Flexible Spending Accounts (FSAs)

FSAs let employees take money from their paycheck, before its taxed, to pay for out-of-pocket eligible healthcare and daycare expenses. Funds contributed to the FSA accounts avoid federal income tax, FICA and most state taxes, creating savings for both the employee and the employer. On average, an employee can save between 30-35% in taxes, while the employer saves 7.65% in payroll taxes.

Types of Flexible Spending Accounts

General Purpose Health FSA

A general purpose health FSA can be used for eligible medical expenses such as copays, coinsurance, deductibles, dental, vision and prescription drug expenses. Even over-the-counter medications and supplies are eligible for reimbursement.

Limited Purpose FSA

A limited-purpose FSA is compatible with a Health Savings Account (HSA) and allows employees an additional tax-free vehicle to pay for out-of-pocket dental and vision expenses without jeopardizing their HSA eligibility.

Dependent Care FSA

A dependent care FSA can be used to pay work-related daycare expenses as well as care for adult dependents who are unable to care for themselves.

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Frequently Asked Questions

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We’re a global consultancy that helps the world’s most ambitious change makers define the future. Across 59 offices in 37 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition and redefine industries.

Lorem Ipsum is simply dummy text of the printing and typesetting industry.?

We’re a global consultancy that helps the world’s most ambitious change makers define the future. Across 59 offices in 37 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition and redefine industries.

Lorem Ipsum is simply dummy text of the printing and typesetting industry.?

We’re a global consultancy that helps the world’s most ambitious change makers define the future. Across 59 offices in 37 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition and redefine industries.