flexible spending
Adjustable expense allocation
Flexible spending refers to money set aside, typically through an employer-sponsored account, for specific expenses like healthcare or dependent care.
A flexible spending account (FSA) allows employees to contribute pre-tax dollars, reducing taxable income: I put money in flexible spending to cover my glasses and prescriptions.
Funds usually must be used within the plan year or be forfeited.
- health savings accountTax-sheltered medical spending fund
- cardStiff paper rectangle
- billAmount owed, written
- walletSmall case for currency
- payroll deductionSum subtracted from wages
glasses · bandage · balance · vitamins · over the counter · receipt · employee benefits · zero-based budgeting · cash · dependent care · swipe · opportunity cost · coupon · tap · financial resilience · checkout · open enrollment · use it or lose it
- benefitsadvantage, healthcare coverage, dental insurance, benefit, health screening
- employee benefitshealth insurance, pension, 401k, 401(k), retirement
- tax-free incometax-free income, non-taxable income, non-taxable, tax-exempt, Roth IRA
- compensationpay, salary, income, wage, bonus
- health insurancepremium, deductible, copay, coverage, health insurance card
- healthcare planningcare plan, treatment plan, goals of care, care coordinator, care team
flexible spendingmandatory spending
Expenditures required by law
fixed costs · earmarked funds · contractual obligations · overhead costs · debt service
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