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HEALTHCARE FLEXIBLE SPENDING ACCOUNT
Provide employees with a solution to save money on the health, dental, and vision expenses they already pay using a Healthcare Flexible Spending Account.
What is a Healthcare Flexible Spending Account?
A Flexible Spending Account (FSA) allows participants to set aside money on a pre-tax basis to paid eligible expense up to the maximum contribution for their plan.
Funds on day one
All of their FSA dollars are available on the very first day of the plan year. For example, if they choose to contribute $1,200 to their FSA, their contributions will be deducted evenly across all of their paychecks for the year, but they have access to all $1,200 on day one. They can use their funds for expenses that they, their spouse or eligible dependents incur.
LIMITED FLEXIBLE SPENDING ACCOUNT
Provide employees with a solution to save money by using pre-tax dollars on qualified dental and vision expenses they pay each year by enrolling in a limited flexible spending account.
Why choose a Limited Flexible Spending Account (FSA)?
A limited FSA is a benefit that allows participants to choose how much of their paycheck they would like to set aside, before taxes are taken out, for qualified dental and vision expenses. This plan offers instant access to funds for expenses they incur throughout the year. And it saves them money by reducing their taxable income.
DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT
Provide employees with a solution to save money on their qualifying dependent care expenses is easy when they enroll in a dependent care flexible spending account. They’re spending the money either way. This way, eligible child care and other dependent care costs a little less.
What is a dependent care flexible spending account?
A dependent care flexible spending account (FSA) allows participants to set aside a portion of their paycheck on a pre-tax basis to pay for eligible dependent care expenses. They get to choose the amount they wish to contribute (up to the plan maximum). They may use the funds for qualifying expenses including:
•Child care for children 12 years old and under.
This includes:
–Childcare centers
–Babysitters
–Nannies
–Summer day camps
–Before or after school care
•Care for a person of any age whom they claim as a dependent on their federal income tax return who is mentally or physically incapable of caring for themselves.
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