Employees who participate in flexible spending accounts and other tax-favored account programs can save time and money.

Employees who participate in flexible spending accounts and other tax-favored account programs can save time and money. But managing the details of these accounts can be challenging for both employees and employers.

Hewitt's Spending Account Administration team, using our proprietary Your Spending Account™ online tool, offers complete administration that helps employers and employees easily navigate the legal and practical complexities of these accounts. The Web site's innovative, user-friendly technology provides full administrative support and requires little or no time from HR staff. 

With one click of a mouse, employees can:

• Submit claims 
• Check available balances
• Review claims status
• View a list of eligible expenses

You can further boost your health care spending account program's efficiency, value, and participation by adding a Your Spending Account debit card, which enables employees to pay for eligible out-of-pocket expenses as they're incurred. Approximately 83 percent of card transactions are validated automatically—minimizing the hassle of paying out of pocket and submitting and processing paper receipts. When paper receipts are received, 95 percent of claims are processed within three days and reimbursements are made daily. 

Hewitt provides administration through Your Spending Account for hundreds of thousands of participant accounts annually. All types of accounts are supported, including Section 125 health care spending accounts, Section 129 dependent care spending accounts, Health Reimbursement Accounts, retirement health accounts, credit and wellness plans, commuter benefit plans (transit and parking), adoption assistance programs/plans, and education reimbursement programs/plans.

To learn more about how your company can benefit from Hewitt's Spending Account Administration expertise, services, and the Your Spending Account tool, contact your local Hewitt consultant or e mail peoplesolutions@hewitt.com.

Flexible Spending Accounts (FSAs) are a valuable part of the benefits package provided by many employers. They allow employees to set aside money, before taxes, for eligible health care and/or dependent care expenses. The savings achieved from flexible spending accounts can be significant.

Sound interesting? Click here to view a spending account tutorial and learn more about how spending accounts work, and the benefits gained by using these accounts.

Or visit Hewitt's dedicated Spending Account Administration Web site, www.yourspendingaccount.com.

Case Study

PerkinElmer Offers Employees An Easy Way to Participate in a Flexible Spending Account Program
Confidentiality, innovation, precision, and reliability were the critical factors that led PerkinElmer to choose Hewitt as their Flexible Spending Account Administration partner.
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