Flexible Spending Accounts enable consumers to budget for qualified expenses and contain cost through tax savings. Participation in flexible spending accounts (FSAs) is expected to rise due to relatively recent regulatory changes allowing the opportunity for rollovers. Additionally, employers that choose to implement an FSA program will realize tax savings with employee salary reductions.
Cobra Professionals, Inc. (CPI) specializes in providing comprehensive administration through personal service and advanced technology. We do not use an automated telephone system – a local customer service representative answers every call and returns all voice messages within 24 business hours.
At CPI, we work hard to achieve stress-free FSA and HRA administration for our clients and their employees while utilizing substantiation procedures that ensure plan compliance. Health FSAs, dependent care accounts, and debit card services are fully integrated in one comprehensive platform for streamlined management. Our program also offers access through separate employer and employee portals. Employers can view plans, access resources, review employee data, and manage reports, while the employee portal allows for online claim submissions as well as access to reimbursement history and FSA balances. Our modern, cloud-based set-up allows for secure, reliable access for all parties
FSA Administration Services:
- Flexible options: 90-day run out, $500/year rollover, 2.5-month grace period extension
- Preparation of Plan Document and Summary Plan Description (SPD)
- Employee enrollment materials
- Debit card option
- Easy claim submission (online, fax, or by mail)
- Receive, adjudicate, & process all claims*
- Weekly participant reimbursement processing
- Secure online platform with access to real-time data for both the employer and participants
- Maintenance of records of claims & reimbursements
- Annual non-discrimination testing (upon request)
*All claims are manually audited to ensure compliance with the exception of doctor visit and prescription copay amounts charged to a debit card.