Flexible Spending Accounts
CME has partnered with several advanced third party benefits administrator, in order to provide you with innovative technology-based benefits and compliance solutions.
We bring an innovative approach to administering your flexible spending account (FSA) plans. The hi-touch and hi-tech service approach will dramatically improve your workforce’s perception of the FSA plan and boost participation. Your organization will derive more value from your FSA plan in terms of goodwill and tax savings.
These solutions include:
Healthcare Flexible Spending Account (FSA)
Help your employees save money on out-of-pocket, routine medical expenses. An FSA allows employees to set aside pre-tax dollars from their paycheck for eligible healthcare expenses. Participation decreases their taxable income, and in turn, decreases your costly FICA tax burden.
Health Savings Account (HSA)
Designed to be used in conjunction with a high-deductible health plan (HDHP), HSAs are quickly becoming the go-to employee benefit account. HSAs are triple tax-advantaged: employees will not pay taxes on contributions, nor will they pay taxes on interest earned or upon withdrawal for qualified expenses. As an employer, you’ll save on high insurance premiums by offering an HDHP.
Health Reimbursement Account (HRA)
HRAs are employer-funded tax-advantaged accounts, designed to help employees save money on the high costs associated with healthcare. Employers save money by migrating from first-dollar coverage to a high-deductible health plan (HDHP) without having to increase their employees’ out-of-pocket exposure.
Commuter Reimbursement Account (CRA) or Transit and Parking Plan (TRP)
Designed as an add-on to FSAs, a CRA allows employees to set aside pre-tax dollars to be used for eligible commuting expenses, including parking, transportation, and vanpool services. (If you are an employer in NYC with 20+ full-time employees or San Francisco with 50+ full-time employees, you may be required to provide this benefit.)
Dependent Care Account (DCA)
A DCA is an extension of an FSA and is designed to pay for the daily care of an eligible child or adult dependent. Funds can be used for expenses such as daycare, before- and after-school programs, eldercare, pre-school, and more.