Overview

Flexible Spending Accounts help stretch paychecks. When you give your employees the opportunity to participate in money-saving Medical Reimbursement and Dependent Care Reimbursement Accounts, you give them greater control over their financial future. A Flexible Spending Account program lets your employees allocate pre-tax dollars toward specific expenses such as dependent care, medical costs, or benefit plan premiums.

CUNA Mutual provides online access to FSA accounts via Benefits for You to give participants even more control. Benefits for You provides 24/7 access to balances, claim forms, and contribution and claim histories.

CUNA Mutual offers a Cafeteria Plan/FSA Nondiscrimination Testing Service to ensure your plan complies with the Internal Revenue Code. Nondiscrimination tests are complicated; attention to detail is needed to ensure that they are passed. Review the FSA Nondiscrimination Testing FAQs to learn more. If interested, apply now using the FSA Nondiscrimination Testing Services Application (43 KB)

Advantages for your credit union:

• 85% of our clients were able to offset the entire cost of the FSA program with tax savings (FICA/FUTA).
• Try out the FSA Calculator (Employer) to get an idea of how much your credit union might save.
• Easy access to forms, calculators, and statements on Benefits For You promotes self-service.

Advantages for your employees:

• Save money - Try out the FSA Calculator (Participant) to calculate an estimate of your annual tax savings with a FSA Account. 
  
• Benefit Plan Premium Account - Allows employees to pay for their payroll deducted health, dental, life, and disability premiums on a pre-tax basis. 
  
• Medical Reimbursement Account - Reserves employees pre-tax dollars to pay for health care expenses that are not covered by insurance, including co-payment deductibles, eye exams, medically necessary over-the-counter medications, and dental care. The FSA Over-the-Counter Guidelines  (667 KB) will help you determine which over-the-counter medications are generally eligible for reimbursement.
  
• Dependent Care Reimbursement Account - Reserves employee pre-tax dollars to pay the cost of caring for eligible dependents, including nursery school and elder care expenses incurred that enable your employees to work.
  
• Section 105: Health Reimbursement Account Plan - an arrangement where the employer reimburses an employee for health expenses not covered by the group health insurance plan - deductibles or co-insurance amounts, for example.
  
• Self-Service Website - Benefits For You allows participants to find claim forms online, as well as view account balances and claim details.