It is the end of the year which means it’s time to use your flexible spending account (FSA) – use it or lose it! What is a flex spending account and why should you spend it with us? If you are wondering we have the answers for you!
An FSA (also known as a flexible spending arrangement) is a special account you put money into that you use to pay for certain out-of-pocket health care costs.
You don’t have to pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside.
You can use funds in your FSA to pay for certain medical, vision, and dental expenses, including copayments and deductibles. FSAs are available only with job-based health plans. Employers may make contributions to your FSA. You can’t spend FSA funds on insurance premiums. Ask your employer for more details about your company’s FSA plan.
*Contact your human resources department to verify the terms and conditions specific to your FSA plan.