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Flexible Spending Accounts Envoy Financial can help you implement a Flexible Spending Account (FSA) to help your Christian Ministry Professionals (employees) save on their medical expenses through pre-tax savings. Providing an FSA enhances your benefits package at no cost to the organization. At the same time, your ministry can save on payroll taxes by offering an FSA. Sometimes referred to as a Flex Account, Flex 125 Plan, or Cafeteria Plan, an FSA allows employees to withhold a certain amount from their paycheck, pre-tax, and then draw on those funds to pay for approved medical expenses. This type of program can work in conjunction with your health insurance plan to lessen ministry medical insurance expenses. An FSA is an excellent financial stewardship tool! For more information about Flexible Spending Accounts and to read some of the more commonly asked questions about FSAs, click here. For more information on implementing an FSA program and how it can be an effective solution for your ministry, contact Jeff Gater at (888) 879-1376, ext. 209 or by email.
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