Cafeteria Plans for Corporate & Government

Give your employees the convenience and flexibility of using pre-tax dollars on a variety of medical and dependent care expenses.

Cafeteria plans, also known as a Flexible Spending Account (FSA), allows your employees to use pre-tax dollars to pay medical insurance premiums, out-of-pocket medical expenses and dependent care expenses.*

Cafeteria plans earned their nickname from the flexibility they give employees in choosing from a menu of benefits. With a cafeteria plan, employees authorize employers to deduct a fixed amount or percentage from their before-tax income. Contributions are exempt from both federal income and payroll taxes and are made to a reimbursement account that is used to pay for qualified expenses.

Your employees can run out-of-pocket medical expenses that aren’t covered by insurance (for example: office co-payments, prescriptions, over-the-counter drugs) through the plan. In addition group life insurance premiums that are not reimbursed may be an eligible expense.

The dependent care FSA is an attractive benefit for employees who pay for child-care or long-term care for their parents.

Not sure you understand the difference between a Flexible Spending Account (FSA) and a Health Savings Account (HSA)? Learn more in the comparison chart below.

Contact a business banking representative at (866) 236-8744 or stop by any location to get started.

Not sure which solution is right for your business? Take a few minutes to run through Business Analyzer today. We’ll ask a few simple questions about your business and provide recommendations just for you.

*In some cases, this service may consist of deposit and non-deposit products that may or may not be FDIC insured. Non-insured FDIC products are not considered a deposit of, obligation of, nor guaranteed by the bank, and are subject to investment risk including the possible loss of principal invested.