles and co-payments. We can even arrange for these payments to be direct deposited into employees’ checking accounts.
*An employer must choose to offer the debit card option.
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