PowerFlex TPA Advantages

Offered under Section 125 of the Internal Revenue Code, Flexible Spending Accounts (FSAs) allow employees and employers to shield thousands of dollars of expenses every year, resulting in substantial tax savings. It's no wonder then, that most employers want to take advantage of Section 125 tax-advantaged healthcare solutions. However, some employers may not want to deal with the day to day administrative issues or HIPAA liability that comes from handling employee protected health info.

PowerFlex TPA (Third Party Administration) Services offers companies large and small an affordable, easy and convenient way to take advantage of FSA plans without tapping internal staffing resources. From employee communication & education, to plan setup, to administration & reporting, PowerFlex TPA is the best choice for administering your company's Flexible Spending Account plan.

Our expert staff has years of FSA experience and handles every aspect of employee claims and reimbursements with strict adherence to IRS adjudication and reporting regulations.

Our Standard Plan Administration Services include the following:

Dedicated Account Management

• Experienced Benefit Plan Account Manager assigned
• Toll-free access for employer's staff
• No prefunding requirements! Employer holds all plan funds until they are needed to pay out claims.
• Detailed Employer reports for plan reconciliations

Employee Communication and Enrollment Materials

• Employee education materials and presentations provided
• Employee enrollment materials, including election
  and claim forms
• On-line group meetings available
• Confirmation emails sent to plan participants after enrollment

Customer Services

• Toll-free employer group and plan participant access to live customer support representatives Monday through Friday
• 24/7 Web-based participant account access for:
  
  • On-line Claim Submission
  • Claim forms and instructions
  • Claim status and account balances

Claim Adjudication and Reimbursements

• Claim verification tracking to ensure that all claims:
• are incurred during the selected plan year
• are submitted before end of the grace period (process last year and current year simultaneously)
• do not exceed the Plan Maximum or available balance
• Claim reimbursement options include:
• MasterCard® Benefits Debit Card
• Direct Deposit
• Check

Plan Compliance

• Discrimination Testing
• HIPAA
• 5500 Form information provided for applicable employers
• Regulatory updates