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Flexible Spending Accounts (FSAs)

Congress authorized FSAs way back in 1978.  They allow employees to set aside some of their salary on a pre-tax basis to pay for health care expenses or premiums.

Like the HSA and HRAs, contributions to the FSA are exempt from both income and payroll taxes.

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Only employers can set up these programs (self-employed individuals are not eligible)
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Any money you don't spend, you loose (it goes to the employer to be used for fund administration or reducing premium costs)
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There are two types of FSAs - dependent spending accounts for child care expenses and health spending accounts for unreimbursed medical expenses.
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FSAs can be used to pay your medical and dental premiums (not the case with HSAs).

For employee's who pay a majority of their premiums (in most cases the most that an employee can contribute is 75%), a good portion of their monthly premium could be paid for with pre-tax dollars.  While they cannot predict their health care costs, they can predict their premiums cost. 

Because of their "use it" or "loose it" personality, FSAs have not become as popular as one might have expected.

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Expert Insurance Solutions

1730 Akron, Peninsula Rd., Suite 4

Akron, OH 44313

330.923.0258 *   888.496.7162

Expert Insurance Solutions provides this web site for informational purposes only. 

For a personal health care proposal, please contact us at Info@eeis.biz.