ABS offers Flexible Spending Account (FSA) administration either with or without an accompanying ABS self-funded plan. ABS administers two types of FSAs: Healthcare (Medical Reimbursement) FSAs—those which allow employees to set aside money on a pre-tax basis to pay for certain qualified medical expenses; and Dependent Care FSAs—allowing employees to set aside money on a pre-tax basis to pay for certain qualified dependent care expenses.
Money set aside in a Healthcare (Medical Reimbursement) FSA can be used to pay for items such as coinsurances, co-pays and deductibles, dental expenses, lasik surgery, hearing aids and batteries, infertility treatments, insulin and diabetic supplies, first aid supplies, acupuncture, chiropractic treatments, contact lenses, and other services that are considered qualified medical expenses. Even over the counter medications can be considered qualified so long as they are prescribed by a physician.
A Dependent Care FSA allows employees to save money on a pre-tax basis to pay for eligible dependent care expenses. An eligible dependent includes children under the age 13 and may include spouses and other tax dependents, such as parents, who reside with the account holder and are unable to physically or mentally care for themselves.
The money may be used to allow the employee and spouse to work, look for work and/or attend school full time.
ABS FSA members receive a debit card allowing easy access to available funds and, as with all ABS products and administration, benefit from our industry leading customer service, claims adjudication and account management. Members can easily submit claims using the ABS mobile app.