Looking for a way to save? Let Aflac help make tax savings easy for you and give your employees the savings they deserve through Aflac Section 125 Cafeteria Plans. Aflac helps companies administer premium-only plans and flexible spending accounts (FSAs) provided by WageWorks®.
With Aflac cafeteria plans, you reduce your employees’ taxable income, thereby reducing your share of FICA and FUTA taxes. This could mean a savings for you and your employees.
The administration of flexible spending account plans doesn’t have to be complicated. WageWorks can work with you to implement and assist with administration of a flexible spending account plan at little or no cost.
- Employees sign up for the flexible spending account plan and estimate the amount of anticipated out-of-pocket medical expenses for the year.
- Then, they have the corresponding amount deducted in equal installments from each paycheck.
- As employees incur medical or dependent care services, they submit paperwork (or use their take care® Card, if eligible) and get reimbursed with their own tax-free dollars.
Not only do you enhance your employee benefit plan by making Aflac insurance policies available to your employees on a pre-tax basis, but you actually save money too. Extend your offering and savings with unreimbursed medical (URM) and dependent day care (DDC) FSAs.
Convenience and ease of use are essential to attaining high utilization rates with your flexible spending account plan. The take care® Card is a fast and easy way for participating employees to access URM funds at the point of purchase. It looks and works like a credit card, eliminating the need for your employees to use out-of-pocket dollars to pay for eligible medical, dental, and prescription expenses. Your company benefits by reducing the administrative costs associated with managing a paper process and your employees benefit by accessing their URM funds directly. There is no need to wait for claims to be processed and funds to be reimbursed.
To learn more about Aflac WINGSPANSM flexible spending accounts, call WageWorks at 1-888-342-3532.