Flexible Spending Account Solutions Allow for Healthcare Savings Without the Hassle
As experienced providers, Clarity offers a Flexible Spending Account (FSA) solution that makes health care more affordable by allowing employees to decide the annual amount to contribute based on the amount they expect to spend for health care expenses not reimbursed by insurance. The FSA account is funded with paycheck deductions that are taken before any taxes are calculated. That’s where the savings comes in! You don’t pay taxes on the money you contribute to your FSA account, saving you hundreds of dollars every year!
Flexible Spending Account Administration Solution: How It Works
At the beginning of the plan year, you decide the annual amount you’d like to contribute to your FSA account. This is the amount you expect to spend for health care expenses not reimbursed by your insurance for you and your dependents. Expenses like co-pays, insurance deductibles, prescriptions, vison, and dental expenses. Your account is funded with paycheck deductions that are taken before any taxes are calculated. That’s where the savings comes in! You don’t pay taxes on the money you contribute to your Flexible Spending Account, saving you hundreds of dollars every year!
Clarity FSA Administration comes with a Clarity Health Care Card for you and your dependents. When you have an FSA eligible expense, simply swipe your benefit card and save. Use it to make a copayment at a doctor and dentist’s office, purchase prescriptions, buy a new pair of glasses, and more, or you can shop online at the Clarity FSA Store.
Employees AND Employers Save WITH OUR FSA SOLUTION
With Clarity FSA Administration, contributions are pre-tax for employees and their employers. Employers save 7.65% on every dollar contributed due to Social Security savings. Employees save between 20 and 40% on their elections.
For instance, if Jane earns $2,000 each month and participates in Clarity FSA and Dependent Care, she is able to take home an extra $100 each month!
| Employees without The FSA Plan | |
|---|---|
| Gross Earnings | $2,000 |
| FICA, Federal, & State Taxes | - $500 |
| Health, Dental, & Vision Expenses | - $500 |
| NET EARNINGS | $1,000 |
| Employees with The FSA Plan | |
|---|---|
| Gross Earnings | $2,000 |
| Health, Dental, & Vision Expenses | - $500 |
| Adjusted Gross Earnings | $1,500 |
| FICA, Federal, & State Taxes | - $400 |
| NET EARNINGS | $1,100 |
What's Covered by a flexible spending account?
Qualified expenses include:
- Co-pays, coinsurance, deductibles
- Dental and orthodontia
- Eye exams, contact lenses, eyeglasses
- Prescriptions
- Over-the-counter medical supplies
- Lasik
- And more!
Flexible Spending Account Store
We make it easy for Clarity consumers to use their Healthcare FSA solution and get the best value from each dollar spent. Every one of the 4,000 products in our Flexible Spending Account Store is eligible for reimbursement. Items purchased through FSA Store are auto-substantiated, and comply with even the most recent healthcare reform provisions. Our flexible spending account store makes it fun and easy for consumers to use their FSA and save even more money!
