flexible spending accounts
Pretax benefit pools
Flexible spending accounts are employer-sponsored benefit plans that let employees set aside pre-tax income for specific expenses, typically healthcare or dependent care costs.
The tax advantage comes with restrictions: funds must be used within the plan year or forfeited, following a "use it or lose it" rule.
Often abbreviated FSA.
I put money in my flexible spending account to cover my kid's braces.
- claimStatement of ownership or truth
- debit cardPayment from checking account
- grace periodsTime before consequences begin
- payroll deductionsAmounts subtracted from earnings
- prescription medicationsDrugs needing medical authorization
receipt · vision care · glasses · balance · copay · out of pocket · diagnostic tests · over-the-counter medications · health savings · deadline · dependent care · pill · form · test · calendar · bottle · medical expenses · doctor visits
flexible spending accountshealth savings accounts
Tax-free medical expense funds
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