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A flexible spending account (FSA) is a kind of savings account that lets you set aside money before income and payroll taxes are assessed. As long as any withdrawals from the account are spent on ...
Use it or lose it -- that's the mantra of flexible spending accounts (FSAs). It sounds scary, but these accounts, funded by your pre-tax wages, are great ways to save on child care or medical ...
The most common type of flexible spending account, the medical expense FSA (also medical FSA or health FSA), is similar to a health savings account (HSA) or a health reimbursement account (HRA). However, while HSAs and HRAs are almost exclusively used as components of a consumer-driven health care plan, medical FSAs are commonly offered with ...
Limited Purpose Flexible Spending Account (LPFSA) Basics An LPFSA is a special type of flexible spending account (FSA) . Funds in a regular FSA can be used to pay for a variety of expenses, but ...
Under COBRA, the following individuals may be eligible for continuation coverage: [14] Employees: Full-time and part-time employees who were covered by a group health plan sponsored by an employer with 20 or more employees. Spouses: Spouses of covered employees who were enrolled in the group health plan.
The FSA Eligibility List is a list of tens of thousands of medical items that have been determined to be qualified expenses for flexible spending accounts in the United States. The U.S. Internal Revenue Service outlines eligible product categories in its published guidelines. [ 1 ]
The FSA is an employer-sponsored account that allows employees to set aside up to $2,850 in pretax money. When the money is used for eligible expenses, the expense will be tax-free.
The kinds of expenses that can be paid under an HRA are generally the same as the expenses that can be paid through a Flexible Spending Account (FSA). [15] The employer is not required to prepay into a fund for reimbursements. Instead, the employer reimburses employee claims as they occur.