Does your company’s benefit package feature access to a Flexible Spending Account? Have you considered adding one in the past but still have questions? As health costs continue to rise, we continue to learn more and more about how this pre-tax health benefit can help level the playing field for employees. But in order to get maximum benefit from this incentive, your team needs to know what it’s capable of doing.
Here’s the information we provide our employees about our FSA program, including what types of expenses are covered (i.e. deductibles, prescriptions, and other out-of-pocket medical expenses that are not covered by your health plan) and how the feature works over the course of a year.
Want to learn more about adding an FSA account to your company’s benefits package? HealthCare.gov has some great facts and information on their website to provide you more information about flex spending accounts. You can also email our benefit plan services team to learn more about this popular option.
By Paul McEwan, CPA, MTax, AIFA (New Philadelphia office)
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