Flexible Spending Accounts

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Flexible Spending Accounts from Lake Norman Benefits


Employees, give yourself a raise!

What is a Flexible Spending Account?

A Flexible Spending Account (FSA) is an employer-sponsored benefit that allows you to pay for certain eligible health, dental, vision, dependent care, and commuting expenses with your pre-tax income. Your employer is paying 100% of the costs to administer this plan in order to offer this valuable benefit at absolutely NO COST to you as an employee.

Because this benefit uses pre-tax dollars, a Flexible Spending Account is a great way for you to save money on the costs listed above, as well as increase your take home pay. Take a look at the chart below to see how an FSA can help you save. Be sure to read our FAQ's.

Increase Your Take Home Pay with a Lake Norman Benefits FSA (Sample):

Without an FSA With LNB FSA
Your Annual Income $40,000 $40,000
Health, Dental Vision Contribution $0 $1,000
Dependent Care Contribution $0 $5,000
Commuter Expense Contribution $0 $1,800
Tax Deduction (estimated at 35%) $14,000 $11,270
After Tax Income $26,000 $28,730




What are Lake Norman Benefits FSA’s and the SmartFlex Card™?

The SmartFlex Card ™ card is a MasterCard© based debit card allows you to pay for your eligible FSA expenses at the point of service. Simply swipe the card and pay for the service directly from your account. For regular eligible expenses, LNB FSA will pay the vendor directly each month from your FSA account. This allows you to avoid the hassles of a traditional FSA such as paying cash for services (in addition to your payroll deduction), filling out and submitting a claim form, and waiting for a reimbursement check.

Where can I use my Flex Dollars?

Health Dental and Vision
You can set aside up to up to approved limits toward pre-tax spending on eligible health, dental, and vision expenses. Eligible expenses include:

Co-Payments and deductibles
Prescription Drugs
Dental Care
Eyeglasses and Contacts
Mental Health Services
Chiropractic Care
Physical Therapy
Uninsured medical care
Stop-smoking and weight loss
Other costs not reimbursed by insurance
 Home Health Care

See your benefits coordinator with eligibility questions, or call LNB FSA at: 1-877-MY-LNB-01.

Dependent Care

You can set aside up to $5,000 per year toward pre-tax spending on dependent care. This includes both child care and elder care.

Commuting Costs

Employees who incur costs getting to and from work can qualify to pay for pre-tax accounts to pay for parking and mass transit. You can set aside up to $100 per month for mass transit ( buses, trains, etc.) and up to $185 per month for parking while at work.

The advantages of the card and direct pay:

Deducts the payment directly from your FSA account – virtually eliminate paying cash
for services in addition to your payroll deduction
No more waiting for reimbursement checks and filling out long claim forms
On-line access to real-time account information – you can check your balance at any time
Offsets rising healthcare costs AND increases your take home pay.

EMPLOYERS  Save Time and Money!

How Lake Norman Benefits FSA Effectively eliminates paperwork.

With Direct Payment to Vendors and the SmartFlex Card™, the process of paying for eligible pre-tax benefits is automated. Employees use the debit card at FSA locations wherever Visa© or MasterCard© are accepted. Approved expenses are automatically deducted from their pre-tax account. The card can be used for approved Health Care, Dependent Care, and Transit plans.

Standard locations that do not accept the debit card, notably day care centers and some parking garages will be paid monthly by LNB FSA from the pre-tax account. Read our FAQ's.

Employees enroll, you BOTH save.

Flexible spending accounts offer attractive savings to both employers and employees – if you take advantage of them. Direct Pay and the SmartFlex Card™ debit card eliminate the traditional hassles of FSA’s such as cumbersome claim forms, double out of pocket payments, and waiting for reimbursement checks. Because of its ease of use, the card encourages greater participation and contributions by employees.

With Lake Norman Benefits FSA, Everyone Benefits


Improve recruitment efforts
Increase employee retention
Save money on matching FICA tax dollars
Greater participation increases savings
Value added benefit to employees at no net cost
Helps offset rising benefit costs
Plan administration simplified


< No need to pay twice – direct pay and debit card provide instant access to account
 Virtually eliminates claim forms and vouchers
 No waiting for reimbursement checks
 Secure internet access to account 24 hours per day.

How can your company save money with Lake Norman Benefits FSA?

Area of Benefit Yearly Deduction* Employer Savings** Employee Savings***
Health, Dental, Vision $1,000 $76.50 $386.50
Dependent Care $5,000 $382.50 $1932.50
Commuting $1,800 $137.70 $695.70


* Maximum yearly deductions:Health and Dependent Care – $5,000 yearlyCommuting
– Mass Transit – $100 per month, Parking – $185 per month
** 7.65% FICA taxes
*** Assumes 28% Federal Income Tax, 7.65% FICA Tax, 3% State and Local Income Tax

What does the Lake Norman Benefits FSA Plan cost?

There are no set-up charges and we will provide you with a free quote. Our monthly administrative fee is charged to the employer and is less than the tax savings that the employer realizes with LNB FSA.

For more info, see our frequently asked questions.

Please fell free to call us, Lake Norman Benefits, Inc at: 1-877-MY-LNB-01 or contact us at info@lakenormanbenefits.com.