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How to set up a Flexible Spending Account in your organization

Flexible Spending Accounts are one of the few benefit plans that can be a win-win situation for both employers and employees - more take home pay for employees and reduced payroll taxes for employers.

Let us help you start your flexible spending account today!
PowerFlex Software lets you provide flexible spending accounts to your employees with no monthly fees, no Third Party Administration setup fees and, in most cases, no annual paperwork. Our clients typically see a 100% return on investment in under 6 months! Not sure you want to self-administer your flexible spending account? Then leave the work to us with PowerFlex TPA (Third Party Administration) Services. Our expert staff will handle all aspects of employee claims and reimbursements for you!

Either way we've got your FSA administration needs covered!

To Set Up a Flexible Spending Account You Need:

  1. Legal Documents

    Before an employer can take advantage of benefit tax deductions for insurance premiums, out-of-pocket medical expenses, dependent/adult daycare, and parking and transit expenses, the IRS and Department of Labor require employers to establish a formal Plan Document. To be in compliance with this requirement, you will need both a Plan Document and a Summary Plan Description.

    A Plan Document is the legal document that defines the employer, eligibility requirements, all the reimbursement procedures / process, etc.

    A Summary Plan Description (SPD) is the legal document that summarizes the Plan Document in easily understood terms. This is provided to participants.

    PowerFlex can provide custom prepared Section 125 compliant plan documents at a fraction of the cost of most
    other providers.

    View PowerFlex Plan Document Options and Pricing

  1. Participant Enrollment and Participation

    Employees elect to participate in the FSA plan by defining how much they wish to have withheld from their salary.
    During the plan year employees submit claims for qualifying expenses which are tracked and reimbursed to the employee.

    Download a sample election form.
    Download a sample claim form.
    Download an FSA withholding estimator.

  1. PowerFlex Software PowerFlex TPA

    PowerFlex Software
    Keeping track of a flexible spending account plan's records manually could become extremely time consuming and cumbersome. PowerFlex Software will allow you to immediately take advantage of the tax savings provided by a cafeteria plan and will easily keep track of each individual employee's contributions, withdrawals, and account balances. It will also print qualified expense reimbursement checks. Let PowerFlex Software automatically calculate and take advantage of the dependent care reimbursement limitation option. Password protection assures your sensitive plan data is kept safe.

    PowerFlex TPA
    Designed for organizations with limited internal resources to manage their FSA plans, PowerFlex TPA (Third Party Administrator) offers companies large and small an affordable, easy way to take advantage of Flexible Spending Account (FSA) plans. From plan setup to administration and reporting, PowerFlex TPA is the best choice for administering your company's Flexible Spending Account plan.

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