What is FlexBEN?
FlexBEN is a boutique health, wealth and wellness company specializing in employee benefit consulting and corporate employee wellness strategies. Our vision is to provide the resources, support and tools necessary for business leaders to take care of their #1 assets.
What are flexible benefit plans?
A benefit program that offers employees a choice between various benefits including cash, life insurance, health insurance, vacations, retirement plans, and child care.
What are flex deductions?
A Flexible Spending Account (also known as a flexible spending arrangement) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don’t pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside.
What can I use my employee benefits card for?
You use the Employee Benefits Corporation Benefits Card to pay for those expenses instead of using cash. The card debits your FSA and makes the BESTflex Plan even more convenient to use. The Benefits Card debits your BESTflex Plan Health Care FSA when you use the card to pay for eligible health care expenses.
How do you use flexi benefits?
A flexible benefit plan in India allows employees to structure and modify CTC components based on the offered benefits like medical expenses and conveyance. Usually, the CTC structure of the employee has multiple components like dearness allowance, HRA, medical expense, basic, medical expenses, etc.
What is the downside of a flexible benefit plan?
Flexible benefits allow employees to choose the benefits they value most, which is great for employee recruitment and retention. The disadvantages of offering a flex benefits package pertain to time, resources, communication and cost.
What are the disadvantages of having a flexible plan?
1. Potential to Lose Money. Some flex plans do not allow for employees to save the money that they do not spend over the year. This would mean that employees would be putting in a certain amount of money each month for their plan and not being able to recoup that money if they do not use their benefits.
What happens if I don’t pay back my FSA?
If a person with an FSA leaves their job, any money remaining in their FSA is forfeited to the employer.
Is toothpaste FSA eligible?
Dental procedures. But general tooth-health products, such as toothbrushes, toothpaste and floss, are not usually not eligible to purchase with FSA funds.
What can I buy with benefits card?
IRS regulations allow participants to use their benefit card in participating pharmacies, mail-order pharmacies, discount stores, department stores, and supermarkets that can identify eligible items at checkout and accept benefit cards. Eligible expenses are deducted from the account balance at the point of sale.
Who qualifies for the Flex card?
Employees who are eligible can enroll outside of Open Season within 60 days of a Qualifying Life Event (QLE), such as marriage or birth. Still, they must do so by September 30. During Open Season, newly eligible QLE employees who missed the September 30 deadline can enroll.
What is Flexipay salary?
Going by its definition, ‘flexi pay’ is that part of the salary, which an employee can receive against particular expenses, mainly to avail tax exemptions. Under this benefit, employees get an opportunity to plan their flexi pay amount, depending on anticipated costs.
What is the advantage of flexible benefits?
Improved employee retention A flexible benefits platform helps provide a benefits package that is much less likely to be matched anywhere else, while also improving the relationship between the employee and the company.
Are flexible benefits taxable?
Income tax rules specify that certain allowances that are paid by employer and attributed to business needs are exempt from income tax. These are popularly known as Flexible Benefit Allowances (or flexi allowances).
Who benefits from flexible working?
The main benefit of working flexibly for your employees is that it gives them the chance to fit other commitments and activities around work and make better use of their free time. Flexible working can help you as an employer promote a healthy work-life balance for your staff.
Is flexible working good or bad?
Flexible working reduces commuting hours and increases employee productivity and wellbeing. Better use of technology to stay connected: Technology has a big role in enabling flexible working.
Who gets unused FSA money?
Unused FSA money returns to your employer. The funds can be used towards offsetting administrative costs incurred during the plan year, employers can also reduce annual premiums in the next FSA year, or funds must be equally distributed to employees who enroll in an FSA for the next year.
Is laundry sanitizer FSA eligible?
Antiseptics are eligible for reimbursement through a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA).
Can you buy groceries with a flex card?
IRS regulations allow you to use your Flex Cards in participating local or mail-order pharmacies, discount stores, and supermarkets that can identify FSA/HRA-eligible items at checkout and accept benefit pre- paid cards.
Is the Flex card free?
The first two cards are free. There is a $5.00 fee for each additional or replacement card, which will be debited from your flex account.
How does Flexipay work?
Flexipay is a facility offered to existing SBI credit cardholders to convert their big purchases into easy monthly instalments. Any SBI Card holder, with a transaction greater than ₹ 500 can convert the said transaction into Flexipay within 30 days.