OCA's FSA & Commuter Benefits product affords employees the opportunity to enroll in any or all of the following four plans: Flexible Spending Account (FSA), Dependent Care Account (DCA), Parking Plan and Transit Plan.
An FSA gives employees the ability to set aside pre-tax funds to help pay for eligible out-of-pocket healthcare expenses. These can be incurred by the employee and their dependents even if they are not covered under the health insurance plan. Participating in an FSA is like receiving a 30% discount on eligible healthcare expenses!
A Dependent Care Account (DCA) gives an employee the ability to pay for eligible dependent care expenses, such as daycare, with pre-tax dollars so they can continue to work with ease.
A Parking Plan allows employees to set aside money from their paychecks on a pre-tax basis for qualified work parking expenses. Covered costs include parking at/or near work or at the location from which mass transit is used for travel to and from work.
A Transit Plan allows employees to set aside money from their paychecks on a pre-tax basis for qualified work commute expenses. Covered costs include tickets and passes for the bus, ferry, train and/or subway when used for travel to and from work. Each plan saves employees money on their federal income tax, FICA taxes and applicable state income taxes. Employers also save on payroll taxes. Best of all there is no minimum employee participation at an affordable cost.