How does it work?
Employees determine an annual election amount to set aside into their Limited Health Care FSA. This annual election amount will be deducted evenly out of each pay check on a pre-tax basis and put into the FSA. Participants then use those pre-tax dollars in their FSA to pay for eligible expenses.
Unlike the HSA, the Limited Health Care FSA is pre-funded, meaning that participants will have access to their full annual election amount at the very beginning of the plan year, regardless of the amount they’ve contributed. Think of the Limited Health Care FSA as a tax-free interest-free loan to help your employees pay for their out-of-pocket dental, vision, and preventive expenses!
The Limited Health Care Flexible Spending Account (FSA) pairs with a Health Savings Account (HSA) to allow participants to set aside additional tax-free dollars to pay for predictable out-of-pocket dental, vision, and preventive expenses. Funds put into the plan avoid both Federal Income Tax and FICA, creating a tax savings for both the participant and the employer!
What expenses are eligible?
The Limited Health Care FSA covers most dental, vision, and preventive expenses including, but not limited to:
- Lasik Eye Surgery
- Orthodontia Payments
- Tobacco Cessation Programs
For a more extensive list of eligible items, check out our Eligible Expense List
Your employees will have access to the top tools and resources available without any additional costs. The services listed below are included for your participants as part of our standard administration.
- The Navia Benefits Debit Card
- The MyNavia Mobile App
- Mobile Pay
- Online Account Access
- Online Claim Submission
- Direct Deposit
As our Client, we will provide you with the best features available in the industry at no additional cost to you or your employees. The services listed below are included as part of our standard plan administration.
- Customized Enrollment Materials
- Online Enrollment
- Online Account Access and Eligibility reporting
- Dedicated Account Team
- $550 Carryover or 2 ½ Month Grace Period Administration
- Custom Reimbursement Cycle
- Integration with Payroll and HRIS systems
- Plan Document & SPD Preparation
- Secure File Uploads
- Annual Non-discrimination Testing and Form 5500 Preparation
- Compliance Support Services
Single Card Solution
Planning on offering an HSA or Commuter Benefits to your employees now or in the future? Those benefits, along with our Limited Health Care FSA benefit, are part of our single card solution suite of benefits. These benefits are consolidated onto a single debit card that will recognize the expense type and allocate funds from the appropriate benefit!
Interested in learning more?
Contact our sales team at 425.452.3498 or firstname.lastname@example.org