Paychex, FSAstore.com Partnership Offers Simple and Convenient Solution for Maximizing FSA Funds
Paychex, Inc., a leading provider of payroll,
human
resource, and benefits
outsourcing solutions for small- to medium-sized businesses, today
announced a partnership with FSAstore.com,
a national online store stocked exclusively with FSA-eligible products
and services. The partnership provides participants in the Paychex
Flexible Spending Account (FSA) a simple and convenient way to use their
FSA funds.
“Our partnership with FSAstore.com enhances our FSA offering, making it
easier for our clients’ participants to use their Paychex FSA Debit
Cards and FSA funds,” said Paul Davidson, Paychex director of product
management. “For a small business owner, offering employee benefits such
as a flexible spending account can serve as a powerful tool for
attracting and retaining employees, and just as it offers tax savings to
plan participants, it offers tax savings to employers by reducing their
payroll taxes.”
Through the partnership with FSAstore.com, Paychex FSA participants have
access to more than 4,000 FSA-eligible products, a national provider
database of FSA-eligible services, a prescription request service for
obtaining needed prescriptions for over-the-counter drugs, and the
site’s FSA Learning Center that offers helpful tools, resources, and
answers to frequently asked questions.
With access to the features and products available on FSAstore.com, the
partnership offers improved ease-of-use for participants of the Paychex
FSA and helps increase overall participation in employers’ FSA plans.
Items purchased through FSAstore.com using an FSA debit card are
auto-substantiated, which streamlines the purchasing process by
eliminating the need for participants to make manual claim and receipt
submissions to Paychex. With only FSA-eligible products and services
available on the website, it’s easier for FSA participants to rest
assured that the items and services they’re looking at are reimbursable,
and comply with even the most recent healthcare reform provisions.
"We are very pleased to add an industry leader such as Paychex to our
100+ strong Third Party Administrator Network," said Jeremy Miller,
president and founder of FSAstore.com. "Access to simple and convenient
benefits solutions such as FSAstore.com help consumers better
understand, use, and manage their FSAs, and ultimately save money."
Employers and employees currently enrolled in the Paychex FSA can learn
more about the FSAstore.com partnership and start shopping by visiting
the respective Paychex FSA employer
and employee
sites. For more information about the Paychex Flexible Spending Account,
visit http://www.paychex.com/employee-benefits/section-125/flexible-spending-account.aspx.
About FSAstore.com
FSAstore.com is the only one-stop shop exclusively stocked with FSA
eligible products and services, eliminating the guesswork behind what is
reimbursable by an FSA. Consumers with flexible spending accounts can
access thousands of high quality FSA eligible products, in addition to
FSA eligible services, and much-needed information through the FSA
Learning Center. FSAstore.com accepts all FSA and major credit cards,
offers 24/7 customer service, one-to-two-day turnaround for all orders,
and free shipping on orders $50+. There is no need to submit receipts
for products purchased with an FSA card.
About Paychex
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of payroll, human
resource, and benefits outsourcing solutions for small- to medium-sized
businesses. The company offers comprehensive payroll services, including
payroll processing, payroll tax administration, and employee pay
services, including direct deposit, check signing, and Readychex®. Human
resource services include 401(k) plan recordkeeping, section 125 plans,
a professional employer organization, time and attendance solutions, and
other administrative services for business. A variety of business
insurance products, including group health and workers' compensation,
are made available through Paychex Insurance Agency, Inc. Paychex was
founded in 1971. With headquarters in Rochester, New York, the company
has more than 100 offices serving approximately 567,000 payroll clients
as of May 31, 2012. For more information about Paychex and our products,
visit www.paychex.com.
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