Flexible Spending Accounts
Voya’s Flexible Spending Accounts allows employees to deposit pre-tax dollars into a special account that can be used to pay for eligible expenses all year long. These tax-advantaged accounts are available in three different types:
A Health FSA can help pay for qualified out-of-pocket healthcare expenses like co-pays, coinsurance, deductibles, prescriptions, glasses, dental expenses and more.
Dependent Care FSA
A Dependent Care FSA is used for qualified expenses like daycare or summer camp for kids under age 13, as well as care for adults, and/or care for a child of any age with special needs.
Limited Purpose FSA
A Limited Purpose FSA is designed to allow employees to plan for additional qualified out-of-pocket dental and vision expenses. A Limited Purpose FSA can be paired with an HSA, though is also available as an additional FSA option for those without an HDHP.
Our account solution is centered around three principles:
Easier to Save
From the first time they log into the Voya Health Savings and Spending Accounts Portal to every time they return, employees are welcomed with customized messaging about their specific type of account and the opportunities it provides.
Easier to Spend
Employees spend tax-free dollars on qualified expenses using just one card that is coded with smart card technology. An app allows employees to capture receipts, get reimbursed for out-of-pocket expenses, view account balances, scan UPC codes and more. A secure consumer portal lets employees file claims, get email notifications and manage their account.
Easier to Manage
An employer’s dedicated account representative manages all aspects of their account with industry-leading account administration. Voya offers competitive fees based on our ownership of the value chain, designed to incent savings.
Ready to take the next step? Talk to a Voya Employee Benefits representative to start designing your plan today.
Flexible Spending Accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Administration services provided by WEX Health, Inc., and Benefit Strategies, LLC.
This highlights some of the benefits of a Flexible Spending Account. If there is a discrepancy between this material and the plan documents, the plan documents will govern. WEX Health, Inc., reserves the right to amend or modify the services at any time.
The amount saved in taxes will vary depending on the amount set aside in the account, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed, tax bracket and state and local tax regulations. Check with a tax advisor for information on whether your participation will affect tax savings. None of the information provided should be considered tax or legal advice.