Question
Welcome!
|
||
Logout|My Dashboard

What You Need to Know About FSAs

Print
Font Size:
Default font size
Larger font size

Posted: Sunday, November 3, 2013 11:37 pm | Updated: 11:39 pm, Sun Nov 3, 2013.

Workplace benefits not only provide you and your family with much-needed services, but some of them also can help cut your federal tax bill. One of the most popular benefits is a flexible spending account, often referred to as an FSA. Companies typically offer two types of spending accounts. With a dependent-care FSA, an employee sets aside money to help pay costs typically associated with putting the kids in day care so mom and dad can work.

But even more workers opt for a medical FSA, in which they can set aside money to pay for routine items such as health insurance copays, uninsured treatments such as vision care or even over-the-counter drug purchases. In both cases, the money is taken out through regular, equal payroll deductions. In both cases, the FSA deductions come out of a worker's paycheck on a pretax basis. That means less of your earnings are subject to tax.

As helpful as these accounts are, they have one big drawback: the use-it-or-lose-it requirement that costs workers millions of dollars each year. The law requires workers to spend FSA contributions by the end of the company's benefit year, which in most cases is Dec. 31. Any leftover account amount is forfeited.

Read more at ABC News

More about

More about

More about

Rules of Conduct

  • 1 Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
  • 2 Don't Threaten or Abuse. Threats of harming another person will not be tolerated. AND PLEASE TURN OFF CAPS LOCK.
  • 3 Be Truthful. Don't knowingly lie about anyone or anything.
  • 4 Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 5 Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
  • 6 Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Welcome to the discussion.

Featured Health Care Providers Sponsored directory

PRIMARY CARE

Jack E. Baron, MD

View Profile >

CARDIOLOGY

James J. Fox, MD, F.A.C.C.

View Profile >

SPORTS MEDICINE

John T. Moor, MD

View Profile >

PROSTATE CANCER

Michael J. Dattoli, MD

View Profile >

GERIATRICS

Dr. Sarah Kagan, PhD, RN, FAAN

View Profile >

INTERVENTIONAL RADIOLOGIST

Gerald Grubbs, MD

View Profile >

SUBMIT PHOTOS & VIDEOS | VIEW ALL PHOTOS & VIDEOS

Send your photos & videos to Pix@MySuncoast.com and you could be featured on ABC 7 & our website.