HEALTH & BENEFITS
Offering a health care flexible spending account (FSA) lets you exempt your employees’ FSA contributions from your payroll taxes and give employees another way to pay for health care. Your staff can use pre-tax dollars to cover copays, glasses, sunscreen, surgeries — and so much more. Inspira’s expertise and intuitive platform make it easy to support employees’ well-being while lowering everyone’s tax liability — it’s a win-win.
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Reward employees with wellness contributions
Further motivate your team by depositing money in their accounts when they reach a wellness goal. You set the goal, like participating in a health screening or fitness program, and the employer-contribution amount. We make the deposit process easy — so you can support your employees' health efforts.
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Clarity and control
Users always have a clear view of the current balance left in their health care FSA. They can use the Inspira Mobile™ to understand their options for covering health care expenses.
Shop with our card
If you choose to offer the Inspira debit card, employees can use it to shop and pay for eligible items with access to exclusive discounts, or they can take advantage of fast reimbursement through our Inspira app.
Let's explore what health care FSAs cover
Check out the list of common eligible health care expenses to find out what your employees can pay for with their health care FSA.
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We administer FSAs for small businesses and large. We want to hear about your unique needs and talk more about how we can help your organization as your FSA provider.
Jeff Thoms
Managing DirectorSales
Jeff leads strategic business development and partner relationships and helps expand our health and benefits solutions.
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FREQUENTLY ASKED QUESTIONS
What are the tax advantages of offering my employees a health care FSA?
As an employer, you save on your portion of matching payroll tax contributions. That’s because the contributions your employees make to their FSAs are deducted from their gross salary before payroll taxes.What are the rules around contributing to their health care FSA?
As your FSA administrator, we make it simple for your employees to contribute to their FSA. First, employees should estimate the amount they expect to spend during the plan year on eligible out-of-pocket expenses. As an employer, you’ll deduct the amount the employee contributes from their paycheck in equal amounts each pay period. These deductions are pre-tax. Each FSA has its own contribution limit, which is set by the IRS. Annual FSA limits for 2024 are $3,200. In 2024, your employees can carry over $640.What is the difference between an HSA, an FSA, and an HRA?
Health savings accounts (HSAs), health care flexible savings accounts (FSAs), and health reimbursement accounts (HRAs) are all tax-advantaged accounts that employees can use to save on taxes and pay for qualified health expenses. FSAs are “use it or lose it” accounts, which means employees lose any funds they don’t spend by the end of the plan year. But HSAs conveniently roll over year after year, so employees don’t lose what they contributed. HRAs are employer-funded and can (if employers allow) have set amounts that employees are able to roll over after their plan year if they didn’t use it.How do employees use the money in their FSA?
If you offer your employees our Inspira Card, they can pay for eligible expenses with their card once funds are in their FSA. Or they can pay with cash, check, or credit card, and then submit a claim to get paid back. They can submit a claim online, over the convenient Inspira app, or complete a paper claim form and fax or mail it to us.What happens if employees have funds left in their FSA at the end of the plan year?
Because of the FSA “use it or lose it” rule, funds left in an FSA at the end of the year are usually forfeited. However, you can offer a “grace period” or “carryover” feature, which can help reduce forfeitures. As an employer, you can customize the carryover amount.How can I compare FSA companies?
There are a few things to look for when picking an FSA provider, including a company that has a depth of experience, prioritizes technology, has more solutions to offer, can offer an FSA for small businesses and large businesses, and emphasizes education for your employees.View all FAQs
This material is for informational purposes only. It is not an offer of coverage and does not constitute a contract. In case of a conflict between plan documents and the information in this material, the plan documents will govern. Eligible expenses may vary from employer to employer. Information is believed to be accurate as of the production date; however, it is subject to change.
