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FSA receipt requirements: What you need to document

Business Management Daily

Flexible spending accounts (FSAs) are employer-established accounts that allow you to put aside pre-tax dollars from your paycheck into a special account to be used for eligible health or dependent care expenses. However, they also can require careful documentation to ensure that funds were spent on approved expenses.

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Estimated Time on HR: Procuring Benefit Plans and Open Enrollment Administration Tasks

Stratus.HR

After decisions have been finalized for either a new benefit plan or a renewal, the carrier needs to create summary plan documents (SPDs), which could take 7-10 days fo r turnaround. Once SPDs are returned to the client, you will need about 15-30 minutes per plan document to review their accuracy. . Cafeteria Plan) .

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FSA eligible expenses — what purchases count?

Business Management Daily

Flexible Spending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. These funds are placed in an FSA account that employees can use to pay for eligible expenses. They may also divide the unused fund among all employees enrolled in the FSA plan.