Get Flexfacts Fsa Spending Account Claim Form 2018-2025

A flexible spending account (FSA) allows employees to be reimbursed for medical or dependent care benefits from an account they set up with pretax dollars. The salary-reduction contributions aren't included in taxable wages reported on Form W-2 Wage and Tax Statement and they are not eligible as tax deductions.

A Flexible Spending Account (FSA, also called a “flexible spending arrangement”) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside.

An arrangement through your employer that lets you pay for many out-of-pocket medical expenses with tax-free dollars. Allowed expenses include insurance copayments and deductibles, qualified prescription drugs, , and medical devices. You decide how much to put in an FSA, up to a limit set by your employer.

Eligible expenses include deductibles, co-pays, vision, dental and prescriptions as well as any other medically necessary items that are not covered by insurance. Dependent Care FSAs reimburse employees for eligible dependent day care e xpen ses.

A Flex Plan functions much like a personal expense account. You set aside money from each pay check PRE-TAX to pay for eligible expenses. This reduces the amount you pay in FICA, Medicare, other payroll taxes, and increases your take home pay!

The easiest way to use your funds is by using your Flex Facts debit card at the point of service. The card can be used at any medical facility that accepts MasterCard. You can also use your card at most pharmacies. When you use your card funds are automatically deducted from your account to pay for eligible expenses.

aYes. If you withdraw the money for an unqualified expense prior to age 65, you'll be subject to your ordinary income tax, in addition to 20% tax penalty. You can withdraw the money for any reason without penalty after age 65, but are subject to applicable income taxes.