Automatic Withdrawal of Funding puts FSA on "Cruise Control"

Posted by Marla Roshkoff - 25 October, 2012

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Employee experience has a substantial impact on flexible spending account (FSA) plan participation. When employees can rely on easy claims submission, accurate claims processing, and prompt claims reimbursement, participation in FSA plans tends to increase (which, in turn, translates into tax savings for employees and employers alike). BAS provides 24/7 access for employees to submit their FSA claims. Our claims processing team reviews each claim form and claim for proper claim filing and substantiation.

Employers can do their part to help ensure prompt FSA reimbursement by automating FSA funding payments to BAS.

Each Friday, BAS sends funds requests to employers with pending FSA reimbursement(s). The funds request details, by participant and by FSA type (health care or dependent care), the total amount of claims submitted for the week. Employers have several convenient methods for funding participants’ claims.

The most common funding methods are also the fastest:
1. Employer-directed. There are two employer-directed options for issuing FSA funds to BAS for payment.

  • Wire Transfer: Employers transmit weekly FSA funding to BAS by wire transfer.
  • Automated Clearing House (ACH): Employers transmit weekly FSA funding to BAS through ACH.

2. BAS directed: BAS can initiate FSA funding, through Automated Clearing House (ACH). This method further automates the FSA claims process, but keeps the employer informed in advance of the weekly debit.

For more information about our FSA programs or about establishing funding methods for your FSA plan, please contact your account manager or Sales@BASusa.com.

Topics: MyEnroll360 Feature


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