Flex Spending Accounts

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Flex Processing and Accounting (FPA) allows health plans and payors to integrate flexible spending arrangements and Section 125 Plans within a central claims administration framework. Accommodating both manual entry and fully automated claims processing and payment, there are a variety of work flow options to choose from. The FPA module is an add-on module to the CAPS processing platform and fully integrates all of the key operational components including membership, plan set-up, claims entry, adjudication and payment.

Functional Processes

  • Manages medical reimbursement, dependant care and premium reimbursement with additional capabilities for up to 6 optional accounts
  • Utilizes both assumption method and direct method for account deposits
  • Tracks all deposits and payments for complete audit trails
  • Ability to draw from the medical reimbursement account for deductibles, co-payments and other non-covered benefits automatically during the claims process based on set-up and individual employee election
  • Automatic funding option through EFT directly to employee account
  • A variety of election options which allow for the tailoring of the payment process by individual employee. Payments can be made directly to provider of service or to the employee
  • Handles all pay period cycles
  • Allows for the establishment of specific flex benefit types within the framework of the benefit program, or use of the existing benefit codes set-up within the plan

Key Features

  • Full or partial integration within one common payment process
  • Members elect method of payments
  • Conformance to IRS regulation
  • Ability to provide electronic funds transfer
  • Supports manual filing of claims
  • Customized electronic updates available
  • Ability to expand to MSA for multi-year roll over

Reporting

  • Employee election
  • Used versus available by type/employee
  • Deposits/payments summary and detail
  • Claims payment summary/detail

Implementation

  • W.O. Comstock & Associates provides a complete training and implementation offering for converting old plans or setting up new plans
  • FPA is only available as an add-on module to CAPS
  • Available in ASP or enterprise license deployment

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