We offer complete cafeteria plan administration for health related services, dependent care, and other cafeteria plan benefits. The plan can be stand-alone or integrated with other health plan services administered by QVI. The flexible benefits administration system is completely integrated with our health plan system. Claims can be automatically rolled-over from the health plan to the cafeteria plan eliminating cafeteria claim submissions.
WHAT IS A FLEXIBLE SPENDING ACCOUNT (FSA)?
A Flexible Spending Account (FSA) is a tax-advantaged financial account that is set up through a cafeteria plan of the employer. An FSA allows an employee to set aside a portion of his or her earnings to pay for qualified expenses, most commonly medical expenses and dependent care. Money deducted from an employee's pay is not subject to payroll taxes.
Medical expense FSA is used to pay for medical expenses not paid for by insurance such as deductibles, copayments, and coinsurance. It may also include dental and vision expenses and over-the-counter medically necessary supplies. All items must be intended to treat or prevent a specific medical condition.
Dependent care FSA is established to pay for certain expenses to care for dependents that live with the employee while his or she is at work. This is most commonly used for child care for children under the age of 13. It can also be used for adult day care for senior citizen dependents that live with the employee, such as parents. It cannot be used for summer camps (other than day camps) or for long term care for parents that live elsewhere (such as a nursing home).
The amount each employee contributes is determined prior to the beginning of the plan year. The amount he or she designates for the year for Medical and/or Dependent Care is taken out of each paycheck in equal installments and placed in a special account by the employer. Each employee is encouraged to carefully calculate how much money to contribute.QVI FSA ADMINISTRATIVE SERVICES:
- Plan documents and related forms
- Premium Only Plan (POP) compliant documents
- Claim Submission by email, fax or paper claim
- Reimbursement by check or direct deposit
- Debit Card - swipe card at time of purchase
- Grace Period or $500 Carry Over
- Compliance Testing
Complete COBRA administration is available through QVI. Our services include:
- Provide participant with all required notices (proof of mailing included)
- Notify carrier(s) of COBRA election and complete carrier re-enrollment
- Monitor election period, bill participant, and collect and forward premium