Flexible Spending Accounts (FSAs)
TaxSaver Plan makes it easy for employers to offer Flexible Spending Accounts (FSA) by helping to reduce insurance costs and add depth to employee benefits.
We pay close attention to the particular needs and policies associated with each of our client’s plans, and we make a concerted effort to arrange our systems to boost efficiency, as well as auto-verified and debit card transaction validation.
Using best-in-class technology, TaxSaver Plan developed a process called True Up to allow for cost-effective electronic claims processing. As carrier claim file feeds are received, True Up consolidates various formats of medical, Rx, dental
and vision claims from multiple insurance carriers into a database of electronic Explanation of Benefits (EOBs) for each participant.
The purpose of True Up is to keep Debit Cards active all year long, avoid constant receipt requests on Debit Card transactions during the year and increase over-all auto-verification of Debit Card transactions while meeting the IRS requirements for Debit Card activity. True Up increases auto-verification to an average of 92%, compared to clients that do not offer True Up, with an average of 82% auto-verification of Debit Card transactions.