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What is a Flexible Spending Account?

A Flexible Spending Account (FSA) is a pre-tax benefit used to pay for eligible medical expenses,  drugs, other out-of-pocket  health care costs and dependent care expenses. This is an employer sponsored plan and employers may contribute to the plan but aren’t required to.

FSA Benefits

  • Employees can use pre-tax money  on eligible healthcare/dependent care costs
  • Reduces employees taxable income and increases spendable income
  • Employers save on payroll taxes

FSA Requirements

FSA plans are governed by Section 125 of the IRS tax code. Employers with a FSA plan are required to have:

  • A current Summary Plan Description (SPD) available to all plan participants
  • A Plan document

Watch how easy it is to create a FSA document

FSA documents created on EnsuredCompliance® include both the required SPD and Plan document, are fully compliant and take minutes to create. The system also stores documents for 7 years making it easy to find and manage current and old documents.

Learn how EnsuredCompliance can help you

FSA documents are one of several different types of document types available on the EnsuredCompliance platform. Our unique solution allows you to input the required data and generate a customized fully compliant document within minutes.

"EnsuredCompliance produces a very professional branded document. Ease of use is number 1! Also, RTO's support is stellar!"

Joni Horvath

Flexible Benefits and COBRA Supervisor at J.W. Terrill

JW Terill

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