AmeriFlex Account – flexible spending account (FSA) at www.flex125.com
FSA stands for Flexible Spending Account. It is generally referred as “Section 125” plans or “Cafeteria” plans which were developed as part of Internal Revenue Code Section 125. Here the information is mentioned about AmeriFlex account and flexible spending account provided at www.flex125.com.
Flexible Spending Account is one of the numbers of tax-advantaged financial accounts. Employees are provided these plans with tax relief for their un-reimbursed medical and dependent day-care costs. Employees are allowed to utilize pre-tax dollars and save Federal, FICA with FSAs. While in most cases, traditional insurance plans do not cover state taxes, when paying for eligible expenses. However, a part of money deducted from employee’s pay into FSA is not subject to payroll taxes, follow-on in a substantial payroll tax savings.
FSAs have been available for many years, the consumer-driven healthcare emergence and increased employee cost-sharing has created them an integral benefits solution to provide substantial tax savings to employers and employees.
The three types of Flexible Spending Accounts are as under:
- Commuter Reimbursement Accounts: Accounts used to pay for eligible transportation and parking expenses.
- Medical Reimbursement Accounts: Accounts used to pay for eligible un-reimbursed medical expenses such as co-pays, deductibles, dental, vision, prescription, over-the-counter drugs, and more.
- Dependent Day-Care Reimbursement Accounts: Accounts used to pay for the daily care of an eligible child or adult dependent as defined by the IRS
The AmeriFlex Convenience Card and MasterCard are also offered by AmeriFlex to further improve the benefits of implementing FSAs. For the automatic electronic transfer of pre-tax dollars from an FSA is offered by single-platform debit card while paying for qualified expenses.
The purchasing power of your FSA is leveraged by AmeriFlex even further by providing AmeriFlex Rx, AmeriFlex’s online drugstore. FSA-eligible products for employees are clearly identified by AmeriFlex Rx, combining the ease of online shopping with the pledge of an automatic system for corroboration of FSA claims.
You can download the form of AmeriFlex from here.
For more information about Flexible Spending Accounts, contact AmeriFlex’s Marketing Department at 888-868-3539, ext. 112 or mail at email@example.com.