Cost-Effective Flexible Spending Accounts (FSAs)
Flexible Spending Accounts (FSAs) from Principal Life are money-saving alternatives for employees that do not dramatically increase costs.
How do FSAs work?
FSAs allow employees to set aside pre-tax dollars to cover certain healthcare and dependent care expenses. Principal Life offers three packaged FSA plans that include many popular features. Additional plans are also available.
The plan costs of a dental, vision and dependent care FSA are usually offset by the tax savings associated with the plan. Best of all, Principal Life makes it easy by handling all the administrative functions.
What administrative services are available?
- Discrimination testing
- Signature ready form 5500
- Additional copies of enrollment video
- Direct deposit
- EFT Billing
- eService access
- Debit card (available only with Choice Plan)
Can FSAs work with High Deductible Health Plans and Health Savings Accounts?
Yes! Principal Life Insurance Company offers a Flexible Spending Account (FSA) product specifically designed to work with High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA). According to IRS regulations, traditional full-coverage FSAs disqualify individuals from HSA participation because they cover some of the same medical expenses as a qualified HDHP.
Our new limited FSAs cover un-reimbursed dental, vision, and preventive care as allowed by the IRS. They also feature dependent care accounts that can pay for day care expenses.
For more information
- Learn about our one source solution for HDHPs and HSAs
- Contact your insurance broker
- Find a local Principal Life sales office
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| IN 16639 | 03/2005 |
