The program offers web-based communications tools that aim to help employees better understand the benefits of tax-free accounts created by FSAs that can be used to pay for medical expenses, the company said in a press release. On-line calculators that allow participants to compute actual annual savings are also available through the program. The goal of the program, CONEXIS asserts, is to increase employee participation in FSAs.
CONEXIS, in its release, said that only 15% of employees nationwide take advantage of FSAs offered by employers. The company hopes that the communication tool will aid companies in increasing participation rates in FSAs, which CONEXIS calls ‘win-win’ plans for both employers and employees.
Funds put in FSAs can be used to pay for eligible health and dependent care expenses, and are tax-free.
CONEXIS ( www.conexis.com ) specializes in COBRA/HIPAA, Flexible Benefits (Cafeteria plan), Direct Bill, and other administrative services.