What is an FSA account and whats the advantage of having one?
Am I a good candidate for an FSA account? Can I use funds from my FSA account to pay for over-the-counter medications? Are there any disadvantages? NUSAC replies: Good questions! An FSA is a great benefit that could save you some money. FSA stands for Flexible Spending Account. You contribute to your individual FSA health care account through payroll deduction before taxes are taken out. This money is then available throughout the calendar year to pay for eligible health, dental and vision expenses like doctor’s office visit and prescription drug co-pays, and out-of-pocket medical expenses – things that are not covered by insurance that you pay for anyway. This can save you 15-30% on income taxes, depending on your tax bracket. You also do not pay Social Security taxes on your contributions to your FSA account. These tax-related savings may increase your net take home pay. The minimum amount you may contribute is $20 per month and the maximum amount is $666.66 per month ($8,000 annuall
