flexible spending account
Medical expense fund
A flexible spending account is an employer-sponsored benefit that lets employees set aside pre-tax money for specific expenses, typically medical costs or dependent care.
The funds avoid income tax but usually must be spent within the plan year or forfeited—the "use it or lose it" rule.
Often abbreviated FSA: I put money in my FSA for contacts and copays.
- health savingsReserved medical expense money
- pretaxBefore levies apply
- tax freeExempt from levies
- deductibleOut-of-pocket threshold amount
- copayPatient's set contribution
out of pocket · reimbursement · medical expenses · healthcare · dependent · dependent care · enrollment · payroll · benefits · eligible · receipts · deadline · grace period · forfeiture · rollover · medical · dental · vision
flexible spending accounthealth savings account
Tax-sheltered medical spending fund
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