A Medical FSA is a pre-tax benefit for Medical Expenses. Every dollar an employee contributes to an FSA is tax free, which means your employees can save up to 25-40% depending on their tax bracket. Employees can then use their Medical FSA to pay for healthcare expenses and eligible over-the- counter medical needs as defined by the IRS. Like, DCAP, Medical FSA allows the employer to save the matching 7.65% payroll tax (FICA).
Employees make contributions to the Medical FSA through regular pre-tax payroll deductions, then use the money for expenses not covered by insurance. Medical FSA plans are among the most popular employee benefits and aid in the retention and hiring of employees. HGI makes managing your Medical FSA easy. With an HGI Benefits Debit Card, employees will have access to their money directly at the point of purchase. The HGI Benefits Debit Card works just like a typical bankcard − just present the card anywhere the card is accepted and the amount is automatically deducted from the Medical FSA. Employees get instant access to their Medical FSA money, with no waiting for reimbursement checks!
The HGI Benefits Debit Card offers immediate access to Medical FSA money simplifies the claims process, and reduces reimbursement wait time. We provide ACH technology and direct deposit to promptly reimburse participants.
To get more information, please call (800) 929-9525 or click here