A Health Care Flexible Spending Arrangement Plan (HCFSA) allows employees to contribute a pretax portion of their wages, which are held in individual accounts by the employer.
The individual accounts fund reimbursements of IRS-approved medical care expenses, not covered elsewhere, which are incurred by employees and their spouses and dependents.
Significa Benefit Services provides custom plan design, claims adjudication, recordkeeping, plan document preparation and regulatory compliance assistance for HCFSAs. In addition, to help increase your HCFSA participation, Significa Benefit Services offers access to a convenient prepaid debit card that enables plan participants to pay for most qualified healthcare expenses with the swipe of a card. The intuitive payment card technology debits the appropriate account, checks real-time balances and helps prevent inappropriate use.
If you include the debit card program in your HCFSA, you pre-fund a deposit account with a predetermined minimum balance. If card transactions reduce the balance in the deposit account below the minimum balance, a mandatory, prearranged Automated Clearing House (ACH) transfer of additional funds restores the deposit account.