This scenario assumes the following:
- Number of Eligible Employees: 50
- Average Salary Per Employee: $50,000/year
- Average Premium Paid Per Employee: $900/year
- Average FSA Contribution: $2,000/year
- Percent Expected to Enroll in FSA: 20%
If employees spend more than they contribute, resulting in a net aggregate loss in the employer’s plan, Ameriflex will refund the difference back to the employer.
MyPlanConnect connects an employee’s FSA transactions with their insurance Explanation of Benefits (EOB). If the card transaction matches the employee’s EOB, MyPlanConnect will prepare the claim and allow the employee to request reimbursement without the need to submit additional documentation.