Flexible Spending Account
Flexible spending plans allow your employees to deduct monies pre-tax for medical or dependent child-care.
SWBC PEO offers a Health Flexible Spending Account (FSA) through Omega Benefits. Employees enrolled in a High Deductible Health Plan (HDHP), may only elect a Limited Flexible Spending Account (LFSA), which they can use to pay for IRS-approved dental, vision, and routine preventive care expenses. When you participate in an FSA/LFSA, you elect an annual amount to have deducted in equal installments from your paychecks on a pre-tax basis. The total annual amount you elect is available on your Omega Benefits debit card on your benefits effective date.
SWBC PEO offers a Dependent Care Flexible Spending Account through Omega Benefits.
Employees who participate in a Dependent Care Flexible Spending Account can contribute pre-tax dollars through payroll deductions for dependent care-related expenses, such as daycare, nursery, before and after-school care, etc. Unlike the Health FSA, you must have sufficient funds in your account to cover the expense.