Using tax-free dollars is the smarter way to pay medical expenses
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Claim Processing
As employees use YourFlex as they incur medical and dependent care they send their reimbursement requests, along with a copy of the receipt, to Benefit Solutions.
We review the claims to determine compliance with federal regulations and reimburse employees out of their YourFlex account for approved expenses. Reimbursements can be made via check or they can be deposited directly in the employees bank account, however they choose.
Reporting
Employee's receive quarterly YourFlex statements to let them know their Flexible Spending Account balances. In addition, can access their account balances 24 hours a day along with their most recent activity on this site here.
Employers are provided various management reports quarterly detailing employee account status throughout the year. At year-end Benefit Solutions manages all formal reporting and completes the required IRS 5500 forms as required.
Re-enrollment
Before the plan year ends Benefit Solutions make sure all employees are re-enrolled and start the new year.
The re-enrollment process can be either group or individual meetings with new employees and with existing plan participants. Benefit Solutions works as your firm's spokesperson in explaining how your firm is offering worthwhile opportunities to save more money via YourFlex.
Questions? Call 804-379-0909 or email support@yourflex.com.
Benefit Solutions, Inc.
1 Park West Circle
Suite 100
Midlothian, VA. 23114
804-379-0909 •
Fax: 804-379-5898
Whether your company is adopting a new plan or has a plan in place, with Benefit Solutions' YourFlex, you can make these employee benefits easier and more attractive for both your employees and your firm. Here's how:
Plan Document Development
Employer are required to have a flexible benefit plan (including a completed plan document) that meets all IRS and Department of Labor criteria. Benefit Solutions has the knowledge and experience to easily customize the plan document for your organization to simply review and adopt.
Enrollment
The more participation, the more money everyone saves. Benefit Solutions will provide a marketing program to fit your employees' needs.
Group presentations, flyers, individual meetings and personalized tax savings summaries all can be part of a successful program to ensure all employees understand their options. Our YourFlex professionals are available to answer questions and provide the information employees need to make an educated decision concerning how much they should contribute during the next plan year.
Payroll Setup
Once a YourFlex plan is set up, Benefit Solutions will work with the payroll professionals in your firm to begin pre-tax deductions for each employee (beginning with the first pay period of the plan year).
For the premium-conversion portion of the plan, the company automatically starts taking health insurance out of employees pay pre-tax, giving employees immediate savings.
For the Medical and Dependent Care Reimbursement portions of the plan, an authorization form from each employee is provided to designate how much the employee wants to put in either of these plans. The annual amount requested by the employee is then divided by the number of pay periods in the plan year and deducted equally each pay period from the employees pay, again pre-tax. The employer sends those funds, along with a detailed listing, to Benefit Solutions. We account for those funds by employee.
Note: Employees can only make changes during the year if there is a change in status. See ChangeOfStatus.com to determine what changes are allowed.