How may I use a flexible spending account (FSA) to offset costs for orthodontic services?
A flexible spending account is a financial account you put money into that you can use to pay certain out-of-pocket healthcare and dependent care costs. You don’t pay taxes on...Read more
What are the risks of participating in a health care or dependent care FSA?
FSA dollars are “use-it-or-lose-it” funds. In 2022, account balances greater than $570 cannot be carried over from year to year. If you have any unused funds exceeding the limit at...Read more
Is there a cost to participate in the FSA?
You pay a small administration fee of $3.15 per month to participate in either one or both (medical and/or dependent care) flexible spending accounts.Read more
What is a Dependent Care Flexible Spending Account (Dependent Care FSA)?
A dependent care FSA provides a way to pay dependent care expenses and lower your taxable income. You direct part of your before-tax pay into a special account to pay...Read more
What is a Limited Purpose Flexible Spending Account (Limited Purpose FSA)?
The Limited Purpose FSA is a tax-advantaged account that allows employees to set aside a portion of earnings to pay for out-of-pocket dental and vision expenses. Employees who contribute to...Read more
What is a Medical Flexible Spending Account (Medical FSA)?
The Medical FSA is a tax-advantaged account that allows employees to set aside a portion of earnings to pay for qualified health care expenses that are not paid by insurance...Read more
What is the FSA? Does it have anything to do with the HSA or HRA?
The HealthCare FSA is a tax-free account that allows a person to pay for essential health care expenses that are not covered or are partially covered by your medical, pharmacy,...Read more
How are HSA withdrawals monitored? Is there an expense verification process like an FSA or HRA?
Verification of expenses is not required for HSAs. However, total withdrawals from your HSA are reported to the IRS on Form 1099-SA. You are responsible for reporting qualified and non-qualified...Read more
If my spouse has a Medical Flexible Spending Account, am I eligible to contribute to an HSA?
No. If your spouse has a Medical Flexible Spending Account you are disqualified from establishing and/or contributing to an HSA.Read more