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What Is A Health Care Flexible Spending Account (FSA)?

April 26, 2017account flexible FSA health care Spending

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What Is A Health Care Flexible Spending Account (FSA)?

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A Health Care FSA is a special reimbursement arrangement established by employers to allow you as an employee to set aside pre-tax money on an annual basis to pay for qualified medical expenses (as defined in Code Section 213(d)) incurred during that year. FSAs can be offered in conjunction with any type of health plan. Your pay is automatically reduced each pay period based on your annual election; however, the full annual election amount is available to you on the first day of coverage. The Health Care FSA is subject to the “use it or lose it” provision which means any unused contributions remaining at the end of the plan year (or following the grace period, if adopted by the employer) will be forfeited.

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A Health Care FSA is an employer-sponsored benefit that allows you to set aside money from your paycheck on a PRE-TAX basis to pay for certain out-of-pocket health care expenses for you and your eligible dependents.