Flexible Spending Accounts

Flexible Spending Accounts (FSA) services provide a tax-advantaged way for employees to manage and reduce healthcare and dependent care expenses. By allowing individuals to contribute pre-tax dollars from their salary into an FSA, these services help lower taxable income while offering a flexible, accessible way to pay for eligible out-of-pocket expenses such as medical, dental, and vision care, prescription medications, and even dependent care, like childcare or eldercare services.

FSAs offer significant savings because the money contributed is not subject to federal income tax, Social Security, or Medicare taxes. This can lead to considerable tax savings over time, making FSAs an excellent tool for managing healthcare costs efficiently. Funds in an FSA are typically available for use throughout the plan year, with some plans offering a grace period or carryover options for unused funds. This flexibility allows individuals to better plan and manage their healthcare and dependent care needs while making sure they are maximizing their financial benefits.