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FSA You may have heard a lot about changes in the Internal Revenue Code that have effected the options employees have when it comes to health insurance. Reforms have given both employers and employees more coverage options. One such option is the FSA offered through take care®. What Is an FSA? An FSA, or flexible spending account, is a plan in which an employee, through payroll deductions, can use pre-tax dollars to pay for medical expenses that would not be reimbursed under their normal health insurance plan. These reimbursements cover a broad range of items including co-pays, over the counter medications, dependent care and sometimes even adoption costs. FSAs are different from traditional health plans. There is no set amount that must be contributed to participate in an FSA program. Each individual decides how much to contribute each pay period, based on his or her personal needs. Most FSA programs can be broken down into two types: healthcare FSAs and dependent care FSAs. The difference simply lies in the way the money is used, but not in how the accounts function. Health care flexible spending accounts are used to pay for qualified medical expenses. Dependent care flexible spending accounts are used to pay for expenses that are necessary for you or a spouse to work, look for work or attend school full-time. This can include elder care or daycare expenses including nurses, babysitters, or housekeepers. |
Additional Topics Consumer-Directed Health Plans Consumer-Driven Health Accounts Dependent Care Flexible Spending Accounts Flexible Health Spending Accounts Flexible Medical Expense Accounts Healthcare Flexible Spending Accounts Health Reimbursement Arrangements IRS Section 125 Cafeteria Plans Medical Expenses and Income Tax Plan for Medical that Health Insurance Doesn't Cover Save 25% to 40% on Health Expenses Save on Co-Pays and Over-the-Counter Medications Save on LASIK and Orthodontic Costs Section 125 Plan Administration |
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