Flexible Spending Accounts
FSA Group Benefits
A Flexible Spending Account, sometimes called a Flexible Spending Arrangement, is a tax-free fund or account that employees can contribute to and use for qualifying medical expenses. Spouses or dependents can be added to an FSA account, making it a reliable solution for families. BIS can provide you with an FSA account and help you navigate best practices through our benefit services.
What is an FSA?
There are three types of FSAs: Health Care FSA (HCFSA), Limited Expense Health Care FSA (LEX HCFSA), and Dependent Care FSA (DCFSA). An HCFSA is a benefit account that covers out-of-pocket healthcare costs. Account holders can submit a claim through their employer with proof of the qualified medical expense and will be reimbursed for the costs.
Unlike a
Health Savings Account (HSA), FSA plans are
dependent on your employer, and funds in the account are lost if the account owner changes jobs. However, FSAs provide a "grace period" to use FSA funds or allow a certain amount to "carry over" to the next year. Additionally, funds contributed to an FSA are not considered taxable income, which provides tax savings opportunities.
What Eligible Expenses Are Covered by an FSA?
A health care FSA covers qualified expenses for several types of medical care, including dental & vision, emergency health services, medications, and over-the-counter treatment items that have been prescribed by a medical professional.
Some items that are
ineligible for FSA reimbursement include baby care items like bottles and wipes and personal care items like dental floss and deodorants. FSA funding also cannot be used to pay for health insurance premiums.
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BIS Benefits works with clients all around the state of Georgia, including companies located in the following cities:
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Risk Management, Health Insurance Group Plans, and Employee Benefits? BIS Benefits is here to help! Our friendly, knowledgeable brokers have access to numerous carriers and can put together a custom quote for you. Contact us today to find out how we can help you put together a comprehensive benefit plan for your business.
